Why Every Accountant Needs Their Own Accountant
As accountants, we’re well-versed in the benefits of financial strategy and meticulous planning. We advise our clients on matters ranging from the solid foundations of keeping proper records & filing clean returns, through to tax optimisation & investment decisions. On a personal level, I embrace the shared responsibility for my clients’ financial well-being. But in the midst of advising our clients, it’s easy to overlook the importance of having our own trusted adviser – an accountant for an accountant.
So why would we need our own accountant when we’re the experts ourselves?
It’s a fair question, but one that underscores the importance of objectivity and perspective.
Working closely with business owners over the last 12 years, it has been my experience that no one can be truly objective about their own business. Psychologically, so much of our sense of self is intertwined with our business that our judgement is clouded. It is hard to take that step back. I recently faced a challenging situation and was procrastinating. A trusted confidant asked me what my decision would be if I wasn’t the one who had to deliver the news. I knew right then what I needed to do and took action first thing the next day.
Just as we provide unbiased guidance to our clients, having an independent adviser ensures we receive impartial advice.
It is however essential that we choose that person wisely. There is no point asking for support from someone who is more concerned about whether you like them (or will continue paying them for their services) than helping you. You need somebody who is willing to challenge you in a positive way – giving an opinion is not an opportunity to be unkind. That doesn’t mean they will always be right but, if you want to reap genuine benefit, you must open your mind to the possibility that you could be wrong.
“The richness of life lies in the diversity of perceptions”
If we all thought the same thing, life would be such a boring place. Whether you share past experiences or come from very different backgrounds, the opportunity to learn from your adviser’s knowledge is a gift. Sometimes we are so caught up in the detail and the day-to-day that we lack the ability to see anything other than the way we have always done things.
A good accountant can offer fresh insights, helping us make informed decisions free from emotional bias.
I met with my accountant a few weeks ago and we discussed how we at Composure work on certain activities compared to how their own team approaches the same tasks. I listened, I reflected and we are going to be making some changes.
We also reviewed my financials and they asked me insightful questions. Two important improvements came out of that exercise. One of those has led me on a very different course to the one I had previously envisaged. The other has made me look at the detail and I’ve identified some efficiencies that I hadn’t previously considered.
I do this every day for my clients so why is it not easy to apply this to my own business? I could blame it on being busy but that’s just a cop out. The truth is that my accountant gives me the objectivity and perspective I am able to give to my clients.
If you have never considered that having an accountant could give you more than simply filing accounts & tax returns and if you can see the benefit of working with an accountant who understands what it takes to run a business, we could be just what you are looking for. Tell us about you and what you’re looking for here and we’ll be in touch.