Many entrepreneurs wear multiple hats, from managing marketing to managing employees; the responsibilities can quickly add up. One task they should pass on to an expert is the company’s accounting. Hiring an accountant specialized in small business accounting provides security and ensures that your finances are in order. They can also keep your personal finances on track. Your local small business accountant can easily become a trusted advisor and your go-to person for accounting, allowing you to focus more on the growth of your business.
How Do I Create a Relationship with my Accountant to make them a Trusted Advisor in my Business?
Your accountant should be:
- Dedicated to your business
- Able to provide effective advice
- Able to provide full disclosure in their decision-making process
- Be a good listener
All of these traits help lay the groundwork to build a long-lasting business relationship.
Once you feel you have a trustworthy and professional accountant, it’s important to sit with them and discuss what’s important to you and your business. Discuss what type of working relationship you would like to have. Your small business accountant will appreciate your openness and will likely become someone that you can trust with your accounting needs.
How Can my Accountant Help Balance my Personal and Business Finances?
As a small business owner, it’s very important to separate your personal and business finances. Blurring the lines between the two can result in muddy finances. Different rules apply to each entity and staying up to date with business regulations and requirements is much easier when your business doesn’t have to compete with your household. Your trusted accountant will be able to help you handle each of them.
What Does this Mean for my Bottom Line?
Handing over your personal and business finances to a small business accountant provides many benefits:
- Saves money
- Saves valuable time
- Ensures proper completion of paperwork
- Provides confidence that local laws and timelines are adhered to
- Aligns business and personal goals and actions
For your personal and small business accounting needs in the Palm Beach area, contact The Balance Sheet today for your free consultation by visiting their website or by calling (561) 842-1304.
Dyer, L.M., Ross. C.A. (2007). Advising the small business client. Thousand Oaks, CA: Sage Publications. Retrieved 14 August 2015 from http://bit.ly/1hmmIQj.
Mole, K. (2002). Business advisers’ impact on SMEs: an agency theory approach. Thousand Oaks, CA: Sage Publications. Retrieved 14 August 2015 from http://bit.ly/1NrB0uL