What to Expect from Your Accountant – Part 2

Proactivity (from gentle nagging to spotting potential)

Isn’t it strange that accountants get tagged with so many derogatory terms: number cruncher, bean counter, dull…? It’s almost as if people don’t really appreciate what their accountant could be doing for them.

But good lines of communication and a constructive working relationship can really benefit your franchise business. And that means having an accountant with a proactive nature, who has the ability to encourage your activities as a franchise owner.

Simply a number cruncher?

But what of it? So, your accountant gently nags you about getting the receipts to them in good time to do the books. They tell you which form to fill in and when. They do the final accounts, send in tax returns, and you pay them for the trouble.

It might feel that all they do is get bogged down in endless reconciliations and unexplained differences. But, opening up your accounts is so much more than simply balancing the numbers. You both being on the ball is going to help grow a successful franchise business – one you can be proud of.

Proactive or not?

Most accountants will say they have a proactive nature, but what does that look like for your franchise? It might mean stemming the flow of your business costing you more than you’re making. It could mean tidying up and helping you make sense of your cashflow before it gets on top of you. But there’s so much more to it than just a basic service of P&L and Balance Sheets. Your accountant is capable of doing more.

As franchise business owners it’s imperative that you look at your accounts, and your accountant for that matter, in a more ambitious light.

But how do accountants demonstrate their value? Only by open lines of communication. They’re here to encourage you, but as a business owner, it’s critical that you’re honest and specific.

What to do for tangible results

Sit down with your accountant and draw up your expectations of each other. Remember, most accountants love a list!

And, what should be on that list?

Well, make it your own. Don’t simply write down when and how your accountant can be in contact and what about.

Yes, gentle nagging can save you money if you send in your tax return on time, but is that all your accountant is there for? Talk to them about best practice for business growth and about long-term tax planning. Set financial goals together throughout the year and they can nag you about what you’ll do, not about what you haven’t.

Trusting your accountant is a major factor for the success of your franchise business, but trust is a two-way street. Establish from now on what you can reasonably expect from each other, whether you’re starting up and looking for an accountant or have been with the same accountant for years.

But don’t try and reinvent the wheel. Look together at what you can both do to keep your business stable and encourage healthy growth. Be proactive together, don’t simply rely on them to do all the work for your franchise to grow.

Remember, behind every good franchise business, there’s a great accountant. Make more of them. Get in touch with us and we’ll show you exactly how we can support you.