It is probably safe to say that the average small business owner does not spend a whole lot of time with his or her accountant. It’s not like business owners are taking their accountants out to lunch or spending the weekend with them at the lake. And yet, they should be spending at least some time with their accountants every single month.
Gurian CPA Firm suggests business owners schedule regular meetings with their accountants rather than only communicating with them at the end of the year. As a leading Dallas accounting firm, they know what it takes to properly serve their clients. A big part of it relies on regular and clear communications.
If you are not spending time with your accountant on a regular basis, you really should. Below are several reasons explaining why.
Right off the top, things change in your business all the time. You are adding employees one month and terminating others the next. You’re investing money in new equipment and supplies. You might be thinking of expanding. The point is this: your business is not static. And because it changes, your accountant needs to be kept in the loop.
Things Can Get out of Control
Gurian says good accountants are proactive accountants. They want to stay ahead of the game at all times. Unfortunately, speaking to your accountant only once per year is an open invitation for things to get out of control. We are talking things like keeping records and catching accounting mistakes. One minor problem can quickly grow into a massive headache if it’s not dealt with quickly. But you cannot deal with small problems if you’re not communicating with your accountant.
Regulations Constantly Evolve
The bane of every small business in America are laws and regulations. And unfortunately, they are constantly evolving. As just one example, are you thoroughly versed in the 2017 changes to Obamacare and how those changes will affect your accounting for 2019? If not, your accountant certainly is. Pay him or her a visit before the year is out.
Your Goals Are Constantly Evolving
Federal and state regulations are not the only things that evolve. So do your goals as a business owner. What you originally established as the goals for your business two years ago might no longer apply. In fact, your goals at the start of 2018 may have changed drastically over the last 11 months.
Your accountant cannot help you reach your goals if he or she doesn’t know what these are. Regular contact with your accountant covers that issue. Make sure he or she is fully aware of your goals anytime they change.
Accounting Firms Evolve
As long as we’re talking about evolution, understand that accounting firms evolve as well. Your accountant may have been perfect for the job when you first hired the firm years ago. But perhaps they no longer are. Perhaps the way they do business is no longer in line with how you do business.
There’s nothing wrong with parting ways with your accountant in favor of a new firm more aligned with your business philosophy. It happens all the time. Far better to find a new accounting firm that suits your needs than sticking with one no longer able to do right by your company.
If you do not spend time with your accountant, do yourself a favor and change that. Small business owners need to be constantly in contact with their accountants to make sure everything is running as it should. Only speaking with your accountant at tax time is a recipe for disaster.