How do you know if your accountant is doing a good job?

A good accountant is a key member of most people’s financial support team. But how do you know if your accountant is the Steve Hansen to your Kieran Read?

 

I am lucky enough to know lots of accountants ... also plumbers, lawyers, doctors, musicians, baristas and bar staff ... So how do I know if any of them are doing a good job?

 

Well, let’s start with six checkpoints for accountants:

 

1. I don't like accounting surprises, as they are normally not good surprises! Chocolate is way better than tax when it comes to surprises.

2. I want to know how to improve my business.

3. I want to know how my business is tracking compared to industry norms.

4. I want tips on how to save money in my business.

5. I want help with my cash flow!

6. I want advice on how I can buy other businesses.

 

Okay, so ask yourself, are you getting the above advice from your accountant? And are you prepared to pay for it?

 

Not all accountants are created equal and you often get what you pay for (often, but not always). If you are only having annual meetings with your accountant then you are missing out on a goldmine of information and assistance. My observation is that those clients I see who invest in good advice from their accountant reap the rewards.

 

Think you’ll need an accountant change? Please drop me a line and I can give you the address for your local goldmine (a.k.a. accountant).  

 

Graham Goodisson is a Registered Financial Adviser with Velocity Financial. No investment decision should be taken based on the information in this blog alone. A disclosure statement is available free of charge upon request.