The saying “play to your strengths” is applicable in your work, play or family life. Building a team of confidantes is a prerequisite to a balanced and “successful” life. Your team helps you avoid potential problems, plan for the future and simply be a sounding board. They allow you to focus on what you are best at, and what you love spending your time upon.

When I first went into my own practice, we developed a list of simple suggestions for our clients so we could fine tune their relationship with us! A brief summary:

Communicate your individual needs. 

Do you need monthly profit/cashflow reports or can you estimate your tax position from your own observations? Are you totally confident in your point-of-sale system, or do you need independent information to compare it with? Can you prepare your own BAS or would you prefer to focus upon on more profitable/enjoyable activities etc?

Discuss your short, medium and long term goals together. 

The more background your accountant has the, the better quality advice you will receive. Share your current activities, goals and future plans. As your plans change, recognise this may have a significant effect on the financial strategy employed (so keep sharing)!

The cost of accounting fees should not be the biggest issue. 

Some advice may be invaluable. You may save thousands of tax dollars when negotiating a business purchase or selecting the right business structure. Similarly, capital gains implications on selling a business, shares or investment property. Strategic use of CGT “roll-over” concessions or SMSF can be life changing.

Never say “I only want you to do my tax”. 

Compliance work is only one of your needs, but there are areas where your professional team can have greater impact (eg forecasts, feasibility studies, investment advice etc). You would never ask your doctor to treat only one of your ailments at the exclusion of all others. Your finances are no different!

Be organised and pay attention to detail. 

This reduces unnecessary time attending to routine tasks (such as reconstructing lost records) and allow accurate reporting on a timely basis. It should also help avoid unexpected tax issues.

If you are not satisfied, say so. 

You are allowed to be critical, but don’t expect someone to be able to read your mind. When a customer walks into your business, you need to rely upon their input to provide the correct solution.