5 Tips for using your Accountant’s Service to its Maximum Potential

Choosing the RIGHT Accountant will play  a vital role in your business’s success.  A Success Accountant will take your business to the next level, using cloud technology to help you understand how to  improve your business efficiency, provide deeper insight to your numbers and increase the profitability of your business! If you are not offered this from your current accountant, it is time to have a chat to us.

It is important to engage accountants in helping you to manage finances of your business and free up your time to focus on the business growth. But which services do you actually need, how should you pay for them, and how do you make sure you’re getting good value for money?

Here’s our top 5 tips for getting the most value from your accountant while managing the cost of its service. There are important issues to address; used effectively, your accountant can make a huge contribution to your business’s growth.

1.   Accounting package

Subscribe to a fixed fee for your accountant’s services, rather than paying by the hour. This will allow you to plan ahead for the cost of the work and to control costs. The fixed fee agreement should come with clear detail on what you’ll get in return for your money, but you’ll also have the option to commissioning additional work should it prove necessary.

2.   Be realistic about your budget

Your accounting package should include reviewing your budget on a regular basis to assist you with keeping a tight control on all costs which is very important for every business. Over time, the work you require from your accountant will change according to the growth of the business’s size – you might require additional support, more wide-ranging services, or less support as the business become large enough to recruit more in-house staff to look after your accounts. Update budgets according to what your business needs will significantly save you from unnecessary expenses.

3.   Be Clear with What you need

Most accountants should have a list of different accounting packages which outline range of services they will provide. So think carefully about what your business actually need. In particular, look at the support an accountant can give you as you try to grow your business – ongoing advice and feedback based on the financials your business is generating. Especially, review the accountant’s experience and knowledge working with other firms. In other words, DO NOT PAY FOR WHAT YOU’RE NOT GETTING.

4.   Timing is crucial

The frequency of the work your accountant produces can make as much difference as the work itself. If your interactions are occasional you may be satisfying your compliance responsibilities, but you won’t be getting timely analysis of trading and business performance that you can put to good use. If you’ve been efficient in your dealing with your accountant and providing them with up-to-date information, they should be able to give you ongoing tips on how to minimize your spending, maximize earning and running your business better. If you’re using cloud-based accounting software you can give your accountant access to it from anywhere, so they can check the latest figures and offer advice without having to visit your office.

5.    Relationship matter

It’s your accountant’s responsibility to make sure they make an important contribution to your business’s growth but if you don’t trust them, or feel uncomfortable to talk openly to them, you won’t be able to take full advantage. An accountant should be a trusted business partner who is able to provide constructive support as you run your business. If that’s not an accurate description of your relationship, it’s time to ask why.

Success Accounting Group – Your Business Advisor, Accountant and Bookkeeper all rolled into one. Get ready for real time business advice not just accountancy.

Success Accounting Group puts you in control. You choose the services that you need, and we’ll deliver them all at a price you can afford. If your accountant is not fulfilling your needs, it’s time to have a chat to us.

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