The School of Hard Knocks?

A month never goes by without being asked whether we know about a particular kind of business. The beauty of being an accountant is that we get exposed to many kinds of businesses on a daily basis. And here’s a little secret between you and me – generally all businesses have the same issues as others.

Now the main difference is how you earn your revenue but every business has employee issues, marketing issues and cash flow issues.

So what should an accountant be able to offer you? Years of experience from various businesses, together with sound technical knowledge that you can utilise in your business success. In other words they have been around the block a few times and been to the School of Hard Knocks.

If your accountant is not sharing that knowledge with you when you meet them, then ask them why not.  An accountant should be used as a business mentor for your business. If you have a  good  relationship with the business owner of the accounting firm then they will understand what keeps you awake at night.  It’s probably the same thing keeping them awake at night!

Whilst you are working in your own business wondering how others are achieving their goals, an accountant is drawing on the experience of many business owners and is able to assimilate all its client’s experience  to share with you.

So accountants know about business operations more than you may think.

But not every accountant is the same, and unfortunately you may not find this out until you get involved.

So when you are choosing an accountant to engage with, ask them do they understand about employee, marketing and cash flow issues, and/or  issues that are keeping you awake at night. How your business differs to other industries isn’t the important issue. You need to know they can assist you with your everyday issues first, then whether they can apply the industry specific issues.

Your accountant  needs to be technically competent. Are they going to work with you as your business grows and can they be there with you when your business is going through its rough patches? Are they giving you strategies to utilise in minimising taxes and keeping your business in check with changing legislation?

While an accountant needs to go through vigorous and ongoing training g for the whole of their career, the school of hard knocks is also a great place for your accountant to have attended. That way they’ll know how to help you while you’re attending.

So don’t be complacent about making a change and don’t be afraid to ask them the hard questions. Phone us today on 55399777.

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