The work of an accountant is a wise investment for any small business. But you can keep that investment as inexpensive as possible and as useful as possible by making a few moves as the business owner. What are some of these smart moves anyone can do to help their accountant do their job efficiently? Try a few of these within your organization.
1. Train Others in Accounting
Do others in your business know the basics of accounting? Can multiple individuals enter transactions, prepare reports, or print the right forms? By spreading around knowledge of how your bookkeeping works, the company ensures that work can continue to be done in a timely manner no matter what happens. And you won't have to rely on your accountant more than necessary.
More knowledge of how their actions affect bookkeeping also helps everyone in the company prepare transactions and documents that will make the accountants' work easier and faster.
2. Avoid Overcomplicating Things
Work with your accountant to focus on the important elements of accounting for your particular situation. And avoid making things more challenging in ways that won't bring value to you as the business owner.
For instance, your chart of accounts should include enough categories to be helpful in determining things like tax deductibility and which products operate at a true profit or a loss. But creating too many subcategories to differentiate between the costs of each specific company vehicle is likely overkill unless you're targeting these particular expenses.
3. Ask Questions and Do Research
When you or your staff is presented with an accounting question, do you know where to go to find the answer? Unfortunately, doing things the wrong way for weeks or months until your accountant spots the problem will cost money and effort — both for you and for your accountant — to undo.
Instead, ask for help before things become a big problem. This help could come from the accountant, a less-expensive bookkeeper, your state's oversight agencies, and even accounting reference books. Although this proactive effort takes some work, it will reap long-term rewards for you and the company.
Where to Learn More
When you do your part during the day-to-day work of maintaining your books and doing business, your accountant will spend less time and have less to fix when they get your documents.
Want more ideas for keeping your accounts running smoothly? Ask your accountant for pointers based on their experience. And if you don't have an accountant who serves as your bookkeeping resource, make an appointment to meet with one today.
Reach out to an accounting service today for more information.