Valentine’s Day is almost upon us, promoting shows of affection for those that matter to our lives. Yet, beyond treating your partner to a reminder of what makes you click, we suggest taking a look at your business relationships too – especially with your accountant, who may have rescued you from stress and worry over the years.
If you think we’re overstating things, think again: a healthy connection is the key to healthy finances. Keeping that connection alive and strong is going to have a positive, knock-on effect for your business…
Always listen to them
First and foremost, you have to be willing to hear them out, no matter what their advice may entail. Accountants are hired specifically for their knowledge and experience; they’ve probably grappled with several ventures like yours. Contractor and freelancer accountants, in particular, should know your industry and concerns inside out.
Professionals who stick with an accountant for many years, from the birth of their business to its intermediate stages, get the value of a long-term, outside perspective. This is essential when assessing how you’ve grown, and what’s been economised in your earning model.
Stay up-to-date with each other
It’s easy to lose touch with your accountancy firm when you’ve got more pressing concerns. However, we suggest aiming for regular communication – ideally monthly or more – to retain control over your real-time profitability.
One means of doing this is creating a shared account on a bookkeeping platform. There are a few digital tools on the market, but we recommend FreeAgent. Both of you can check cashflow in seconds, updated with projected income and outgoings for a given period. It’s a fool-proof way of checking figures together, so one party isn’t blind to what the other is privy to.
Tell them what you’re envisioning
Too many surprises aren’t good for your stability. Just like a good marriage, there should be a limit on spontaneous whims, as your accountant is going to struggle to keep pace with your changing direction. Unless, that is, they know what you’re planning well in advance.
The more information someone has about your venture, including perceived milestones and expansion strategies, the more capable they are of helping you. So, don’t be obtuse, and tell the financial whiz kid what you have in mind. Make it as clear as you can, and with a fairly accurate (and doable) timeframe in support.
We may be bean-counters, but we love having close ties to our clients, all through the year in fact! The 14th of February may have sent us hurtling down this mental track, yet these and other measures of your working relationship should last forever, building on mutual respect. Call Bright Ideas Accountancy on 0161 669 4221 or email info@biaccountancy.com to learn about what a financial service should do for such great treatment.
