(5 minute read – accountant)
Hi there accounting fans!
It’s me again, Sam ‘The Comic Accountant’ Harith. And it’s time for another ‘Sam Says’ opinion piece!
So I talk to a lot of small business owners everyday. And the one thing I hear from the ones who aren’t my clients is that:
“I’m paying my accountant to do a whole lot of nothing,”
I mean, I don’t blame them. Most accountants will email you once a year (twice if you’re lucky) for your financial information and/or to tell you how much tax you have to pay the IRD. Oh, and to bill you for their services too of course (gotta make money somehow).
But look, your average accountant is pretty bad at communicating and interacting with people (hence why they chose to work with numbers in the first place). So, to get the most value out of your accountant, you can try these 100% foolproof techniques (theoretically).
Please note that these apply regardless if you are our client or not (in which case, you will wanna check out SH Advisory).
Value technique #1: Read and reply all your accountant’s emails.
Strangely enough, many small businesses are terrified to get an email from their accountant. This is extremely odd. You are their PAYING customer why should you be scared?
It’s almost like we’ve been lumped together with Dentists and Vasectomy clinics on the list of “Top ten scary businesses that you want to give money to but don’t really feel like dealing with,”
If you get an email from your accountant it almost certainly contains information that will benefit you. At the very least, it will tell you your tax position and give you some information about your financial statements – which is important.
If you are one of our clients, you will be getting newsletters chock full of info for small businesses AND a bi-monthly report detailing your business and tax position (for clients on a monthly sub). So you DEFINITELY want to be at least reading those emails.
Make it a point to reply to those emails as well. Ask questions. Ask ALL the questions. You’re paying for this service, make the most use of it. Squeeze your accountant for every last drop of tax, finance and business knowledge that you can get as part of your fees. Seriously, if you’re our client, we’ve budgeted for all this extra advice in your fees. It’s all paid for so might as well use it!
Granted, some accountants are pretty slow on the reply. Even I sometimes make the mistake of putting emails aside and then getting back to it after a week. So if you haven’t heard from your accountant. Just send another email. And another. And Another. I mean, honestly, so long as you are being polite and asking for things well within your rights, you should spam them as much until they finally reply.
And if they don’t, well, it’s time to change accountants.
Value technique #2: Always check with your accountant first!
This one is a no brainer.
Planning to make a big investment? Check with your accountant first.
Planning to take a huge loan to expand your business? Check with your accountant first.
Planning to sell your business so that you can pursue your life long dream of feeding penguins on Stewart Island? Check with your accountant first.
Like seriously. Before you make any significant financial decision, ALWAYS check with your accountant first.
Again, there is this irrational fear among business owners that they’re wasting their accountant’s time with their financial worries. You’re not. It’s what we accountants are there for. We know as much about your financial situation as you do. Sometimes more.
I’ve dealt with quite a few sticky financial situations that my clients have gotten themselves into. 100% of all these situations could have been avoided had they checked with their accountant first. I respect my clients and their business acumen, but please DO check with me first before making any big financial decision!
I regularly participate on social media outlets (Like our Facebook page if you haven’t already!) and often see people asking tax or finance related questions to random strangers. My first reaction to these questions is:
“Bro/Sis/Non-Binary Sibling, why aren’t you asking your accountant this question??,”
Maybe they don’t have an accountant. But most of the time they do, but are just too scared to ask them.
The most embarassing question I’ve seen on social media is a business owner asking about how their accountant calculates GST on their accounting fees. Wow. You’d think that the first person they ask that question to should be their accountant right? I’d have done a pretty poor job of communicating with my client if they went to social media with that question before asking me. Ugh.
Value technique #3: Tell your accountant how awesome they are.
*Ahem*
This is not too subtly directed at my clients (many of whom already do so) but it’s always great to hear it!
If you have an accountant you are happy with, make it a point to tell them how happy you are with their work. A good accountant is worth their weight in high performing stocks (not Gold, Gold is a lousy investment). This will help strengthen your professional relationship with your accountant. You will build up more trust which in turn leads to better advice and more business wins for you!
Feel free to buy gifts for them too if you really, REALLY like their work. It’s not uncommon for accountants to receive gift baskets or the odd bottle of wine/whiskey from happy clients. Best of all, business related gifts are TAX DEDUCTIBLE.
For my clients that are reading this – I’m not a fan of liquor and I’m fussy when it comes to food (I’m Malaysian, ok?). BUT I do like boardgames and videogames.
Game Kings is a NZ based online board game retailer that I like supporting.
You can also gift me games on Steam (I mean, I have too much already, but I can still have more?). My username is hiddentapir (long story).
Alright accounting fans, that’s all I have to say about getting the most value out of your accountant. Remember to always keep open and positive communication channels with your accountant and you will get super valuable financial help and advice.
Stay positive!