Your accountant can be a vital piece to your business. By forming a relationship with them then you will be able to understand your financials better. A lot of owners only see their tax guy during tax season, and that’s a mistake. You should be talking with your accountant throughout the year. Learning what’s working and not working. Your accountant can help you pinpoint areas of your business that need help or what’s working well.
Here are a few key areas you may be missing out on by not having a relationship with your accountant:
One: Tax Planning. Tax planning is a great strategic tool that you should be using. Tax planning can help prepare you for any tax liability that will be due so you do not have any surprises. If done properly and before the end of the tax year, you may be able to relieve some of that tax liability.
Two: Budgeting. Your accountant can help you develop an effective budget. That way you can save and help plan for the future.
Three: Assist in making large decisions. Your accountant can help you in making investment, sales and other large transaction decisions. That way you can make sure it’s in your best interest financially.
Four: Keep record. Your accountant can help you track your sales, expenses, and other important information so you may see how your business is doing throughout the year.