Maintaining a healthy business relationship with your business accountant and utilizing his/her expertise to the full.
In order to make the best use of your business accountant you should keep good and healthy business relationship with him. Creating and developing healthy business relationship with your business accountant starts with the engagement letter. This letter should contain the understanding you have about the services that he has to perform for you and your business. It should accurately list your expectations from his job as an accountant and even a financial advisor if he is going to be serving in that capacity. Making all this clear in the engagement letter makes sure that there are no misunderstandings in the future and both you and your business accountant understand the limitations and scope of the agreement.
Secondly, do your best to make your accountant’s job easy and effective. Organize your business’s finances such as receipts, check payment records, deposit slips, bills and expense records so that you can give him a coherent account when it is time to prepare the finical statements. Many small businesses keep a close watch over the transactions on a weekly and monthly basis during the startup phase to ensure that things are not going wrong. Get your accountant involved in this right from the beginning.
Meet with your account once a month to go over the financial statements and discuss any confusion that you might have. Such a meeting will also help you understand where and how your money is being spent. It also gives you an opportunity to discuss financial matter to see how things can be better managed.
Getting a good accountant and then using him/her successfully for your business is one of best steps that you can take for the long term success of your business. So work on building the right time right from the beginning.