Imagine ordering a take-out meal…
…And when it arrives, getting upset because the chef didn’t use your preferred recipe, did not call you up to find out how spicy you like your food, and didn’t provide the nutritional information you’d prefer to see for the dish.
It wouldn’t make any sense, would it?
A take-out meal is a quick, transactional service which is more-or-less ‘one size fits all’.
A highly personalized approach might be appropriate from a private chef, who would spend time understanding your preferences and tailor their cooking to meet your requirements. It just wouldn’t be available with fast food…
Yet I often see business owners making a similar mistake, when they hire an accountant.
All too often, business owners get upset that their accountant just “isn’t proactive enough.”
You would really appreciate more financial support and advice, so it’s only natural that you get frustrated when your accountant is only in touch once or twice a year, to get your taxes done and to complete your annual accounts.
Perhaps you believe they are being unhelpful. At best, it represents a huge missed opportunity for your accountant. Why can’t they understand that you would buy so many more services from them, if only they were more proactive!?
Ideally, you’d like to see your accountant phoning you regularly, to find out how they can help you. You wish they’d volunteer ways to cut expenses and improve your profitability – even without being asked.
The problem is…
…That’s not what you engaged them to do. Most accountants are hired for compliance and tax work, which must be done for HMRC.
Expecting them to provide a deluxe service, working with you closely to improve your financial management, is unreasonable. It’s just not what most accountants do.
There are, of course exceptions. And it goes without saying that most accountants have the skillset to provide a far more proactive service.
Still, it’s usually not the service they provide, and certainly not the one you’re paying them for.
If you’re getting frustrated because you feel you need far more attention from your accountant, it’s not a sign that your accountant needs to step up. It’s a sign that you’ve outgrown what they have to offer and you need to step up, by finding a new model for your financial management.
One option is to use our Outsourced Finance Department, which has proactivity at its heart.
Unlike “normal” accountants, we work closely with you on your financial management. In fact, we are in touch with the vast majority of our clients almost every single day.
Because our mission is to increase your profitability and help you grow faster (not just to provide your accounts), we are constantly looking for ways to make that happen. Our tools include:
>> Monthly management accounts, so we can continually track where you’re profitable, where the opportunities lie and where your finances need to be strengthened
>> Help with budgeting and forward-planning, so your spending is well-considered and deliberate
>> Cashflow reports to give you a valuable insight into the financial health of your company, and help you trouble-shoot cash problems
>> Installing systems and processes so that your bookkeeping and accounting is accurate, timely and smooth, pre-empting problems and giving you peace-of-mind that your money is properly managed
>> Working closely with you, the company owner, to ensure you understand your company’s financial situation and can make the best possible financial decisions
…and more.
To discuss how our Outsourced Finance Department can help you, get in touch with me today, either by email to garry@insightassociates.co.uk or calling us on 01279 647 447. We’re not “proactive accountants” – this is the next step up.
Warmly,
Garry
