Getting the Most from Your Accountant
Posted February 24, 2010 by Bernz
If you’re like most people, the only interaction you have with your accountant occurs at the end of the year at tax time. Most of the time, this exchange involves discussions about missing receipts, tax write-offs, and filing deadlines. It is rarely fun and, more often, painful.
A good accountant, however, can be worth his or her weight in gold- literally. Here are some important tips on choosing the right accountant and getting the most out of the relationship:
1) Choose a qualified accountant. The word accountant is not standardized or protected. Anyone can call themselves an accountant and it can be difficult to assess an accountant’s credentials. A Certified Public Accountant in the US or a Chartered Accountant in Canada and the UK, however, must undergo certain levels of education and examination to be able to use those titles. Selecting a designated accountant will give you comfort about the level of expertise your advisor has.
2) Interview accountants before you choose one. Your accountant can be a critical foundation in the strong financial house that you are building for yourself and your family and he or she should be a good fit. That means not only that your accountant should understand your needs but should be able to communicate in a straightforward, non-jargon way that you can understand. You will be discussing potentially sensitive personal financial information with your accountant so it’s important that you feel comfortable with him.
3) Tell your accountant everything. We’re not always comfortable with every financial decision we have made over the years, especially when we have to explain it to our accountant. It’s important, however, that your accountant has the full picture of your finances in order to advise you effectively. So, for example, if you withdrew ten thousand dollars out of your retirement fund last year, or you ran up a new credit card to its limit, be assured that your accountant won’t judge you and will be able to make better recommendations with this knowledge. Also, make certain that your accountant is aware of your spouse’s financial situation even if your spouse is having taxes prepared elsewhere. You and your spouse’s finances are intertwined legally and your accountant needs to have the whole story to advise you correctly.
Your accountant can help you protect your assets and build your financial dreams. Spending time upfront to choose the right one and build the relationship will help your bottom line.
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Tags: accountant, accounting principles, tax accountant
This entry was posted on Wednesday, February 24, 2010 at 11:46 pm and is filed under Estate Planning, Financial Education, Financial Goals, Tax Reduction. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
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July 16th, 2010 at 5:34 pm
>Choose a qualified accountant.
I changed accountants a while back. I switched from a non certified public accountant to a CPA.
I told him one of the reasons I switched was that he was a CPA and my previous accountant wasn’t. The CPA said that by itself is not a good reason to switch. He said a credential doesn’t neccessarily make someone good. I’ll always remember that comment.