How to get the most from your relationship with your accountant

accountant trusted advisor

The best accountants add value to your business, all for an affordable cost that you can control.

Growing businesses rapidly find they need the services of an accountant in order to help them manage the finances of their business. But which services do you actually need, how should you pay for them, and how do you make sure you’re getting good value for money?

Here are our top 5 tips for getting the most from your accountant while managing the cost of service. These are important issues to address; used effectively, your accountant can make a huge contribution to your business’s growth.

1. Use fixed fees

Agree on a fixed fee for your accountant’s services, rather than paying by the hour. This will enable you to plan ahead for the cost of the work and to control costs. The fixed fee agreement should come with clear detail on what you’ll get in return for your money, but you’ll also have the option of commissioning additional work should it prove necessary.

2. Be realistic about your budget

While it’s important to keep a tight rein on all costs, accountancy fees included, you should review your budget on a regular basis. Over time, the work you require from your accountant will change – you may need additional, more wide-ranging services, or less support as the business becomes large enough to support more in-house staff. Update budgets according to what your business needs.

3. Buy what you need

Most accountants offer a menu of services, so think carefully about what you actually want. In particular, look at the support your accountant can give you as you try to grow your business – ongoing advice and feedback based on the financials your business is generating and the accountant’s experience and knowledge working with other firms. Equally, don’t pay for what you’re not getting.

4. Timing is crucial

The frequency of the work your accountant produces can make as much difference as the work itself. If your interactions with your accountant are occasional, while you may be satisfying your compliance responsibilities, you won’t be getting timely analysis of trading and business performance that you can put to good use.

5. Relationships matter

It’s absolutely critical that you trust your accountant, and feel comfortable talking frankly and openly with them. Your accountant is your trusted business partner, who can provide you with constructive support as you run your business.

Brisbane Business Accountant is your business advisor, accountant and bookkeeper all rolled into one. We offer real advice, not just accountancy.

We put you in control. You choose the services that you need, and we’ll deliver them at a price you can afford.

If you haven’t reviewed the services we’re providing for you recently, or how you could structure your fees more effectively, why not book a chat in the New Year to start 2017 off in the best financial position possible. Just give us a call on 07 3822 7201 to book your appointment.