How Often Should I Talk To My Accountant?

Your accountant is like your partner. He or she gets access to review your personal finances, or that of your business, and then talk to you about it so as to help you manage and grow those finances. With your accountant, you’ll comfortably talk about the intimate subject of money; whether your investments paying off, if your current finances are on an upward trend or downward trend and what you can do to improve your financial standing. Of course, like every good partner would, he or she will also help you with mundane tasks like tax filing and assisting in record keeping.

Since your accountant plays such a critical role in maintaining your finances, how often should you be talking to him or her?

If you are a business owner

Having an accountant is vital to the financial health of your business. Even more important is you maintaining regular contact with your accountant to keep your finances in check. Some may prefer to speak to their accountant every quarterly or when paperwork is due however we recommend a good schedule to be once a month.

Communicating often on a proactive basis with your accountant not only helps you to establish good rapport but also gives your accountant a good understanding of your goals and business priorities. This in turn helps him or her give you valuable advice regarding your business such as controlling your operational costs, ensuring you maintain accurate records and advising you regarding the financial worth of your business. Regular communication also enables the accountant to inform you of changing laws and regulations and how they can potentially affect your business.

Every time you plan to make a financial investment, a business acquisition, increase your employee strength, forge a new partnership or sign a new business deal, make sure you have consulted your accountant beforehand to understand the financial risks and benefits of making that move.

Making it a point to meet your accountant on a monthly basis is best for staying on track towards achieving your financial goals and ensuring the sustained growth of your business.

If you are a working professional or a retired person

A personal account is definitely more manageable in terms of scale when it comes to finances which means that you certainly can afford to meet your accountant less regularly than that of a business owner. Note though that less regularly still means that you set a regular schedule to speak to your accountant in order to keep your finances in check. We recommend that you meet your accountant at least once every quarter to ensure your finances are always kept in order.

Regular communication with your accountant gives you an accurate picture of your cash inflows, including your direct income, interests from banks, income from secondary sources and cash outflows in the form of bills, loan payments, insurance payments, taxes and the like. You can also get to know your tax liability at any time so that you are financially prepared for it.

Being the manager of your personal finances also means that your accountant is in a great position to advice you regarding investments that are right for you. Your accountant will help you stay within your budget and guide you to build a life of financial security for yourself and your loved ones. It’s also handy that having your finances in order will facilitate paperwork when you wish to take out loans or do investments such as purchasing a property.

It’s important to stress that simply making an effort to meet your accountant at least once per quarter can ensure you are on the right path towards financial prosperity.

Irrespective of whether you are a business owner, a salaried person or a retired person living on your savings, the more frequently you interact with your accountant, the better positioned he or she is in serving you and helping you meet your financial goals. At Superior Accounting Group, we have accountants with 25+ years of experience to help you with tax minimization, asset protection and wealth creation. Most importantly, we are passionate in what we do and are more than happy to handle your finances with you. Let us know how we can help you by getting in touch with us.