It’s tax time and many business owners are meeting with their accountants to finalize their December year-end business financial statements and personal tax returns.
Increasing profits is more important than decreasing taxes.
Here are some tips on how to find (and interview) a good accountant.
A good accountant:
- Provides the business owner with proactive business advice, not just historical financial statements and compliance tax returns.
- Makes introductions to their professional network such as a banker, lawyer, insurance agent, and others who can help the business owner.
- Gives you a structured accounting system that shows your gross profit by product and service line.
- Is highly accessible to take your calls, responds quickly, and isn’t overwhelmed with a high volume of low value personal tax returns.
- Educates you on the importance of cash flow, profit and building equity.
- Explains how to use your financial statements as a monthly management tool.
- Doesn’t minimize your taxes at the expense of building equity to support leverage and fund your future growth.
- Asks you questions instead of just answering your questions.
- Shares ideas from other industries and businesses.
- Doesn’t charge by the hour or the minute.
- Doesn’t have files piled all over the floor.
- Focuses on maximizing your profits and after-tax cash flow.
- Practices what they preach, is happy, treats their staff well, and has a good business.
- Has happy, profitable clients who are growing their businesses, paying tax and building their wealth.
A good accountant can help you to structure your business for long-term success. Like any important relationship, it’s based on two-way communication and mutual respect.
Copyright 2012. Phil Symchych. All rights reserved.
