Working effectively with your accountant in 2023

As we near the end of 2023’s first quarter many of us will be gearing up for the new financial year come the 6th of April. Of course, with the new tax year on the horizon, this brings with it its own round of deadlines and forward planning for businesses.

Your accountant will likely take on many different roles that aim to benefit your business. From supporting your growth plans, ensuring you are compliant with HMRC regulations, helping you to become more tax efficient and so many other areas of your business, your accountant will prove to be an invaluable asset, but they can only do this if you know how to work effectively with them.

For the Ellis & Co. team this time of year represents an opportunity for our clients, to reflect on the previous year’s performance and set key goals for the coming financial year. To achieve this we work closely with our clients all year round to ensure their business is on track to meet these goals established at the beginning of the financial year.

We have found such success in this that we are often asked for our top tips on how businesses can work with their accountants more effectively. So how can you ensure that you’re working successfully with your accountant in the 2023/24 financial year? Let’s take a look…

Ensure they’re the right fit

First and foremost, in order to work effectively with your accountant, they have to be the right fit for your business. You want to ensure that your accountant is knowledgeable, experienced and responsive but also that they understand your business and the industry in which it operates. This should feel like a partnership and therefore you must make sure that you can work effectively together all year round.

Treat them as part of your team

The right accountant will act as an extension of your existing team, and this is exactly how you should view them. Of course, while communication around deadlines is crucial, this level of communication should occur year round. Ultimately, this will ensure your business is in the best possible position throughout the year, improve your cash flow and not to mention reduce stress.

Understand your deadlines and requirements

Whilst your accountant will work tirelessly to ensure you know and understand your deadlines and obligations, you must also endeavour to contact them at the earliest opportunity should an issue arise. Failing to notify them or ask for advice when problems arise can ultimately lead you to miss a deadline and incur penalties. This is why maintaining lines of communication is so vital.

Utilise their expertise

The downfall for any business and its accounting relationship is only communicating in the run-up to deadlines; this means that the expertise of the accountant isn’t being utilised to its fullest potential. Your accountant can offer so much more than tax guidance, they can support you in sourcing finance, building or amending your business plan, analysing avenues for growth and so much more, so don’t be afraid to ask for advice and guidance where necessary.

Know where your cash flow stands

Cash flow forecasting is a crucial component when it comes to running and growing your business, but particularly at the moment following the turbulent and challenging few years for the business world, this has never been more important. In working alongside your accountant to do this, together you will be able to identify areas for growth, not to mention any issues so that these can be rectified quickly.

Set goals

What are your ultimate goals for 2023/24? And how will you achieve these? With a clear view of your business’ financial data plus significant experience in supporting businesses through similar events, your accountant is perfectly placed to work with and guide you in the right direction to increase the chances of achieving this and to analyse progress each step of the way.

For the Ellis & Co. team, we are dedicated to ensuring we provide the most responsive and tailored service to each and every client. We aren’t just here to support during filing deadlines (although we do this very well), but rather we guide our clients through the peaks and troughs that go hand in hand with running a business.

From accountancy and audits through to payroll, choosing the right software or finance for the individual business and even business consultancy, we actively work with clients to ensure they can operate efficiently and grow successfully.

Director John Farrell has commented:

“We are expecting another busy year here at Ellis & Co. and look forward to supporting all our clients. As we also enter our first year as Patron members of the Chamber we’re excited to be supporting the team and members as well.”

If you’re looking for an established, local accountant to support your business in the new financial year, get in touch with the team at Ellis & Co today on 01244 343 504.