Having a good relationship with your accountant might sound obvious, but in fact it’s one of the most important assets to your salon. The specialists at LaskIT explains how to keep your accountant happy and your business finances in order.
Yay, you’ve just got yourself an accountant, finally! No more late night hours in front of wrinkled papers and confusing forms. But to get the most out of your accountant – it’s key to make her job as easy and smooth as possible. Only then she’ll be able to fully support your financial health and help you grow!
We caught up with LaskIT, the accounting firm that focuses on more than the numbers — they support actual business of their clients, many of whom are small businesses and sole traders. Here are five easy tips according to LaskIT that will help keep your accountant happy and your business finances in order.
Remember that there is no such thing as stupid financial questions.
1. Talk to each other – frequently!
Good accountants are not only skilled at crunching numbers, they help companies grow, by managing complex financial work and offering advice on practical business issues. Make it a habit it communicate regularly and openly with your accountant – to get the the best possible value from this relationship.
Sit down and talk with your accountant about your business aspirations and goals so that she can advise you on how to best reach them and help you build the financial strategy. Always update your accountant on any changes to your financial situation and don’t save everything till the end of the tax year, when your accountant is swamped with piles of work and it may be too late to deal with unexpected changes and problems.
Make a promise to yourself including a reward if you fulfil it: Don’t save everything until the end of the tax year.
2. Be honest
As you know, any sustainable relationship is built on trust. And if there is one person that you absolutely must be honest with about every aspect of your company’s finances, it is your accountant. “Tell us about your financial problems, we will most certainly find a solution to it and give you advice,” says Tim Matikainen from LaskIT. Being dishonest about your income or tax information puts you at risk of making mistakes and even potentially facing legal consequences.
3. Don’t be afraid to ask questions
Don’t be afraid to admit that you don’t understand how certain things are done or what financial terms mean. How would you? Your accountant understands that you have a thousand of other things on your plate. It may be quite expensive to fix mistakes that could have been avoided in the first place.
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4. Keep all your business receipts
You should be able to provide all records to back up your spendings, so make sure you store all your receipts and invoices. Remember to keep your business receipts separately from your personal ones. This will let your accountant focus on the important matters rather than wasting time on separating business and personal transactions.
With Holvi, you can reduce the amount of manual work and forget about monthly receipt hunt. Holvi is a current account for small businesses and sole traders that doesn’t merely list your transactions, but has a lot of useful features that together make it a comprehensive money management system. All the receipts from your incoming and outgoing transactions are safely stored in your Holvi account. You can also add attachments, such as invoices, to your outgoing payments. For transactions made outside of Holvi you can use our expense claim feature that lets you easily file expenses and attach receipts to them.
Save a lot of money by keeping your receipts and invoices organised!
5. Get organised
Keeping your receipts and invoices in a reasonably logical order will make your accountant’s job much easier and save you a lot of money on accountant’s fees. You can also write notes on your receipts to explain what the money was used for. For example, some of LaskIT customers use Google Sheets and Dropbox to share the details in the organised manner.
This is a guest blog post by Arttu Talvitie, Marketing Manager at Holvi. Holvi is banking for Makers and Doers — European entrepreneurs, freelancers and small business owners. The article has been edited by The Business Hacks Blog team, click here to read the original version. For more great accounting hacks, visit the Holvi Blog.