Accountants are the perfect complement to the bookkeeping efforts of any existing business. They are able to provide the next level of financial expertise and advice, over and above that of simply processing transactions and keeping records.
Accountants are trained to look at a business from a range of different perspectives, which the business operator, caught up in daily operational issues, may not consider. They maintain their educated opinions with developments in the business arena, plus they would also normally have a group of colleagues or networks from which to draw further educated assistance.
The following are some of the areas where a small business accountant can assist:
Tax planning - by having involvement in your business throughout the entire year, your accountant has the ability to make all of your transactions as optimal as possible, take a good look at the business structure, and can give general assistance to make sure that the business has minimised it's tax liability to the highest legal potential.
Business development - help the business grow by advising on internal control mechanisms, risk management issues, purchasing decisions and other business issues.
Financial advice - guide the owner to make better financial decisions, both for the business and also to protect personal finances through avenues such as investments, superannuation etc.
Technology - accountants must be proficient at computer technology and can help with software solutions for the business.
Networks - accountants can use their informal networks to refer their clients to other business operators providing varying services.
Before taking that next step, some planning and research will help in choosing the right person or accounting firm to suit the business. This checklist is a quick guide to the do's and don'ts:
> Do think carefully through your expectations, and make notes about the issues you require advice on.
> Don't pick the closest person from the phone book just because they are handy.
> Do get recommendations from others in business.
> Make a short list of 3 or 4 accountants and set up appointments to meet them. Take along your list of expectations and be prepared to discuss fully what you require.
> Don't make the choice solely on price. Good professional people know their worth, and will charge accordingly for their services.
This preparation may be time consuming, but it will pay dividends in the long-term, by allowing the business owner to make an informed choice. It is also imperative to create and maintain a healthy working relationship like those with accountants because this responsibility is not unlike a marriage where trust, dependability and mutual understanding are as valuable as financial skills.
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