Business leaders are tapping into the potential of accountants as trusted advisers. The latest research from Chartered Accountants Worldwide (CAW), surveying financial decision makers across the UK and internationally, revealed that:
85% trust Chartered Accountants: the only profession other than nursing to see an uplift in trust since the previous survey
66% say their organisation has relied on Chartered Accountants more since the current economic uncertainty / cost of living crisis
80% say that automated systems couldn’t replace the value that Chartered Accountants bring
To make sure you’re not losing out on the benefits of this trusted relationship, here are our top 10 tips for getting the most out of your accountant.
Think beyond compliance
Don’t only use your accountant to make sure your business meets its obligations, pays the right amount of tax on time and prepares the year-end financial statements. Explore how they can also add value as strategic advisers, using your financial information to help you find ways to become more profitable and efficient.
Tell them about your professional and personal goals
By sharing the details of your business, family and individual situation, you’ll ensure that your accountant can give you broader advice and tailored support to help you achieve your ambitions.
Communicate with them throughout the year
Don’t minimise your interactions to filing deadlines and necessary exchanges of information. Build a two-way trusted relationship that enables your accountant to do more for you and to anticipate the key moments when you might need extra support.
Involve them in big decisions and changes within your business
In CAW’s survey, 83% said that Chartered Accountants are vital to helping businesses adapt to new challenges. Use their experience of guiding businesses like yours. Use your accountant not just to measure where you’ve been, but to discuss where you could go.
Ask them to help you make the most of tech
Your accountant has probably helped all kinds of businesses to build cloud accounting apps into their finance function, freeing them up to focus on running and growing the business together. Join the 77% who intend to use, or have already used, Chartered Accountants to lead digital transformation in their business.
Let them help you with your data
The better your data, the greater your potential for reporting and business growth. Accounting expertise can be a huge asset here: 69% say their organisation relies on Chartered Accountants to ensure the integrity of data, while 77% consider them essential to businesses in navigating challenges related to data accuracy. If you give your accountant this scope, there’s a lot to gain.
Seek their help to future-proof your business
67% said that Chartered Accountants are performing well in helping businesses become more financially sustainable by fostering resilient business models. Give them the opportunity to apply their know-how to your business.
Let them guide you through the complexities of your role
Many accountants have first-hand insights into founding, leading and growing a business. As a business owner, seek their impartial advice to help you negotiate potential conflicts between being a shareholder, director and employee.
Look for specialists in your industry
An accountant with expertise in your sector – such as property, financial services or media – can guide you through the specific complexities (such as tax) and challenges, using deeper knowledge to help your business compete and scale up.
Think of your accountant as a team
By focusing your relationship on one individual, you won’t have the support of a team of people, readily available, who share a close understanding of your business. They’ll use that understanding to connect you to their colleagues who specialise in other advisory services that could help you, such as sustainability and cybersecurity. They’ll also connect you to their wider network of other professionals, such as independent financial advisers, mortgage advisers, solicitors and overseas accountancy firms.
If getting more from your accountant appeals to you, we’re here to help. Within our Advance Business Services team, our innovative structure means you’ll have a specialist ‘pod’ of accounts & outsourcing specialists you can call on, with access to BKL’s other services. By getting to know you and your business, we can help you to solve problems, manage risks and achieve your ambitions.
Send us a message today for a chat about how we can support you.