Hiring an accountant is a big step for your business. And, while the title for this blog post is a bit of a joke, we’re serious when we say working with your accountant is crucial to the success of your business, at least financially. If you work well as a team, your business is bound to flourish.
You may think it’s okay to hand your accountant a huge box of receipts and they’ll sort the rest out. While this is partly true, when you take the time to build more of a partnership with your accountant, you and your business could benefit in several ways.
For example, together, you can help drive your business forward, by planning ahead and exploring areas in which you could save, reduce your tax bill and run your business in the most tax-efficient way.
We’ve rounded up some of our top tips on how you can work with your accountant to create a smooth, frictionless relationship that’s beneficial to all.
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Don’t be the client who leaves everything until the very last minute. We’ll always try and help you, but if you’re only just making contact with us the day before a tax deadline, there’s not much we can do to prevent you being fined for late payments by HMRC.
Give us the time to get to know your business and go through your accounts thoroughly by engaging with us way before deadlines, preferably as soon as the tax year ends. Panic avoided!
Set up accounting software.
Ask your accountant if they have a preferred software they like to work on – some can even get you started with one if you ask.
We’re familiar with a wide range of online accounting tools (Xero, FreeAgent, Sage One etc.), but we always recommend QuickBooks to our clients as it’s super easy to use on both mobile and desktop.
Keep your accountant in the loop.
Communication is key. Let your accountant know what’s going on in your business. Are you thinking of changing the structure? Perhaps, making a big purchase? Or, employing a new person?
Your accountant can discuss these things with you and figure out how you can move forward in the most tax-efficient way. That means, more money spare to invest back into your business.
Keep track of all of your income, expenditure and those pesky receipts. Bookkeeping is made easier when you use digital accounting software, but if you’re still a stickler for paper-based, you still need to be thorough and exact with your figures.
It pays to be polite. Taxes can be stressful, but your accountant is there to help you, not hinder you.
By planning ahead, sending your information across early and keeping them in the loop, you’ll be able to cut out a lot of the last-minute panic and worry that often circles Self Assessment season.
Have you submitted your Self Assessment tax return yet? We can help with that! Get in touch right now to speak with a member of our team.