Running a business is a difficult journey. You need to check if your business is on the right path, regularly.
This can be measured by analyzing reports and financial results. With the proper accounting help, measuring your company’s progress will be easier.
But is there a way to maximize the services offered by an accountant?
Yes, there is.
Here are some strategies to help you get started!
- Be Transparent
A business is like a fortress – it’s filled with passageways and departments that can be overwhelming to navigate at times. An accountant’s expertise can deal with such a problem.
A professional accountant can highlight the real financial problems within your business. There might be financial discrepancies or a looming tax error that can put you in trouble someday. No matter how observant you are, it’s wise to rely on professional accounting help.
But an accountant’s support can only go so far if you’re not transparent.
To become transparent with your new accountant, you need to share some important financial documents. These documents are the records of your company’s activities.
Business transparency is not a one-time affair. Being honest about your company’s activities will allow your accountant to formulate the proper strategies needed.
- Discuss Business Goals
At first, you might keep some business goals to yourself. But as your business continues to grow, you eventually have to share it with your team. But do you have to share them with your accountant?
If you want to obtain properly optimized accounting help, then the answer is yes.
To understand this better, try to imagine goals as ‘virtual signposts.’ These signposts will help the accountant establish long-term strategies aligned with your company’s objectives.
For example: Let’s say, you want better cash flow this year. By sharing your goal with your accountant, he or she can monitor financial areas that need to be improved.
- The “E & E” Concept – Efficiency & Effectiveness
Efficiency and effectiveness are two factors that must be combined to produce tremendous results in any industry. In maximizing professional accounting help, these factors are also valuable.
An efficient accountant can deliver optimum results within a limited time frame. Following that, an effective accountant can introduce useful strategies for your business.
To analyze the accountant’s performance using the efficiency factor, you need to focus on the way he or she accomplishes a task. Is the process straight to the point? Or perhaps there are loops and bounds to go through?
Using the effectiveness factor, focus on results. Are they completing the larger task at hand? Are they making your accounting process easier?
- Think Long-Term
A business-driven by a short-term vision will have a lesser chance to grow compared to a business with long-term vision. To get the most from your new accounting help, you need to think long-term.
An accountant who will help you for the long-term is a ‘must-have’ on your team. Just consider the tax management improvement that an accountant can offer. More than that, your company’s financial state will become better.
As you think long-term, you can form new goals for your business. New goals will take time to implement, and you definitely need accounting advice for that.
Why You Should Really Get An Accountant Today?
At this point, if you are still wondering about the immediate need for an accountant, then you need to shift your focus to the Tax Cuts & Jobs Act.
The Tax Cuts & Jobs Act or TCJA is a massive overhaul of the Internal Revenue Code. Many articles and provisions were changed, particularly the ones affecting small and medium businesses.
Of course, you can still opt to do your own taxes but this will cause you a great deal of stress. Just imagine combing through one tax item after another. It’s possible to miss a deduction or commit a serious tax error!
A single tax error can lead to potential delays in processing your tax return. Eventually, you might receive a letter from IRS – along with some penalty fees.
A talented tax accountant can help you deal with the rigors of the new tax law. In fact, right after TCJA became active, the demand for accountants increased.
The Best Traits of A Helpful Accountant
Any accountant can contribute something to your business. But when it comes to the level of contribution, the good outweighs the mediocre.
Before signing a deal with an accounting help provider, you need to remember the important traits of a reliable accountant.
The field of accounting is loaded with tons of details, numbers, and complicated formulas. In that sense, you won’t find an accountant without at least the basic levels of organizational skills.
But if you want to receive the best accounting help, you need an accountant with topnotch organizational skills. This accountant will scan all layers of your business to find a lingering tax issue. Or perhaps the accountant just needs to sort all financial items into a neat documented file.
If you’re also expecting your business to grow in 5 years, then you need a well-organized accountant by your side. A five-year period is a long time, and this might lead to problematic tax clutter. Do not underestimate the rate at which tax clutter grows!
You may think that accounting is just concerned with numbers. However, communication skills are also important. If an accountant can’t communicate effectively, his or her expertise can barely help the business.
Nowadays, it’s better to have excellent communication skills in physical and digital means. Through proper communication, you and your accountant will be on the same page.
Seeking accounting help from an accountant who has little related knowledge is a risky move. Whenever that accountant encounters a difficult financial hurdle, he/she might take shortcuts that can affect your business.
A helpful accountant must be knowledgeable enough to help you with various tasks like simple bookkeeping, tax prep, budget control, and financial assessment. The accountant must also be aware of recent changes brought by TCJA. Not all tax provisions will concern your business, but most of them will have a clear impact.
If the accountant also knows about your industry, then that’s a bonus. This shows that the knowledgeable accountant can bring your business forward by suggesting creative strategies.
Professionalism is considered a catch-all trait which involves other positive work aspects. An accountant who has a great sense of professionalism knows the importance of duty and its implications. A professional accountant will exhaust all possible options before failing to meet a goal.
You can also consider respect as a major factor in professionalism. A professional accountant knows when is the right time to introduce new ideas or to simply focus on the task at hand. After all, professionalism is about setting priorities.
A disciplined accountant has the initiative to finish tasks on time. He or she also knows how to own up to any mistakes.
You can say that an accountant is disciplined if he/she looks for additional means to help your business. Perhaps you need assistance in making a new business plan or concept. The disciplined accountant will provide help before you can even ask.
Hiring an accountant for your business is a smart move indeed. But if you can maximize the accountant’s services, then the result can benefit your company more.
So call us today if you need a competent accountant for your business!