Why You Should Talk To Your Accountant
Running a small business is like juggling a dozen balls at once – from managing operations to customer satisfaction, the list seems endless. But here's a little secret: one of your most valuable allies on this journey might just be your accountant.
Yes, that number-crunching, spreadsheet ninja can offer you more than just tax advice. So, why is it that some small business owners seem to keep their accountants at arm's length?
1. The Jargon Quandary: Let's face it – not everyone is fluent in accounting lingo. That's okay! But rather than feeling lost in a sea of financial jargon, remember that your accountant is there to translate these cryptic codes into meaningful insights for your business.
2. The Fear of the Clock: There's a myth that every interaction with an accountant adds another bill to the pile. While this can be true for certain consultations, remember that proactive conversations can actually save you money by preventing financial missteps down the road.
3. The Elephant in the Room: Financial challenges can be intimidating to address, and it's easy to shy away from sharing struggles with your accountant. However, remember that your accountant isn't just a calculator; they're a partner who can help navigate stormy financial waters.
4. The Lone Ranger Syndrome: While being self-reliant is a key trait of any entrepreneur, it's also important to recognize that an accountant's expertise can provide valuable insights and fresh perspectives that might just open up new doors for your business.
5. The Digital Dilemma: We live in a digital age, and many business owners rely on accounting software for their financial needs. But don't let this be an excuse to skip out on human interaction. Regular conversations can help you fully understand the stories your financial data is telling.
So, how can you break free from the "silent entrepreneur" mold and forge a stronger bond with your accountant? Here's a simple plan:
Speak Up: Don't be afraid to ask questions or voice concerns. Remember, there's no such thing as a "silly" question when it comes to your business's financial health.
Set Expectations: Clearly communicate your goals and expectations to your accountant. Whether it's regular check-ins or specific financial targets, aligning your visions can lead to a more productive partnership.
Make Time: Prioritise discussions with your accountant. Just as you'd carve out time for sales meetings or strategy sessions, allocate time for financial conversations as well.
Build Trust: Like any relationship, building trust takes time. Share your business's challenges and aspirations openly – the more your accountant knows, the better they can guide you.
In the world of business, you're not alone. Your accountant isn't just a number-cruncher; they're a collaborator, an advisor, and a trusted partner who can help shape the financial destiny of your business.
So, go ahead – break down the walls, shatter the myths, and embrace the power of open conversation. Your business's financial success might just depend on it!
At Scotch Accounting we value relationships over transactions, we love to to talk and will get to know your business like we’re actually part of it! We’re your finance team, and we’ll be there when you need us.
