6 Questions to ask your Accountant
Whether you have a new one or one you’ve been with for a while, it is important to know what to ask an accountant who helps you with your business. So we’ve listed the 6 essential questions to ask your accountant today.
And no, one of them isn’t ‘how much tax will I pay or get back this year?’ or ‘what tax deductions can I get?’
A hell of a lot has changed in terms of technology, productivity and efficiency in the accounting industry. Compliance work has become easier and easier but clients still seem to get billed the same sort of proportional dollars they used to which is probably why accountants drive nice cars.
Putting that mystery aside, it continually frustrates us that as an industry we haven’t evolved into the trusted business advisors many of us proclaim to be.
We imagine most of you have an established relationship with your accountant/advisor. The relationship and service is ok and you have the proper structures in place. But at an advisory level, there’s not really much happening between you most of the time. Unless you’re being sold a new add-on service there’s not much proactive advice coming from over the fence.
Why is that?
Is it familiarity? Habit? Comfort? Complacency?
Perhaps you don’t really view your accountant as a business advisor let alone a lifestyle advisor? If there was no such thing as a tax office would you actually work with them?
Here are 6 important questions to ask your accountant:
(Things you shouldn’t have to ask because they should have already had these conversations with you.)
- Where do you see that you can be of greatest value to me?
- What are the 3 most important things I should do right now?
- How will you help me get out of here, when and for how much?
- How can I secure my/my family’s financial and lifestyle future?
- When can we spend more time on the future – not the past?
- If you were me – what would you do – when, how, why?
If you have to ask these questions, we imagine your accountant will feel quite uncomfortable and so they should, as they probably have never even thought about it, unless there is a billable hour in it for them.
It’s easier not to ask and get on with the robotic stuff, send the bills out and maybe that’s what they are best at! If so it should get cheaper every year based on their knowledge of your books and their productivity increases.
But is that what you really need or want?
If you need an accountant who will answer these questions for you and more, contact us for a free consultation.
General advice warning: The advice provided is general advice only as, in preparing it we did not take into account your investment objectives, financial situation or particular needs. Before making an investment decision on the basis of this advice, you should consider how appropriate the advice is to your particular investment needs, and objectives. You should also consider the relevant Product Disclosure Statement before making any decision relating to a financial product.