While some accountants provide detailed advisory services as part of their offering, it is not uncommon for others to focus mainly on compliance tasks, such as preparing tax returns and financial statements. This discrepancy often stems from varying service levels and specializations accountants offer.
Here’s what you can do:
Clarify Expectations: Initiate a conversation with your accountant about the type of advice or guidance you’re expecting. Clear communication can help bridge gaps and ensure your needs align with the services provided.
Service Agreement: Review your engagement letter or service agreement. It should outline the scope of services offered. If the advisory support you need isn’t included, it might be necessary to revise the agreement.
Explore Additional Services: Many accountants offer advisory services separately, such as strategic planning, financial forecasting, or business consulting. Inquiring about these options can be beneficial if they’re not currently part of your arrangement.
Consider Specialization: If your accountant doesn’t specialize in advisory services, they might not be best equipped to provide the guidance you’re seeking. In such cases, consulting with a financial advisor or a different accounting firm with a focus on advisory roles might be more effective.
Feedback and Follow-Up: Provide feedback about your experiences and follow up regularly to ensure that your accountant stays aligned with your needs. A proactive approach can lead to a more collaborative and beneficial relationship.
Ultimately, if your current accountant cannot meet your requirements, exploring other accounting professionals or firms that can cater to your advisory needs could be the best course of action.
One Comment
Thank you for sharing these valuable insights! It’s essential for business owners to fully understand the spectrum of services provided by their accountants. I would also suggest that building a relationship based on trust and open dialogue can significantly enhance the effectiveness of this partnership.
In addition to clarifying expectations and reviewing the service agreement you mentioned, I recommend considering the long-term goals of your business. This can guide the type of advisory support you might need over time. For instance, if you’re planning to expand, your accountant might need to adapt their focus from just compliance to also include strategic financial planning.
Moreover, networking with other business owners can provide firsthand insights into how they leverage their accountants for advisory services and may reveal practices that can be beneficial for you as well. Remember, the best financial decisions often come from a synergistic approach where your accountant understands not just your numbers, but your vision as well.