Consider initiating a discussion with your accountant now to help manage and structure your company’s finances for the best possible result.

Most businesses have taxes and their accountants in mind right before the famous filing deadline of April 15. Or perhaps they’ll call in the wake of a financial crisis. Either way, they are not taking advantage of all that today’s accountant can offer their business.

That’s too bad, because in today’s economic climate and market, you need your accountant more than ever – all year long. Tax season is already too late to get the best possible results for solving problems or to strategize how to save money on the taxes that are due. Consider initiating a discussion with your accountant now to help manage and structure your company’s finances for the best possible result.

Your accountant should be a key advisor to your business – someone who can counsel you not only about taxes and payroll, but about matters such as business succession; wealth preservation, including trust and estate issues; and general financial planning and analysis. Building a strong relationship with your accountant – one that doesn’t wane once filing deadlines roll around – could be key to both your business and personal success.

An Integrated Approach
A few accounting firms offer a full complement of financial services via affiliated companies or other conduits such as wealth management, benefits consulting, executive search and capital and insurance services. This one-stop shop concept – or, if you will, a coordinated approach to meeting your financial goals and objectives – is especially valuable. You work with a team – instead of several different vendors from various companies – who can create a financial plan tailored to your individual situation and aspirations.

It would also be wise to include in your strategic business plan a review of your accounting and finance operations. Streamlining these functions through a lean accounting analysis can improve the accuracy and timeliness of financial information, reduce processing time, and create more robust financial controls throughout your company.

Now that we’ve established how great accountants can be, let’s discuss how best to work with them to maximize their time and expertise. Here are several ways you can assist.

Working With Your Accountant
Establish and observe time frames. Both you and your accountant should agree on a firm, meaningful time frame for the stages of your engagement and the completion of any work.

Getting as much done early in the process is a great goal – so schedule as much up-front activity as possible. Both the accountant and client need to monitor compliance with the timelines and be sure to advise each other of problems as soon as possible.

Retain complete records. It goes without saying that the more complete your records are, the more accurate and effective your accountant’s work will be. A comprehensive paper trail – receipts, contracts, closing binders, logs, W-2s, contractor records, etc. – is a must. Your accountant can’t do the job properly if he or she doesn’t have all the materials needed to tell the complete story.

Keep your accountant up-to-date and in the loop. Don’t wait – call your accountant as soon as a situation or question arises. This way, you both can strategize about potential solutions in a timely matter. Also, for example, if your firm has been issued a management letter on the heels of an audit, address it promptly, well before your next examination.

Stay abreast of relevant accounting pronouncements. “Whoa, not my job,” you say. “That’s what I pay my accountant for.” But it is important for you or your internal accounting staff to monitor relevant pronouncements and tax law changes – the more informed you are, the better. Consider taking relevant CPE courses or attending lectures or special events designed to educate.

Be proactive; ask questions. On the other hand, an accountant shouldn’t be embarrassed to say, “There are areas I don’t know.” Keep in mind that unless you are working with a major national or regional firm, your accountant may not be able to handle all of your issues internally. Although he or she will probably serve as the quarterback, be sure you understand who your accountant might be working with so you can stay involved and provide what is needed.  

Teach your accountant well. Does your accountant understand the nature of your business? Let your accountant know about important industry developments that could affect the outcome of various filings and other required reports. Go to industry events together – this will help increase his or her knowledge about your business and will help strengthen the relationship.

Keep in close touch. Don’t turn to your accountant just once or twice a year right before a particular deadline is looming. You should be working with a team of professionals from the firm, depending on the project, who are supervised on your behalf by a partner or principal. Beware when there appears to be too many different people working on your account.

It’s up to both the accountant and the client to cultivate a comfortable, productive relationship. Keep in mind that, despite the technical nature of the work, accounting is a people-based business. Go above and beyond to establish a smooth working rapport with your accountant. Give him or her what he or she needs when needed.

Your accountant wants the engagement to run smoothly and efficiently, as well. Communicating and anticipating each other’s needs and expectations will make for a more mutually rewarding experience.

An Integral Member
The days of accountants wearing green eyeshades poring over ledger books all day are long gone. Tax and finance issues in the early 2000s are much more complicated than in decades past.

Today’s accountant is dynamic, in touch with various industry markets and extremely knowledgeable. He or she can add so much value to your business. The more you invest in your relationship with your accountant, the more you will receive. The more connected you are to your accounting requirements, the more the accountant wants to please you. The more you communicate, the better.

Ira Rosenbloom is a partner at J.H. Cohn. He can be reached at This e-mail address is being protected from spam bots, you need JavaScript enabled to view it or 973-364-6922.