Business Owners vs Accountants: Avoid a Battle Royale Without Throwing in the Towel
Are you ready to rumble…with your accountant?
When it comes to your company’s financials, you and your accountant’s goals should be aligned…but they often aren’t. As bookkeepers (with clients in both corners), we often have ring-side seats to conflicts between accountants and business owners. Here’s a quick look at how you can drop the gloves and let your accountant help take your business to the next level.
Squaring off against your accountant
When it comes to accounting-related functions, business owners tend to be task-focused: “If I can tick this off my list, I can put my focus on other areas.” But with this approach you can miss out on opportunities.
Accountants tend to be strategy-focused: “If my clients took the time to look at the larger picture, they could improve their business.” This approach is commendable, but business owners often feel they don’t have time to spend on it.
Stacking the odds
When it comes to this “fight”, accountants usually lose. Accountants are primarily in business to help businesses save on taxes, so they wind up putting all their efforts into getting the file in on time. Is this a victory? Yes, they met the deadline, and earned their dollars. But what else can your accountant do for your business? Here’s a shortlist of how your accountant can assist with your business growth:
- Help you determine areas for growth by providing insight on cash flow patterns, inventory management, pricing, and business financing.
- Work with you to create a business budget that will support your business goals.
- Create financial forecasts so you can make better decisions in your business.
…and much more!
How to come out swinging
The most effective thing you can do to solve this problem is to get organized. It may be a low blow, but here’s the truth: if you send your accountant a shoebox full of receipts and reports, all they are going to spend their billable hours focused on is sorting that out. Any possible time left over for strategic, long-term goals is squandered.
Bring in a ringer
One simple way of solving this problem is to let a professional bookkeeper get the details right so your accountant has more opportunity to spend time finding efficiencies for their client (you!) instead of chasing down minutiae. Having a bookkeeper in your corner is the key to making everyone winners!