It’s a new year, is it time to consider switching accountants?
(It’s easier than you think!)
The 5 Keys to Selecting the Right Accountant to Ensure Success for Your Business
The right accountant doesn’t just file your taxes. The right accountant can save you money and help you expand your business. Finding an accountant that can also serve as a trusted financial advisor can mean increased revenues, better cash flow and greater success for you and your business. The wrong accountant can be costly. Mistakes in tax filings, lack of tax planning and inability to offer sound business advice can cost your business both time and money.
Follow us over the next 5 weeks to read about the keys to consider when you are looking to select an accountant, and how to use your accountant effectively in your business.
KEY #1 – TRUSTED ADVISOR. Don’t just look for an accountant, look for a trusted advisor.
Consider an accountant that is adapting changes and offers you not only updated recommendations to maximize all the new tax laws but also has a team in place that is available to provide you with valuable business advice. Your accountant should be focused on helping your business grow and succeed. An effective accountant will serve as your business consultant, identifying problem areas and offering solutions on every aspect of your business from pricing decisions, to staffing, to internal controls, to strategy and marketing. A good accountant will also understand that personal and business finances are inextricably linked, and be able to offer guidance to strengthen your financial position both professionally and personally.
Taxes and compliance issues are reactive, looking at the year behind you not the year ahead of you. Your accountant can use that data to help in tax planning for the future, but the more deeply you involve your accountant in your business goals, operations and practice, the more proactive and effective they can be in helping you plan for the future and achieve those goals. The right accountant will have a big picture view, not just of your company’s strengths and weaknesses, but of the industry as a whole, in order to make valuable suggestions, identify problems and suggest the appropriate solutions.
Your accountant can help with all of your budgeting and financial projections, but should also be involved in any financial decisions you are making related to your business. From business trips, to buying office equipment to leasing office space, your accountant will be able to asses the financial impact on your business and help you structure the best deals, mitigate your financial risks, establish your internal financial controls and protect your business.
So, don’t just look for number cruncher that you contact once a year at tax time. Use the expertise of your accountant to your best advantage, looking forward to help you grow, improve and protect your business.
Check back in next Tuesday to read about KEY #2 to selecting the right accountant to ensure success for your business: VALUABLE CONNECTIONS.