It’s Valentine’s Day. A day filled with telling people you love them, buying chocolates and flowers and (hypothetically) stealing your kids’ Valentine’s Day treats from their boxes.
It’s also a time to think about relationships. Now before this becomes too much like a mushy romcom, we’ll get to the point: you should be putting some serious thought into your accountant relationship.
Yes, you read that right. Your relationship with your accountant. We believe that to truly be a useful resource, you have to have more than a once-a-year meeting that normally involves something that rhymes with maxes and happens on or around the 15th of April.
Here’s a few tips to move your relationship with your accountant out of the “friends” zone and into a committed, mutually beneficial relationship:
- Know what you need, and what to look for. What do you know about the financial state of your business? Can you use what you know to make sound business decisions? An accountant can help you not only check the box on the necessary steps, but give you a deeper level of understanding when it comes to your financial journey. If you’re thinking, “sounds great, but I don’t know what to look for,” then you should probably go here.
- Understand the necessity and beauty in planning. If you only visit your accountant friend once a year, then you know they do one thing really well: file your taxes on a tight deadline. But, if you want to be in a deeper, more meaningful relationship, take some time to meet with them ahead of time and really map out your relationship, I mean tax plan. Tax planning is a great thing and it will give you a better picture of your finances.
- Ask “what else can you do for me?”. ’s a lot of other things they can do for you as well? For instance, benchmarking, exit strategy and strategic planning, to name a few. In order for this to be a beneficial relationship to both parties, you’ll want to make sure they not only know about you, but you know about them too. (P.S. here’s a list of a few things you might not know that your CPA can do)
- Use them for more than their calculator … or Ten Key. Numbers are challenging. But they’re important to understand in the context of your business. So step outside your comfort zone, and ask your accountant for something more. Ask them to be your trusted business advisor, rather than some guy or gal with a calculator who keeps you out of trouble with the IRS.
- From all of us, we wish you a Happy Valentine’s Day, filled with cards, chocolates and possibly even a little more love for the numbers side of things.