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How to get more out of your accountant

As a Liverpool-based business owner, you already understand the importance of managing your assets wisely. You look after your equipment and vehicles by having them serviced regularly because you do not want them to let you down, or have to deal with large and unexpected repair bills.

Successful business owners also treat their employees as assets. They do their best to pay them well, train them and regularly review their performance. Even so, an awful lot of firms do not do something similar with their contractors, including their accountant.

There is a tendency to hire a Liverpool-based accountant and leave things at that. The work gets done, but you can get more out of your working relationship if you approach matters slightly differently. Here are a few examples of what we mean:

Invite your accountant to your quarterly review meetings

Most successful firms regularly review where they are, and where they are going. Typically, they do this by holding monthly or quarterly meetings with key members of the team.

Next time you hold one, why not invite your accountant to attend? He or she will leave with a better understanding of how your business operates, and where you are trying to take it.

They will build a stronger relationship with your key personnel. In many cases, they will have ideas to contribute. Most accountants work with more than one client, so they can offer a different viewpoint. Over the years, they learn a lot about the business from the various clients that they work with. This is valuable knowledge that they can potentially share with you.

Regularly review the service they offer

When most firms hire an accountant they take the time to agree what services they will provide and leave things at that. If your business does not change much, this can be OK. However, for a company that grows rapidly, this is rarely the best approach.

As your business grows, managing your cash flow becomes critical. Every year, hundreds of thousands of profitable firms go out of business simply because they cannot pay their bills in time. The shame of it is that, in most cases, the business owner simply does not see the problem coming. All they needed to have done was to have paid their accountant a little extra to provide them with regular cash flow reports. Equipped with that knowledge, they can see problems coming and seek short-term finance to tackle the problem and keep enough money in the bank to stay in business.

The potential of being based in Liverpool

The city has a £23.1bn economy that is growing faster than many other parts of the UK. Growth is taking place across the board. The city is home to firms like Princes, Shop Direct and Matalan that are already international brands and are growing fast.

All this is proof that you can be very successful when you run a firm in this city, but you need to focus and use every asset you have to its maximum potential. That includes people, like your accountant, who you contract to work for you. So, if you have not done so recently, why not review the working relationship you have with yours and consider trying some of the above suggestions?

Posted by Mark
August 1, 2017
Accountants

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