Overcoming Communication Barriers with Your Accountant

Running a small business can feel lonely at times, particularly when it comes to navigating finances and accounting. You would think that in these cases, you can lean on any of the professionals to help. However, what we have learnt is that one of the major hurdles that small business owners face when dealing with accountants is ineffective communication.

I’m sure you have left a meeting or phone call with your accountant wondering where your money went, what they are doing behind the scenes or what the report was that they put down in front of you expecting to understand.

Decoding Financial Jargon

Accounting has its own language. You will hear words like accruals, depreciation, liquidity and SMSF. For a non-financial expert, this can feel like you are decoding an ancient scroll… It’s not that you aren’t capable of understanding these concepts, it’s just that it’s not your area of expertise. The psychological burden of learning ANOTHER anything can feel like too much.

The solution? Good accountants, like good teachers, will be happy to explain these concepts to you, not just kick you out of the door. You should feel you really understand them so ask them to. No question is a silly question when it comes to the security of position of your business’s financial health.

Digital Dead Ends

In today’s digital age, technology is a part of business. It’s a necessity rather than a luxury. But, when you are working with your money, deadlines and new software, you can be afraid that you will overpay, send the money to the wrong person or miss a debt entirely. If your accountant is using a different software then it can become an entirely different struggle again.

What we recommend is that you discuss your software with your accountant. Ensure that they are comfortable, if not more comfortable than you, with the software. For your own peace of mind, don’t be afraid to invest in a joint training session with them so that you can both operate more effectively.

Inadequate Interaction

Perhaps one of the biggest communication issues is that you are both simply not communicating enough. You, as a small business owner, have a number of hats and sometimes, need a refresher of your financial position, some guidance or a simple check-in. This is the proactive approach. If you don’t have a proactive accountant, you will find that there are overlooked details, missed opportunities or issues left unresolved.

Although regular check-ins can seem tedious, can save you in the long run. What is even better, is if your accountant is the proactive party. They should establish regular communication with you whether it be weekly, bi-weekly or monthly depending on your business needs.

Being a small business owner comes with its fair share of challenges but communication with your accountant should not be one of them. You aren’t the one that needs a degree in finance, it just demands openness, regular dialogue and a commitment to each other to help each other do your job.

An accountant is not just a numbers wizard, they are an important part of your business that can be a powerful tool for success if you are able to communicate effectively.

We're more than just number-crunchers. We're partners in your success. We are accountants you can trust. Book a FREE 30 minute consultation to learn more.