Your accountant is one of the most important hires you will ever make for you business, so why is it that many businesses are guilty of only meeting their service provider a handful of times a year?
While this might have sufficed in years gone by, it is now much more important and much more efficient to schedule in regular visits to make sure you are getting the very best from your service. After all, checking in once a year at the busy tax period isn’t the smartest of strategies.
Like any relationship, the more time and effort you put in to it, the better the results will be. That is why we’ve outlined our top five reasons to spend more time with your accountant that will not only reward you in the long run, but will also prove beneficial for the smooth and successful running of your business.
Updating Business Goals
As time progresses, so do your business goals. The ones which you set out with your accountant originally might not still be true, so it is important to make sure you are still on the same page. If you accountant does not know that these have changed, it would be unrealistic to receive accurate advisory from your accountant. We are here to help you reach your goals, so make sure your accountant is able to accurately project costs, advise on investment or add value to enhance your business.
Changes In Regulation
Laws, tax rates and legislation surrounding expenditure and deductibles are something that change on a regular basis. It is therefore important to make sure you are aware of the changes and how these will impact your business. By meeting your accountant regularly, you will be able to analyse and prepare for changes, making sure that you don’t end up out of pocket.
Is your business looking to expand internationally? Are you entering into significant growth or anticipating a merger or acquisition? Is it time to sell up? If you are thinking about any of these, your accountant should be one of the first people you make contact with. Because your service provider will understand the ins and outs of your business, they will be in a great position to advise you on the best steps to take by controlling costs, meeting benchmarks and analysing statements to make sure you are equipped with all the relevant information to make an informed choice.
The end of March is undoubtedly the one time that you are used to contacting your accountant for end of year tax submissions, however this is not a strategy that is aiding your business. It is instead much more worthwhile to meet more often to discuss your tax, implementing a proactive strategy that runs smoothly throughout the year and culminating in a quick and simple tax return. This is even more relevant now that we are entering into the Making Tax Digital campaign with the HMRC. This will see businesses check and submit accumulating online information, eliminating the yearly tax return and dealing with all tax obligations online by 2020.
Peace Of Mind
All business owners know that it is important to have accurate and up-to-date records, particularly when it comes to auditing. This is why regular progress updates should be scheduled with your accountant, equipping you with all the information you require to be proactive in your business endeavours.