What makes a good accountant and where do I find one? This is a question all business owners will ask themselves at some time. These are four things you might want to include in the wish list.
K is for knowledgeable
Your accountant may be charming and great fun to be with, but if he or she does not know what they are doing they will cost you money. Accountancy is a broad subject so you may at some stage ask your accountant a question they do not immediately know the answer to. In that situation all good accountants will come up with some variation of “Leave that with me and I’ll come back to you”. They will then do the legwork and come back with an answer. This is not lack of knowledge. Lack of knowledge is not keeping technically up to date (especially in tax matters) and never knowing the answer with the result that mistakes are made in accounts and tax returns. This can then be costly to the business owner in terms of tax saving opportunities missed or penalties and fines for getting it wrong.
E is for efficient
Business owners need to have the confidence that their compliance needs are met in a timely manner. Missed deadlines mean fines. If your accountant prepares monthly management accounts these need to be ready soon after the month end or they can be an expensive waste of time. The good accountant will make certain that all the compliance and reporting just happens with no fuss and bother – like a well-oiled machine.
E is for empathy
Business owners are people with goals and aspirations. The good accountant needs to understand those goals and aspirations to provide solutions and advice which helps fulfil those goals. It’s called “Knowing your client”.
N is for numerate
A bit obvious but by numerate I mean the accountant must have the ability not just to calculate the numbers, but also to understand them, explain them and help the business owner to use the numbers to move the business forward. So perhaps not quite so obvious – all accountants should be able to manage the calculations but some stop there and so fail to deliver sound business advice.
So is your accountant KEEN? If the answer is "No" perhaps it is time to move on.....
To comment please sign in or register.