Business Planning With Your Accountant: How You and Your Accountant Can See Eye to Eye

Business Planning: How You and Your Accountant Can See Eye to Eye

Few partnerships are more valuable than the one you have with your accountant when you’re in the process of planning your business. This is typically the case, no matter if you’re just starting out or preparing for a new phase of growth for your enterprise in New Zealand.

Being on the same page with your accountant can help you avoid costly mistakes and take full advantage of the tax and compliance benefits that may be available to you. Plus, being on the same page with the accountants Dunedin businesses like yours trust allows you to make the most strategic decisions that can significantly impact the trajectory of your growth.

A strong working relationship with your accountant adds clarity to your vision and helps you focus on building a sustainable and profitable business. Here are some practical tips to help you work smoothly and effectively with your accountant throughout the business planning process:

1) Be Clear About Your Business Goals

Before your accountant can help you plan, they need to understand where you’re heading. It’s your responsibility to communicate your short- and long-term goals with them, be it launching a new product, expanding to new markets, or stabilising your cash flow. If your accountant knows your priorities, they can offer advice that’s aligned with your direction. This includes identifying relevant financial risks and pointing out growth opportunities.

Avoid vague goals like “make more money” or “grow the business.” Be specific: Do you want to increase revenue by 20 per cent in the next year? Do you plan to hire more staff or invest in equipment? The clearer you are, the more tailored and helpful your accountant’s support will be.

2) Share Accurate and Up-to-Date Information

Your accountant can only provide valuable input if the data they’re working with is accurate. Help them by keeping your records updated. Go over your bank transactions, invoices, payroll, and expenses and make sure they’re all aligned and up to date.

You can use accounting software that allows real-time access for both you and your accountant. This way, they can monitor financial activity and provide timely insights. Regular updates and good recordkeeping save time and reduce stress, and they also help your accountant spot trends or red flags early in the planning process.

3) Schedule Regular Check-Ins

That said, don’t wait for the end of the financial year to talk to your accountant. Instead, set up regular meetings, such as monthly or quarterly, to stay aligned on the numbers and any changes in your business plans. These catch-ups can help you adjust your strategy, manage cash flow, and prepare for upcoming obligations like tax or superannuation payments.

Regular check-ins also give your accountant a chance to raise concerns and offer suggestions while there’s still time to act. Think of your accountant as a partner in progress, not just someone who handles the books.

4) Ask Questions and Be Open to Feedback

It’s normal not to understand every aspect of financial planning, even as a business owner. Keeping this in mind, if you’re unsure about a term, a projection, or a tax implication, bring it up with your accountant. A good accountant will be happy to explain things in simple terms. This helps you build financial literacy, which is essential for making sound business decisions.

At the same time, be open to honest feedback. Your accountant might challenge your assumptions or suggest changes that feel uncomfortable, but these conversations can prevent costly missteps down the track. Keeping an open mind builds trust and leads to better outcomes.

5) Use Forecasting and Budgeting Tools Together

Forecasts and budgets aren’t just spreadsheets; they’re actually tools for planning and decision-making. A well-prepared budget helps you manage expenses and stay within your means. When you involve your accountant in building and reviewing these tools, you gain deeper insights and a clearer roadmap for your business journey.

To make sound decisions that will help you get closer to achieving your goal, work with your accountant to create realistic financial forecasts. These should be based on past performance, market conditions, and your growth targets. Your accountant can help you model different scenarios and advise you on how to properly prepare for best- and worst-case outcomes.

6) Understand Your Compliance Responsibilities

Staying compliant with tax laws, employment regulations, and reporting requirements is essential to smoothly running your business. Your accountant should help you stay on top of these obligations, but you also need to understand what’s expected of you as a business owner.

During planning discussions, ask your accountant to walk you through key compliance dates or documentation. Enquire as well about changes to legislation that may affect your operations.

7) Build a Long-Term Relationship

Lastly, remember to see your accountant not just as a service provider, but as a long-term partner in your business. The more they understand your values, vision, and work style, the more helpful they can be. Over time, your accountant can offer deeper insights and become someone you rely on for major decisions, not just financial, but strategic as well. When you put in the effort to work well together during the planning phase, you’re able to lay the foundation for future success.

Business Planning: How You and Your Accountant Can See Eye to Eye

Working closely with your accountant during business planning isn’t just about ticking boxes. More than that, it’s about building a partnership that supports your goals and protects your business. If you’re aligned, you gain not only clarity and confidence but a trusted ally who can help steer your enterprise through both the best opportunities and the toughest challenges.

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