This document discusses how accountants can provide valuable business advice beyond just bookkeeping and taxes. It recommends business owners meet regularly with their accountant to get advice on bookkeeping, efficiency, growth, and technology. Accountants are trained to analyze financial data and evaluate business operations and decisions around inventory, personnel, cash flow, risk, and technology. Relying on an accountant's advisory services can help a business boost profits and improve its ability to obtain financing for expansion.

1. Turn to Your Accountant for
Business Advice

2. Overlooking a source of good advice is almost as
detrimental to your business as not planning for the
future. But you don’t have to look far for valuable
resources: Why not turn to your trusted small-
business accountant?
Accountants handle more than bookkeeping and
tax return preparation. They’re trained to analyze
and interpret data; render expert suggestions; and
evaluate situations that confront you.

3. If you’re not meeting regularly with your
accountant, now is the time to start. Most
accountants are able to schedule appointments
before the busy tax season starts; so tap into
this resource soon.

4. Bookkeeping Advice
Before meeting with your accountant, talk with your
bookkeeper to be sure that all
transactions are correctly
recorded, and identify any
unresolved details that need
accountant input. For example,
tax misclassification is an easy
mistake for your bookkeeper to
make, due to lack of communication.
Many small-business owners pay nondeductible
personal expenses from company funds but forget to
inform their bookkeeper. As well, expenditures such as
travel combine both personal and business elements
and often are entered incorrectly.

5. Once you’ve talked to your bookkeeper, prepare a
complete record of all your business transactions,
for your accountant, as he or she is a crucial
resource for verifying the tax treatment of every
entry.

6. Efficiency Advice
Come up with a list of non-bookkeeping topics
to discuss with your accountant. Consider
business planning and management issues. An
accountant is trained to evaluate your inventory
control system and the efficiency of your
personnel based on the information in your
financial statements.

7. The right advice can provide you with insights
into your operations. For example, your
accountant may be able to explain how selling
more of an item could reduce your profit
margin. Or he or she may spot the fact that you
have too many employees in one area and too
few in another. Making suggested adjustments
can boost your profits.

8. Growth Advice
If you’re thinking of expanding your business,
your accountant’s advice is vital. Before
purchasing new equipment or adding to staff,
you need to know the impact on cash flow.

9. Your accountant can determine the break-even
point for any growth initiative. In many cases,
seizing new opportunities may cost you too
much. An accountant recognizes when the risk
for running out of cash is too great and
recommends alternatives. If you decide to
borrow for expansion, the cash flow projection
prepared by your accountant will improve your
ability to obtain financing.

10. Technology Advice
Accounting data is so essential to
ongoing business operations that
business owners require assistance
protecting it. Cloud storage
technology provides security and
remote access to accounting
records. This inexpensive technology enables you to
outsource bookkeeping tasks, instead of hiring an
in-house employee. Plus, you can give your
accountant year-round access to your company’s
financial records while you retain control over the
data.

11. Your accountant is the proper choice for advice
on a multitude of issues. Rely on these advisory
services; you won’t find a better consultant.

12. Randy Bett
www.BetterGroupRealEstate.ca