Accounting professionals have an important role to play during tax season, but this doesn’t mean that they can neglect their client relationships throughout the rest of the year. Accounting professionals should keep in constant communication with their clients throughout the year. They also need to know what topics to prioritise.
The decision-making process is not as effective without the exchange of concerns and ideas. It is important to have a strong line of communication so that ideas can be discussed and problems resolved. Here are some of the key issues that should be discussed between the accountant and client.
Growth of a Company
Taxability and valuation can be affected by major changes in a client’s business. Accountants can work with clients to advise them about any changes or liabilities that may affect them. It could be expanding into new locations, merging with another company or hiring more staff, for example. For more information on Accountants Near Me, contact a site like Chippendale & Clark.
Financial Planning
Budgets are important for all companies, whether it’s tax season or the start of a new financial year. There are also other topics of financial importance that don’t matter what time of the year it is. Accountants are encouraged to discuss their clients’ financial future with their clients. Discussion topics can include capital investments, retirement planning, cash flow impact, and equity financing. Accountants Near Me can help.
Risk Management
Business interruptions are an example of the unexpected. Whether owners like it, or not, they need to plan for them. Small businesses rarely have a strategy in place to deal with disruptions. Accountants should discuss this plan with clients.
Accountants can ask clients about insurance issues, like updating policies and protecting themselves against fraud. Accountants who work with clients can also ensure that their professional liability policy, which protects them from their own liabilities, is up-to-date and effective.
Tax Compliance
State-imposed taxes are important for both the accountant and client. Tax professionals must ensure that their clients feel confident in the processes they have put in place to meet regulations. Accountants are able to discuss with their clients any new tax laws and anything else that could affect their business. Compliance tasks must be completed before it is too late or businesses could face financial and legal penalties. Therefore, this is a significant part of the accountant/client relationship.
