The 3 A’s Every Accountant Should Have
Business is an ever moving, ever evolving entity. Business owners are always looking for new and innovative ways of operating; they may regularly update their internal systems, they may re-train staff or look at staff and team motivation, or they might look at their marketing strategy and budgets, among many other things, to help improve their brand and bottom-line. Regularly reviewing ones business is a great and valuable habit to get into, but for the sake of this piece, let’s throw a specific question out there:
Do you know and understand what your accountant brings to the table for you and your business?
Some business owners are only with their accountant as they were part of their networking group or an associate may have recommended them a million years ago. Some business owners are with a big brand accountancy firm as it makes them feel safer and more secure. Some business owners will stay with the same accountant for forever and a day because ‘that’s the way we’ve always done things around here’, and sometimes, just sometimes, it might not be what you or your business needs…
Ask yourself: does your accountant possess the 3 A’s?
If you had a problem with your business and needed financial advice, would you call your accountant? If you were business planning and designing a strategy for growth, would you talk this over with your accountant before pursuing?
In short, do you trust, and have a relationship with, your accountant?
Whatever the size of your business, the numbers behind it and the bottom-line are always important. Access to the correct financial information can empower a business owner to make decisions, or even reverse them; and bad financial information could put an end to the whole business quicker than you can say spreadsheet.
If you only see your accountant once a year, to sign off on account documents, and they have little to no knowledge of your business for the rest of the year, or you personally don’t feel you could involve them in your business throughout the year, you’ve got to ask yourself, what is your accountant doing for your business? How is your accountant adding value to your business if you don’t feel you can approach them?
If you need something from your accountant, or you have a question you need to double check, can you pick up the telephone and reach them? Can you drop your accountant an email and receive a reply within the same working day? If you need a face-to-face meeting, can you get an appointment within the week?
How accessible is your accountant to you?
An accountant is a cost to a business. A good accountant is almost like a member of the in-house team. However you look at it, a business owner pays a fee for the accountant and should be able to utilise their experience and knowledge in order to grow or develop their own business. Not only are you paying for it, but it is almost in the benefit of the accountant to be accessible, as a happy, growing and successful business, keeps us accountants busy!
If you feel like you are very low down on your accountant’s list of priorities it may be time to think about gaining access to a more dedicated service.
Does your accountant have a regular blog or newsletter to keep you up to date with changes in the financial and business world? Does your accountant have a Facebook page or Twitter account where you can interact with them and follow them for their latest updates? Does your accountant let you know if the government is introducing a new piece of legislation that may affect your particular business? Does your accountant keep you abreast of changes to laws or tax systems?
If your accountant is not active in the business and finance world, in what way, other than making sure your figures all add up, are they adding value to you or your business? In this age of technology and social media, as business owners we want to feel connected and affiliated, we want to keep our fingers on the pulse and so it’s important to have an active accountant who moves with the tides and changes of the business world.
There may be many other reasons why a business may look at moving from an accountant and the Three A’s are a great starting point to thinking about what is working for you and what is not…
If you would like to talk to someone about your accounting needs or you are thinking of changing accountant please contact us here . If you would like to know more about ChadStone please take a look the rest of our website or connect with us on Facebook or Twitter.