Small Business Accountants - Your Second Best Friend
Copyright (c) 2010 Nadine Davis
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 keep up to date with developments in the business world and generally have a network of other experts they can refer a client to for additional assistance.
The following are some of the areas where a small business accountant can assist:
Tax planning - by being involved in the business all year round, an accountant can help optimize your transactions, look at the business structure, and generally assist to ensure the business legally minimises its tax liabilities.
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 important to develop sound working relationships like those with accountants as this is a commitment not unlike a marriage, so trust, confidence and rapport are every bit as important as financial skills.
Questions and Answers
Running a small business is not for the faint hearted, especially when it comes to keeping good financial records. There's 2 ways that business owners seem to go about this - The first is to buy an accounting software package & try to work out how to use it themselves (or worse, can't get it to work at all) and The second way is that they outsource their accounting needs to a local accounting firm.
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