• New Wave Accountants

3 Tips for Maximising Your Accountant's Skills & Services - What to Know

Out of all the pieces of advice that one can get about running a business, a common business maxim that rings true today goes along the lines of “successful businesses entail having proper accountants.”

From filing taxes on time and reaping valuable tax benefits to providing a proper basis for making better business decisions, professional accountants play a vital role in the success of a business. Essentially, businesses run on the proper management of numbers, which just goes to show how important it is to have a professional accountant in your team.

Having a great professional accountant is not only a guaranteed way to keep your business afloat, but it is also an effective way to shorten your path to success. Professional accountants can also act as a financial advisor you can turn to if you need help with process improvement.

Over time, accountants have proven their importance in any business, especially if it’s on the rise to meet or even surpass goals year after year. As such, it is essential to foster a good relationship with an accountant to make the most out of their services and avoid missing out on the opportunity to grow a business.

How to maximise your accountant’s services and skills

Whether you’ve had your accountant as part of your team for more than a decade or just half a year, it will always be possible to develop a rewarding relationship with them further. Here are a few ideas you can use:

1. As an inscription on the Temple of Delphi says: Know thyself!

One of the most effective practices that any business owner can use to foster a great relationship with their accountant is knowing and recognizing their strengths and limitations. For the same reason that you don’t repair your own office printer or handle inquiries, you hire an accountant because they can manage your business’s numbers better than you can.

Business owners avoid over-exerting themselves by handling the exact tasks your team members should do. This over-exertion leads to wasting time on planning your taxes, analyzing your finances, and doing other specialised work. When it comes to dealing with numbers, know your limits and let your accountant take care of things for you.

2. Help your accountant in the same way they help you

Accounting, unbeknownst to most people, is an aspect of running a business that is very much like a two-way street. Although it may seem like an accountant has everything down when handling your numbers on their own, there are times that they need your help to do their job well. By helping your accountant out with certain tasks, such as sourcing documents, you can take a few tasks off their plate and give them more time to devise ways on how to improve your business. Here are a few things you can do to help your accountant out:

  • Give your accountant all the necessary documents for creating records in one go

  • Answer any questions your accountant may have right away and add any information they may need

  • Ask your accountant how you can make their lives or workflows easier to deal with

3. Prepare a plan where you can utilize your accountant the most

Coming up with a game plan where your accountant can contribute more to your business is inarguably one of the best ways to maximise their abilities. By setting up a simple meeting bi-weekly or monthly and laying out certain targets and goals to accomplish, you can get your accountant on the right track. In addition, preparing a plan makes it much easier to know the scope of your accountant’s abilities.

No matter what type of business you may be running, it is without a doubt that your company’s performance can benefit greatly from having an accountant on board—even more so if you make the most out of their services. With the help of the three previously mentioned tips, you can improve the relationship that you have with your accountant to ensure that you can maximise their role in your business!

If you are looking to outsource business accountants on the Gold Coast to help you manage your business’s finances, get in touch us today to see how we can help.

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