A recent survey conducted by business accounting software Xero has revealed one of the biggest mistakes small business owners can make, is not talking enough to their accountants.
Of the polled group of accountants, 32 percent said it was only talking to their accountant during tax time (up from 25 percent last year and 18 percent in 2012), that was the most common mistake a small business owner can make when looking at finance. 20 percent said it was a lack of understanding when it comes to their tax obligations (up from 18 percent in 2013 and 13 percent in 2012), while 20 percent said it was not having real-time insight into their finances (up from 13 percent in 2013 and down from 26 percent in 2012). Some of the lesser answers given were, business owners neglecting to set up a cash flow forecast, businesses not linking their finances to financial goals, and finally, businesses having little knowledge of their customer’s payments and debts.
Also worth noting is that when asked whether having a real-time view into their clients finances would have enabled them to provide a better financial service, a staggering 75% of accountants surveyed said yes. This goes to show that it is vital to keep in constant contact with your accountant, and you will receive a better level of service if you do.
At Sibbalds we operate an open door policy, actively encouraging clients to call us, and also proactively contacting clients throughout the year to help them with issues they may be facing. We find that this leads to a better understanding of you and your business, which in turn, allows us to offer you a higher quality of service, from basic accounting through to cash flow forecasts.
The survey of accountants was conducted by Xero, of which we are a partner, and as such, we can now help businesses with their transition into cloud based accounting.
If you would like any further information on how Xero could help your business, we can provide a no obligation initial, informal meeting with one of our Xero advisers. This meeting is FREE, we bear all costs. We offer appointments at our offices or at your home, to always suit you, not us. To find out more please contact us on 01332 242257.
Image sourced from Pixabay.