Tell me, are you a serial question-asker?
I hope the answer is yes, but unfortunately, most of the time it's probably no. I have a saying: "No question is a stupid question". And I live AND breathe by that statement. In all walks of life.
Asking questions may be easier said than done though, especially when it's not your area of expertise. Embarrassment may set in; you may feel as if you are being judged by the person whom you are asking; perhaps you feel like you should know the answer.
Well, news flash: we don't know everything. But there are some things we really should find out more about when we don't know; things that can help us build the life we want. Accounting, my friends, is just one of these.
Here are a few tips to help you make sure you are totally in the know about your finances.
When your accountant tells you something, don't assume it's gospel.
You're accountant knows a lot about your business and the GAAP (generally accepted accounting principles) in both theory and practice.....well at least they should. They aren't perfect; they make mistakes, however make sure they aren't taking liberties on the law with your business finances, feeding you information and confusing you. Research is key. Double check what they tell you against what HMRC (the people all accountants are answerable to in the long run) say. If it doesn't match? DO NOT be afraid to ask them why.
Read the reviews
Seems a bit cliché I know, but doing enough research into a firms background and reputation is a MUST. Ideally, this needs to be done before you make the hire so you aren't getting stuck in a contract you have to wait to get out of.
Speak to your accountant face-to-face (or via video conferencing)
Get a feel for them. Get to know them a bit. Make sure they fit your business ideals. And make sure they know how to handle your business. Ask them about their background:
How long have they worked in accounting?
Have they had experience working with a business like yours?
Are they keeping up with the times, recognising that software is ever-changing and they need to be too?
What is their security like?
Just a few basic questions to get you started.
Do not let them intimidate you but make sure they will always be honest with you.
Remember: this is YOUR business, YOUR baby, YOUR future. But you need to make sure that you will have regular contact and they will have their trained eye on your business. They can help with so much from securing loans to major business expansion. And if you find that amazing accountant who will take you from beginning to end: bookkeeping to business growth (ahem...hello there!). So make sure they aren't walking all over you, yet make sure you keep in regular contact.
You need to come to a realisation that an accountant can be your businesses best bud IF you ask the right questions, do the research and be proactive.
If you are looking for a new accountant, you've come to the right place. We can take your business from the beginning stages and help make it into an efficient and profitable machine. No joke. Don't believe me? Just ask me about our baby of a business and how we've grown it skilfully over the last 12 months. We are the accounting team you need with over 50 years combined accounting experience behind us, Get a call booked in here or drop us an email.
