The end of the financial year is a busy time for many business owners, however spending a bit of extra time now with your accountant or bookkeeper can pay real dividends in the year ahead. As well as sorting out your books and taxes, your accountant can also provide help in the long-term planning of your business – and the start of a new financial year is the best time to think about this.
The MYOB Business Monitor consistently shows that business owners trust their accountant to provide not just information on compliance and legislation, but also – crucially – advice on how to improve business performance.
To be as effective as possible, it’s important that your accountant has a high level of understanding of your business.
BUILD A RELATIONSHIP
Many business owners don’t make the most of the services offered by their accountant. Instead they feel that popping in once or twice a year to manage their compliance requirements is all that is needed.
Unfortunately they are missing out on the benefits of building a relationship with their accountant, to work closely together and get the most out of what they can offer.
As the new financial year starts, it’s a great time to re-evaluate your relationship with your accountant. Make an appointment to sit down with them and see what insights they have about your business, including reflecting on what has happened over the last 12 months and planning for the year ahead.
WORK AS A TEAM
Now is the perfect time to plan out how you want the next 12 months to flow for your business and your accountant can help you review the past 12 months to utilise what went well and learn from what didn’t. With your accountant you can map out what you would like to achieve and the journey to get there.
This will build a strong foundation for the year ahead. You’ll have all the figures showing how your business performed and you can really set out what you want to achieve or change for the next year. Get your accountant to set up a benchmarking assessment of your business. What do they know about how your business compares to other similar businesses – including your competition? What do they think you could do differently to make significant improvements?