Accountants and bookkeepers can be valuable contributors to the success of your business. Never-the-less, your accountant is only as effective as the data and information you provide to them. In fact, the timeliness with which you deliver data is key. When data is delivered in a timely manner, it allows the accountant to file taxes on time and update critical financial reports in a timely fashion - this includes: budgets, profit and loss statements, balance sheets and cash flow statements.
Given that, it is imperative that business leaders deliver requested data each month in a timely fashion. When information is not delivered on time, it sets the business up for penalties, interests and late fees. It also bootstraps your accountant’s ability to do an effective job for the business. Remember, your accountant is a vital member of your team and needs to correspond with you frequently.
When accountants are unable to reach business owners and leaders, their ability to effectively serve the business is hampered. So, make it a priority to respond to important requests and correspondence from your accountant. After all, they are there to serve one of the most crucial aspects of your business – your financials!