Company Accountant: Once a company is faced with a financial crisis the common instinct is to cut the highest paid jobs or contracts. Be careful, sometimes we get caught being penny wise and pound foolish.
Too often I have seen cases of individuals being in a situation and when asked, they are totally oblivious to what is happening with their records. Keep your accountants in close contact.
Business owners, Self-employed individuals it’s your right to know what is going on with you your finances and although you have an accountant the onus is on you to ensure that you understand what you sign to each time.
When you are handed a document for signing by your accountant ask for clarity if you are unsure, at times there is information on these documents that the average Joe will not understand at a glance (Do not pretend to know what you are looking at) there is no shame in asking questions.
Have a sit down from time to time with your accountant; these sessions should be used to exam the financial position of your business, what is your income saying as opposed to your expenses, ask what you can do differently to minimize expenses if you are concerned, what is your standing with taxes. Do not take operating your business for granted. Penalties, fees and fines (and in some cases imprisonment) are reality, it’s not a fad nor a thing of the pass.
Use these sessions wisely, everyone’s time is of great value. Every business person should view their time as literally converting to dollars and cents. Don’t waste each other’s time.
Remember the success of your business greatly depends on your relationship with your accountant and how well your records are kept.
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