Sponsored: A good adviser will understand your business

James Shipp from Lovewell Blake.

James Shipp from Lovewell Blake. - Credit: Archant

This week marked the end of the busiest month of the year for accountants. For many business owners the process of filing their tax returns, and paying any tax due, creeps up and is never short of a surprise.

This week marked the end of the busiest month of the year for accountants. For many business owners the process of filing their tax returns, and paying any tax due, creeps up and is never short of a surprise.

There are often unexpected liabilities and last minute, rushed meetings with advisers, but it doesn’t have to be like that.

A good adviser should make the effort to understand you and your business in depth, and work with you to prepare you, not just for filing deadlines, but for all of the other challenges that your business will face.

Too often we see decisions such as the choice of accounting software, or even financial year-end, chosen by an adviser to suit them. Challenge your accountant to be adaptable, grow with you and diversify their service offering to suit you, not them!

A proactive adviser will emphasise the importance of being organised and filing returns early, working with you to plan for tax payment. The advantage of working with a qualified tax adviser will also pay dividends when planning how to mitigate tax, structure remuneration and time your investment in equipment, property and vehicles.

That proactivity should extend beyond the basics – your accountant knows your business better than most, so should be coming to you with suggestions on how it could grow or become more profitable.

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An adviser should be able to demonstrate value for money by adding value to your business.

Most important is personal chemistry; working relationships where both parties click are more productive. Sadly, the ‘better the devil you know’ attitude commonly prevails, often to the business’ detriment. Strange, in a world where we check every year to see if we are on the best deal for car insurance or energy, that so many businesses don’t take that approach towards professional advice.

James Shipp

T: 01493 335100/01502 563921

E: j.shipp@lovewell-blake.co.uk

Lovewell Blake sponsor the Great Yarmouth Mercury’s Business Page PORTfolio

Disclaimer: Please note this article is provided for your information only. Whilst every effort has been made to ensure its accuracy, information contained herein may not be comprehensive and you should not act upon it without seeking professional advice.