Your accountant is your best help in getting your finances right. If you have little accounting knowledge yourself, hand the work to an experienced accountant and focus on what you do best.
The relationship between an owner and their accountant matters. Together you discuss decisions that can make or break the business, and spot problems and opportunities early. These five tips help it work well.
1. Agree the fee up front
Be clear about the fee before work starts, and ask about anything that could cost extra. A good accountant discusses costs openly and puts them in an engagement letter.
2. Ask your questions
Before you sign up, ask about how they work, who you'll deal with and what's included. Good communication is the key to the relationship.
3. Provide full records
Give your accountant complete records and supporting documents so they can start straight away. Missing paperwork is the most common cause of delay.
4. Ask for advice on growth
An experienced accountant can help you plan, keep you compliant with the ATO and prepare the figures a lender will want when you need finance.
5. Raise problems early
Accountants can spot bottlenecks in your accounting and tax and fix them, but only if they know about them. Tell them what's not working.
A strong relationship with your accountant is one of the best investments a growing business can make.