Working With a Bookkeeper: How to Get the Most Value Out of Your Bookkeeper

You should be able to turn to a professional bookkeeper for guidance on nearly every element of your operations. A good bookkeeper is not only a great resource for planning accounting and tax for your business, but they should also be able to help you minimise your tax liability. Finding the ideal bookkeeper and maintaining a tight working relationship with them is, therefore, an essential step; nevertheless, many owners of businesses find that this is easier said than done.

What steps can you take to improve your odds of acquiring the information from your bookkeeper that you require to expand your business? How can you make the most of the time you spend with your accountant? Here are five of the most helpful pieces of advice that we have for business owners who want to cultivate a fruitful connection with their accountant:

Top tips to get the best out of your bookkeeper

Below are tips you should follow as a small business owner for your accountants

1. Recognise your strengths & limitations

As the owner of a company, it is your responsibility to be familiar with the principles of your business and to have a working knowledge of all of the key aspects that are necessary for day-to-day operations. On the other hand, you don't need to be an expert in every facet of your company. If you run a law company, for instance, do you take care of the maintenance of your photocopier? You probably don't do it yourself because you've realised that someone else could probably do it in a more time-efficient, dependable, and cost-effective manner than you could.

However, when it comes to setting up a business structure, tax planning, capital gains tax, financial analysis, and other highly specialised areas, business owners frequently seek assistance from Google. There is nothing wrong with making an effort to solve problems on your own; the question is whether or not doing so is cost-effective. If you are a vehicle mechanic, you may be wondering whether it is worthwhile to spend the time it takes to complete accounting responsibilities. Alternatively, you may be wondering whether that time would be better spent "on the tools" or hunting for more business. If you are running a small business, one of the most important keys to success is to know and acknowledge both your talents and limitations. If you can identify your weaknesses and delegate them to other professionals, you should notice a significant improvement in your company's performance.

2. Help your bookkeeper to help you

Accountants are compensated for their expertise, the time they spend working for their clients, and the value they provide to the company. The time it takes the bookkeeper to do the work is directly proportional to how well-organised your business is. Most significantly, this indicates that they will have more time to explore ways to boost your company's performance and accelerate its expansion by taking advantage of new opportunities.

When an bookkeeper has to go back to a project numerous times because they cannot get the information they need to finish it from their clients, this is one of the most inefficient things that may happen. Another example is when business owners only reveal half of the story at the beginning (most of the time accidentally), which requires the bookkeeper to later make adjustments and revise the project.

3. Establish a budget

Small business owners need to create a budget that accounts for anticipated levels of revenue and expenditure, and then compare that budget regularly to the business's actual performance. Creating a budget not only assists small businesses in analysing their operations to increase their cost efficiency but also in identifying potential chances for growth. According to several studies conducted by the government and the Federal Reserve, firms must develop a budget, and those businesses that do so generally report better financial results. Those who do not have a budget might not realise there is an issue until there is a shortage of money.

4. Take advantage of ‘free’ consultations

A great number of bookkeepers and auditors will, at some point or another, provide complimentary consultations. Make the most of the situation! At The Kalculators, we believe that it is important for both parties to acquire a sense of one another and determine whether or not we are a suitable fit for one another before paying for a consultation. Again, it is essential to do your research and give some thought to the topics you wish to address when running a small business. Before you meet with the accountant, you might want to think about emailing him or her a brief overview of the current state of your company, outlining your requirements and the problems you're having that you need help with.

Because of this, the bookkeeper will have sufficient time and knowledge to give the matter significant thought before the meeting; the discussion that takes place during the meeting ought to be of more service to you as a result. You will also be able to determine whether the bookkeeper understands your company and whether or not they have potential answers for the challenges that are most important to you.

5. Look before you leap - and don’t take short-cuts

Changing accounting firms is often an anxious time for its clients. Consequently, you need to ensure that you have spent the necessary time getting it properly. Before making a final choice, we strongly advise you to be as honest and forthright as possible about your requirements, so that you can have the peace of mind that comes from knowing you have considered every facet of both your personal and professional accounting responsibilities. If the company is professional, it will be transparent about its rates, and you may anticipate receiving services that are adapted to your company.

Do Not Hesitate To Ask For Help from a Professional 

If you are not knowledgeable about the financial aspects of running a business, do not be hesitant to seek assistance from people who are. Small business owners have access to a wide variety of resources, and we at The Kalculators are ready to assist them. We can offer you the resources and guidance you require to maintain order and organisation within your financial situation so that you can feel secure in the choices you make regarding your company.

You are aware that maintaining order in your financial concerns is essential to the success of your company, but you also recognize that it can be difficult to remain on top of things, particularly if you are not accustomed to dealing with financial matters. To fill this void, The Kalculators was established. We are here to assist owners of small businesses in organising their financial information and coming to sound conclusions regarding the company's finances.