how to get the most from your accountant...them manage their finances. but which services do you...

How ToGet The Most

From YourAccountant

OUR TOP 8 TIPSfor getting the most from your accountant

while managing the costs

http://forsythesadvisors.com.au/


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Growing businesses soon find they need the services of an accountant in order to help them manage their finances. 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?

The best accountants add value to your

business, all for an affordable cost that

you can control

Here’s OUR TOP 8 TIPS for getting the most from your accountant while managing the costs. These are important issues to address; used effectively, your accountant can make a huge contribution to your business’s growth.


UseFixedFees

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.

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BeRealistic

AboutYour

Budget

While it’s important to keep a tight rein on all costs, accountancy fees included, 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.


The frequency of the work your accountant produces can make as much difference as the work itself. If your interactions are occasional you may be satisfying your compliance responsibilities, but you won’t be getting timely analysis of trading and business performance that you can put to good use. Check what technology they use. For example, they should be able to provide you with a cloud based financial dashboard that you can see 24/7 in real time. Now you’re in control!



Timing IsCrucial



Relationships Matter

It’s your accountant’s responsibility to make an important contribution to your business’s growth, but if you don’t trust them, or feel comfortable talking frankly and openly with them, you won’t be able to take full advantage. An accountant should be a trusted business partner who is able to provide constructive support as you run your business. If that’s not an accurate description of your relationship, it’s time to ask why.


Make SureThey Do

It All

These days your accounting firm should be able to manage all of your advisory needs. Whether it is personal life planning, wealth accumulation & management, marketing advice or business planning they should be able to do it all under one roof. Why is this important? The advantage is that you get a better value for money service that only comes with such an integrated approach.





Do TheyShare Your

Entrepreneurial Spirit?

If your accountant thinks that having a small business is a bad idea, or too risky and problematic then you’ve got the wrong advisor. Sure, your advisor needs to ‘look out’ for your financial wellbeing however they also need to buy into the dream.


There is no single profile for an accountant, so you should think about how your accountant’s prior work history will relate to your business. What type of industry experience do they have?



IndustryRelated

Experience


If your accountant is not fulfilling your needs, it’s time to have a chat to us.forsythesadvisors.com.au

Forsythes Advisors - your business advisor, accountant and bookkeeper all rolled into one. Get ready for real advice not just accountancy

General advice disclaimer General advice warning: The advice provided is general advice only as, in preparing it we did not take into account your investment objectives, financial situation or particular needs. Before making an investment decision on the basis of this advice, you should consider how appropriate the advice is to your particular investment needs, and objectives. You should also consider the relevant Product Disclosure Statement before making any decision relating to a financial product.]

Technology is no longer a luxury. It’s built into just about everything we do these days, and your accountant should never miss a beat when it comes to business management software packages and accounting packages. Your accountant should be knowledgeable in the leading software packages and which option will suit your business goals.

Technology Should Be

A Given


how to get the most from your accountant...them manage their finances. but which services do you...

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