Posted on: 29 June 2018
Unless you operate as a solo act in business, you will have to outsource some of the work necessary to keep the organisation running effectively. You may employ staff on a daily basis, or you may have some independent contractors on hand to do this for you. One way or the other, however, you can't take all of the work on yourself. Having said that, you may mirror a proportion of business owners across Australia, who hole themselves up in their study for hours on end as they slog through their own accounts. Apart from the obvious amount of time that is spent doing this, why is it generally not a good idea?
You're Not the Expert
Have you heard the phrase "horses for courses?" Generally, this means that each person has a specific skill that they are good at, and nobody can be expected to excel at everything. This includes you, by the way. You may be missing out on deductions, beneficial programs or tax savings if you're trying to take responsibility for all of your books. In this case, the accountant is the expert, and you need to outsource to them as soon as possible.
Furthermore, a good accountant can be an adviser. Remember, they work with a variety of different companies, and as they do so, they pick up a lot of expertise and knowledge along the way. If you foster a good relationship with them, you can benefit from this knowledge as an additional pair of ears and eyes.
If you take certain steps, you can help your accountant be of more service to you. This means that you should remain organised and hand over all relevant documents to their office promptly. If you help them to optimise the time that they bill you for, then they can spend additional time to help you look for opportunities as you grow your business.
If your new accountant sent you a checklist to complete, don't ignore it, but send it back. This will be the basis of your relationship and will help them to fully understand your organisation and its needs. If they ever come back to you with any queries, reply right away or guide them towards the source of the answer.
Making the First Move
There are many competent accountants close to you who will be able to help you grow your business effectively. Many of them will give you a free consultation when you first meet, so it's worthwhile striking up a relationship in this way. Remember, you're only as strong as your team, so add some skilful people to take care of this work.
Contact a company that provides accounting services for more information.Share