Managing an Accounting Professional
From a business person’s
point of view, deriving the most out of your
relationship with your accountant means you need to
manage the relationship effectively. Accountants, like
any other professional, deliver better results if they
work in partnership with their clients and fully
understand what is expected of them.
For example, it’s best to refrain from asking your
accountant to prepare your quarterly or annual reports
with little input from you. Of course, they will have
your numbers to work from, but this is generally not
enough to create an effective dialogue. Instead, go
ahead and invest your time early on so that you can
understand certain tax implications that your business
decisions may have. Discuss these with your accountant
before any reports are prepared so that you may make
adjustments—and even operational changes—if those seem
called for. This is what managing a professional
relationship is all about.
Dealing with Problems
To avoid problems with this
most important of relationships, it’s wise to be
proactive in a number of ways. A few key things that can
help are:
- Regular contact and
visits to your accountant’s office.
- Informing your
accountant of any significant changes that occur in
your business.
- Discussing big issues
that may affect your tax position.
- Keeping mutually
agreed-upon records of instructions and
conversations.
- Sticking to agreed-upon
deadlines.
Reviewing the Relationship
Businesses don’t stand still.
Circumstances and requirements change. So it is good
business practice for both parties to review the
relationship after a certain period of time. There are
some critical questions that you will need to consider,
such as:
- Is the relationship
still working well for both parties?
- Does my current
accountant still fit with my business needs?
- Does my accountant
listen and provide good advice when required?
- Is my accountant
proactive and easy to contact when needed?
- Is my business getting
the same value for my money that it did at the
beginning?
If you feel the negative
responses to these questions outweigh the positives,
then you probably need a new accountant.
Good accountants can save you time and money
and help your business to grow, but they certainly
cannot do this in isolation. So, work with your
accountant, trust them, and treat them as partners. Take
time to value and nurture the relationship – it could
prove to be one of the best business investments you
ever make.
