When you run or manage a small business, having the right accountant can be a lifesaver. They can support you in areas that you don’t have the time for or expertise in, from reconciling your books to understanding where your cash flow stands.
But accountants are more than just number-crunchers. When you have the right relationship with your accountant, they can be a strategic partner who can offer powerful insights that drive your business forward.
And like in many other areas, getting the best results is dependent on providing strong inputs to ensure their work is accurate and thorough.
We went straight to the source and asked 500+ accountants about the most effective ways clients collaborate with them and the tools that make it possible.
Here are five things you can do to get the most out of your working relationship with your accountant.
1) Provide complete financial information
You should make sure you are taking the time to provide your accountant with ALL the relevant financial documents and information they need upfront. This will save time and allow your accountant to focus on strategic advice rather than tracking down missing details.
2) Make sure your numbers are accurate
Ensuring accuracy before passing numbers to your accountant makes it easier for them to provide advice based in reality. When you have a clear understanding of your business's financial health, you better understand your current cash flow to make smart plans for the future.
3) Review financial reports regularly
Your accountant is taking time to provide financial reports, so you should take the time to review the insights routinely. By actively engaging with these reports, you gain a clearer picture of your financial health and can make strategic decisions with up-to-date data.
4) Follow their financial advice
It may seem obvious that if you pay an accountant for their expertise, you’re going to follow their recommendations, right? But 44% accountants surveyed said their clients don’t do that. Take advantage of the wisdom they’re dispensing to help streamline your financial operations and make smart financial decisions for the future.
5) Adopt fintech to save everyone time
When clients use fintech, everyone wins. 65% of survey respondents say their clients reconcile books faster when they implement fintech, and 56% see businesses make and receive payments faster.
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Plus, 48% of accountants can perform their day-to-day tasks faster, and 50% say they can provide more strategic guidance to their clients.
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If you’ve made the investment in working with an accountant, make sure you’re getting the most you can from the relationship. Implementing fintech is a quick way for everyone to gain efficiency, and automating AP and AR is a great place to start.
Our survey respondents ranked AP and AR automation tools as two of the top three solutions in their clients’ tech stacks for the quick wins they enable. Check out Plooto for free for 30 days to save time and sanity for everyone.
