In the spirit of entrepreneurial Go-Getters, growth is the shared ambition. But to keep moving forward, you need to make smart choices, one misstep could cost you. As a business owner, it's challenging to excel at everything. Your time and energy are best spent where they yield the greatest ROI. That's why many choose to entrust bookkeeping and tax compliance to an expert support crew that helps them win in business.
๏ปฟBut, how do you make sure you're outsourcing to an accountant who won't let you down?
Surprisingly, the frequency of meetings with your accountant can vary - monthly, quarterly, or annually. While there's no universally correct answer, frequent interactions offer several advantages. Regular meetings:
Don't hesitate to discuss the optimal frequency of meetings with your accountant.
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As an entrepreneur, you shoulder numerous risks. The last thing you need is a surprise tax payment due in a day or two. Unanticipated large cash outflows can be a nuisance or a significant problem, depending on your cash flow status. If you're short on cash, you might have to scramble to find funds, or you might opt for late payment and accept a 10% penalty from SARS. Don't let unplanned tax obligations blindside you. Your accountant should provide you with all the necessary financial information to make sound decisions.
Modern accounting software can be a game-changer, saving time and money. Yet, some accountants still use outdated programs or traditional paper files. If your accountant isn't harnessing the latest technology, you might be missing out on opportunities.
Your accountant should strive for constant improvement and efficiency. If they charge purely by the hour, there's little motivation to enhance efficiency. With this model, you might face unpredictable costs each month. Knowing your expenses upfront allows for better planning and control.
Your accountant's commitment to ongoing education reflects their commitment to providing you with top-notch advice. If they aren't investing in their learning, they might not be truly invested in your business.
Tax laws evolve constantly. Your accountant should be up-to-date with these changes to guide you on minimising your tax liability and ensuring accurate payment. If they're unclear about this, you might end up overpaying on taxes.
A good accountant isn't a yes-man but a sounding board, someone who challenges you and helps you make decisions that are best for your business. Even if it means having tough conversations or pushing back on ideas, this approach leads to better business decisions.
The people you choose to surround yourself with to guide your mission of growing a prosperous business are pivotal. Selecting your battles wisely, knowing which tasks to outsource, and having the right support crew will shape your future.
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