Pay Your Accountant Less By Improving Your Business Systems

 

Using an accountant is an essential part of long-term business success. Without one, your business will always be limited.

But, having an accountant can also involve a significant financial commitment. It's one of those rock and a hard place situations. What can you do about it?

To ensure you are getting the best return on your investment with your accountant, it's important to analyse the business systems and processes you are using in-house.

Improving your business systems can save you time and money. Plus, it makes life easier for your accountant! Here's what you need to do if you are keen to pay your accountant less.

 

Pay Your Accountant Less By Improving Your Business Systems

Embrace Accounting Software

If you are not already using bookkeeping and accounting software, this is the number one thing you need to focus on. Programs such as Xero increase accuracy, save time, reduce paperwork, and can automate a wide array of business systems to make your life easier. If you don't like the look of Xero, you can also use MYOB or Wave.

Up to date information can be instantly accessed by you and your accountant at any time. With direct feeds from your business bank accounts, you get an up to date, real time view of your finances. Also, any mistakes are easy to locate and rectify.

To really get the most bang for your buck, get some basic training on how to use the full capabilities of your chosen software – it can handle a lot more than you might realise!

 

Upgrade Your Organisational Skills

Beyond accounting software, there is an endless array of other digital tools that can manage the processes that previously had to be done manually. Delegation and communication tools, time management programs, HR management, invoicing, time tracking – almost any process your business does has a relevant tool.

All of these processes impact your financial records and accountant down the line. For example, having your invoicing system send reminders and alerts for late payments means that you should have less bad debt that your accountant needs to deal with. 

 

DIY

While we are all about delegating where necessary, doing it yourself can save you money. This is particularly important in the early stages of setting up a business. Are you sending your accountant simple jobs that you – or one of your employees – could take care of?

Your accountant is a highly-trained expert, and you should save your investment for the areas where you need more complex assistance and advice. Getting an accountant to handle basic data entry and bookkeeping tasks is like going to a brain surgeon for a tension headache.

If you don't have the time, patience, or know-how for the bookkeeping side of the business, consider outsourcing to an experienced bookkeeper, who will have much lower fees than an accountant.

 

Use Your Accountant!

Here's a novel idea: ask your accountant how you can pay them less! This may seem counterintuitive, but it is their job to help you manage your finances effectively. It is in their best interest to do that job well.

Ask what software they recommend to improve your systems, if they offer training in any of those tools, and what else you could be doing to make their job easier.

An organised business is a successful business. It may seem like a huge task to improve your systems, but tackle one at a time, and you will reap the benefits in the long term, saving yourself (and your accountant!) money, time and stress.

If you would like to chat more about how to systemise your business, then get in touch with me here at Strive Accounting. I am the accountant that wants to help you pay me less! Drop me a line today.