Maximizing Your Relationship with Your Accountant

Hiring an accountant is a great first step to ensure financial success, whether for your business or personally. Now stop and think about what you want to get from this relationship. What are your financial goals? What does your accountant have to offer? What’s the best way to communicate these ideas effectively? ​

Your accountant can provide you with valuable expertise and guidance to help you navigate complex financial matters. With an expert on your side, you can make informed decisions and benefit from their knowledge and experience. To get the most out of your relationship with your accountant, it’s important to establish clear communication, foster trust, and collaborate effectively. In this article, we will explore key strategies for maximizing the benefits of working with an accountant.

Clear Communication
Open and transparent communication is the foundation of any successful relationship. Establish clear channels of communication with your accountant and ensure you are both on the same page. Share relevant information, such as financial statements, tax documents, and business plans, in a timely manner. Actively listen to your accountant's recommendations and ask questions to clarify any uncertainties. Regularly schedule meetings or calls to discuss your financial goals, challenges, and any significant changes that may impact your financial situation. The more your accountant understands your needs and objectives, the better they can tailor their advice and support.

Collaboration and Engagement
Your accountant is not just a service provider but also a valuable partner in your financial journey. Engage them as a trusted advisor, involving them in important financial decisions and seeking their input on strategic matters. Encourage collaboration by sharing your short-term and long-term goals, and work together to develop a plan to achieve them. Seek their expertise in areas such as tax planning, budgeting, forecasting, and financial analysis. The more involved your accountant is in your financial affairs, the better they can help you identify opportunities and mitigate risks.

Leveraging Their Expertise
Accountants possess specialized knowledge and skills in various financial areas. Take advantage of their expertise beyond the scope of tax preparation or bookkeeping. Consult with your accountant on matters like financial reporting, compliance, regulatory changes, and strategic planning. They can provide valuable insights and help you make informed decisions. Additionally, seek their guidance on optimizing your business structure, improving cash flow management, and implementing effective internal controls. Your accountant can offer personalized advice tailored to your unique circumstances and goals.

Providing Feedback
Regularly provide feedback to your accountant about the services they provide. Let them know what you appreciate about their work and how it has positively impacted your financial situation. Similarly, if there are areas for improvement, communicate your concerns constructively and suggest ways to enhance the relationship. Feedback helps strengthen the bond between you and your accountant and ensures their services align with your expectations.

Think of your accountant much like a doctor, only your accountant is there to help your financial health. Like doctors, accountants help many different people, all with a vast array of needs. You want your accountant to have as much information as possible so they can create a personalized experience for you that optimizes your financial success. Share your information, involve them when making important decisions, and lean on their expertise and valuable experience. Whether you’ve had the same accountant for years or are just beginning to work with one, you can learn to get the most out of this vital relationship.