Accountants have been those geeks that so many of us small business owners never want to talk to. We want to leave them in the “backroom” and we often have no clue what they’re saying. I’m kind of teasing. There are many financial professionals in my life who I appreciate. These include Tricia Taitt (The Art of Money Matters), Ruchi Pinniger (Watch Her Prosper) and Jonathan Ankney (Small Business CFO).

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Modern Accountants are Partners

In a discussion with Ben Richmond, who heads US operations for Xero, he helped me understand that today’s modern accountants are not just billing by the hour. He said, the good ones, are partners in your business to help you grow and succeed.

If you’re just starting out, their goal is to help you grow your business and meet you at your level.

As you grow, they will grow with you.

A modern business financial advisor helps you see the insights in your numbers and see trends before they happen.

NOT see what happens after the fact.

Beyond Just Tax Preparation

Sure they can help you prepare your taxes, do your bookkeeping and generate reports.

But if that’s all your accountant is doing for you, you’re missing out.

Ben explained how the PPP and EIDL financial help that businesses were offered by the US Government was a wake-up call for many businesses.

Those businesses that had great relationships with a bank or other financial institution, faired well.

ALSO those who were able to quickly get the proper documentation together.

Those businesses that didn’t have proper records had a challenge meeting the requirements to even apply for financial relief.

The tool you use is important.

Stop using Excel, sticky notes and a paper ledger to do your money management. Use a TOOL, like Xero to help you. In addition to the TOOL, work with a financial advisor (accountant, bookkeeper, etc) who can help you GROW.

Modern accountants can help you understand the TRENDS in your business and make better decisions.

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