Things Good Accountants Do
There are countless accountants out there and not all are equal. Many people and business owners pick an accountant without considering the level of service they are receiving. There are 5 things good accountants do:
- Obviously, your books and taxes
- Truly understand your business
- Proactively provide you with feedback
- Help you focus and prioritize
- Be present and accessible
In this blog, we’ll go through each of these five aspects in detail to help you assess the level of service you’re getting from your accountant and whether it’s time to reconsider.
Does your books and taxes
This seems obvious but after consulting with numerous clients about the level of service they are receiving from their clients, I feel this is something worth addressing.
We’re talking about more than just “getting it done” here. What I mean is that doing your books and taxes is really a project. So, your accountant should be taking the lead in managing that project.
If you’re having to chase them down to get the work done within your deadlines, then that’s a problem.
More than that, if your accountant is just failing to get it done altogether or is producing low-quality work, then you don’t need me to tell you that’s an issue.
Truly understands your business
Here we’re talking about more than just simply saying they understand your business. What I really mean is they are actively engaged in your operation and are genuinely interested in understanding.
They should understand your customers, suppliers, and your operating model as a whole. They should be cognizant of the strengths, weaknesses, opportunities, and threats to your business.
In summary, they should clearly understand the context within which your business operates.
Proactively provides you with feedback
Stemming from understanding your business, they should be proactively providing you with feedback.
What I mean by this is that they should be proactively analyzing the results of your organization to identify areas for improvement.
This might consist of opportunities to grow your business.
They should be suggesting areas to implement technology to generate efficiencies and increase profitability. Opportunities to use technology to reduce customer friction and enhance customer experience.
Helps you focus and prioritize
A good accountant understands that running a business can be overwhelming. There are an endless list of things to improve and ways to develop your business.
Many accountants have experience spanning many industries and businesses of different sizes. A good accountant should be able to take those experiences and apply them to your business to keep you focused on what matters.
Staying focused is essential in ensuring you meet your business goals and objectives.
Is present and accessible
You do not want an accountant that you only see once per year. They show up, take your transactions for the year, prepare a statement and tax return, then say “see you next year.”
The truth is that bookkeeping and tax returns are necessary evils and don’t really add value to an organization. Moreover, they aren’t really acting as a member of your team.
Your accountant should be exactly that; a member of your team. When you have questions, they should be available for you to call them and give you answers. You should be able to bounce ideas off of them.
You should feel like they are there for you to help you.
Doing the books and the taxes isn’t enough. It’s the duty of the accountant to be a part of the team, be present, and add value to the organization.
In conclusion, if you’re getting these five things out of your accountant; great. You’ve made a good choice and are receiving the quality of service you deserve.
If you’re not, then it’s probably time to reconsider.
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