If you're just starting up or running a small business, it probably doesn't make sense to have an in-house financial accountant. Outsourcing to an external partner is a good way to keep your infrastructure costs low, while ensuring that you remain compliant with regulatory requirements. But corresponding effectively with an outsourced business accountant isn't always as easy as you think, and can lead to perilous miscommunications. Follow these steps to avoid any problems, so that you build a successful working relationship together.
Keep Your Accountant Updated About Internal Restructures
As an outsourced vendor, you cannot expect your accountants to be privy to internal restructures you make, so it's important that you keep them updated at all times. Set aside time to take your accountants through any company or business developments, especially when it comes to new hires, expense policy changes, internal structural changes and much more. This ensures that your accounting team is updated with the latest information at all times, which is especially important when it comes to taxation and financial record audits of your business.
Organise Your Receipts As Accurately As Possible
When you run a small business, you're bound to make some expenses for it. For example, perhaps you've decided to invest in a new set of laptops for your employees or you've decided to get onto a new and improved Internet plan. These expenses can be claimed from a taxation point of view. You can make things significantly easier for yourself and your accountant by keeping a clear record and organising these expense receipts as accurately as possible. This ensures that your accountant records them when filing your returns, which could minimise the amount of tax you pay for your business to the government. Stay as organised as possible by scanning receipts, keeping spread sheet records and listing expense items in an agreed format for your accountant.
Be Clear About Your Needs From The Start
When working with your accountants, be clear about what you need from them, so that they are well aware of your particular situation. If your existing records are in disarray, don't hesitate to be truthful. After all, you've hired the accountant to organise them for you. You'll need to provide everything from prior tax returns and payroll processes to loan statements and other liabilities. If you're having trouble with a particular aspect of your business, it's good to let your accountants know, so that they can help rectify the challenges you're facing for smooth running in the long term. Being clear about your needs helps establish a seamless working relationship with your accountants from the start.
For more information on various types of accounting, contact a local professional.