Does Your Accountant Really Care About Your Business’s Profit?

Having a commercial accountant is essential for your business’s financial success.  To provide relevant advice it is essential they take an active interest in your business.  As a minimum a commercial accountant should

• • Know business owners as people – what are their personal and business goals, pressures and stresses – both financial and non financial.

• • Know the business – have they visited your premises, met key employees, understand the business structure, market and your key products and services?

• • Offer pro-active advice – a commercial accountant should ask questions you have not thought of – for example.  Do they bring to your attention future risks and methods to avoid them? Do they offer practical business advice which in the past has been put into practice with positive results?  Our industry experience enables us to quickly grasp any root issues and to provide viable solutions leading to savings and efficiencies.

• • Go the extra mile when you need extra help and support?

All of which are part of the core service offered by the commercial accountants at FD Solutions and Accounting.  Using our industry experience our aim is to identify any root issues to then solve problems. We never forget that you the client come first, offering you support in the way you require it.  

Here are 10 warning signs to look out for –

1. Lack of availability – if your accountant is either difficult to get hold of and/or takes a long time to respond it could be a sign you are not considered a priority. Good communication is essential.
2. Lack of expertise – to provide specific financial advice a truly commercial accountant should have experience relevant to your industry  
3. Little proactive advice – in addition to compliance a good commercial accountant should be looking for opportunities to provide advice to further improve your business performance.
4. Errors in your financial statements – this could be an indication your accountant is not paying enough attention to detail. Mistakes could cost you money in the long run – its important finding an accountant which is meticulous.
5. Ethical concerns – if you have any concerns about questionable tax strategies you should distance yourself. If HMRC decide an accountant is doing something dishonest then all their clients could potentially get drawn into the same investigation at significant cost both financially and emotionally to you.
6. Lack of transparency – your accountant should be transparent about their fees, services and any issues that arise. If you discover any of these not be the case this could be a sign they are not acting in your best interests.
7. Unresolved issues – if you have raised concerns and these have not been resolved to your satisfaction and/or you do not feel confident in your accountant’s ability to handle your financial needs it’s probably time to look elsewhere.
8. Lack of innovation – your accountant should be using latest accounting tools and practices, if this is not the case possibly you will be paying for their inefficiencies. An accountant who is not consistently learning and improving their skills may not be able to provide the best service possible.
9. Incompatibility – if your accountant’s values. work ethic or communication style does not align with yours it could prove difficult to work together effectively.
10. Business growth – as your business grows your financial requirement will become more complex possibly requiring a higher level of service. It could be that you will need to find a more specialist commercial accountant to support you take your business to the next level.

Changing accountants may be a difficult decision but once made it is fairly quick and easy to do.  Remember your financial success depends on having the right professionals defending your corner, someone like FD Solutions and Accounting Limited. We never forget your success is our business!