How To Get The Most From Your Accountant

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How To Get The Most From Your Accountant

Monday, October 20, 2014 - 11:30

Through our many years of experience working with many different businesses - at different stages in their development, here is some information we would like to share with you as to how you can make the most of your relationship with your accountant.

What is the Role of the Accountant

  • Operational – dealing with the day to day financial transactions of the business
  • Strategic – involved in long term investment decisions of the business
  • Advisory – as needed sounding board to bounce ideas off

Understand the Needs of Your Growing Business

  • The Statutory Burdens – increasing legal responsibilities on Directors and owner-managers regarding compliance with taxation and reporting legislation
  • The Practical Needs – Real-time accurate financial information on business performance, costing and pricing of products & services, risk and return on incremental growth & investment

What can the Accountant do for Your Business

  • Provide monthly / quarterly management accounts, detailed margin analysis, comparisons against budget
  • Budgeting and financial planning
  • Capital investment information
  • Dealing with banks & other lenders
  • Dealing with Revenue/CRO

Working With Your Accountant

  • Insist on full jargon-free explanations of all financial information
  • Be clear about what the key cost and income drivers are within the business and ask to have a simple financial recording system to monitor these key figures
  • Be willing to keep detailed records of all transactions in the business
  • Keep the accountant informed of all developments or changes within the business
  • Be willing to set annual / quarterly targets and monitor progress
  • Provide the accountant with accurate stock/WIP figures for management accounts
  • Include the accountant at an early stage in the decision making process
  • Invest time & resources in a full recording system for financial information
  • Have management accounts produced
  • Have costing & pricing structure reviewed regularly to adjust for changes