We all know that running a business can be challenging, sometimes we don’t know what we don’t know. This is where investing in some expert skills outside of your business can be helpful. But how do you ensure that this is an efficient use of your and their time? Accounting firm Accountant Sydney
Here our our top tips on ensuring that you get the most out of your relationship with your Accountant.
1. Be Open & Honest
An Accountant can only help you if they can see the full picture. They are on your side, so don’t hide anything that you might be concerned about or embarrassed about. Give them full access to your business and accounts so that they can see the full picture. This will help them identify any red flags or things that you need to fix immediately. Accountant Sydney
If you are honest about where you are at and your business activities your Accountant can help you set strategies to ensure that you move more quickly in the direction you want to go. Accountant Sydney
2. Tell them your business goals
This is also about transparency. Let them in on your long and short term business goals. Do you plan on getting investors or need finance in the short term? Do you want to create an exit strategy where you want to sell the business in 12 months or 5 years? Whatever your goals are make sure you share these with your Accountant. All of these goals can be drastically affected by your business structure and operations. Unless they know where you are going they can’t help get you there. You need to see the relationship as a trusted confidant. Accountant Sydney
Related: Is keeping it simple Smart when setting Business Goals?
3. Efficiency & Effectiveness
We use these words flippantly in business sometimes but when it comes to working with your Accountant you need them to be doing both of these things. You need your Accountant to be efficient so that they deliver the outcomes you need in a timely manner. But you also need them to be effective, you need them to develop the right strategies for your business that actually deliver the results you need. Therefore the combination of efficiency and effectiveness is critical.
4. Think Long Term
You may have pressing short term issues, such as cashflow, but you do need to look long term. You need a long term strategy sooner rather than later. A good Accountant can help you with your short term problems, but should quickly start working on your long term goals. We know that having a long term strategy actually delivers better business outcomes in the short term. Accountant Sydney
Related: Cashflow is king for business success
5. You need an Accountant sooner rather than later
Having a structured relationship with an Accountant will bring a strong discipline to your business and business practices. It will make you more accountable and this will bring an organised structure to your business. So even if you are a startup ensure that you start working with an accountant early to ensure that you are on the right track from the beginning. Accountant Sydney
6. You need an Accounting firm that has capabilities in different disciplines
Besides from finding the right Accountant, you need to make sure this person is not a "jack of all trades, master of none" rather a key individual that develops an unwavering knowledge of your business and is backed by a firm that has capabilities in other areas that are relevant for you in your business lifecycle. For example, your Accountant might be a Tax Expert, but lacks commercial acumen to steer your business on a day/day basis. Within their firm, they have the ability to connect you with their commercial team who can work with you from a CFO Advisory capacity. Whilst the relationship you have with your trusted advisor is critical just as important is the people that surround them in delivering a range of services for your business. Accountant Sydney
Related: Do I need a Business Advisor or Virtual CFO?
At the Azure Group we provide a range of accounting and advisory services. We uphold a reputation for being a proactive, hands-on firm that delivers smart, innovative and revolutionary accounting services to match the demanding needs of today's business. Get in touch today.
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