Get the best out of your Accountant
By Lea de Rooy - Senior Accounting Manager
An Accountant at their best:
•Shares Expertise Advice
•Gives Great Service
•Achieves the Best Financial Outcomes
Tip 1: Keep Good Records
Accountants are information hungry but there is a reason for everything they have asked for. Lack of information can cause delays and time escalations. Keep your records in Date order. Separate out bank statements, loan statements, HP agreements, property transactions and anything outside of your normal operations.
Tip 2: Embrace Technology
Use tools to help manage your accounting tasks. These technologies are smart, self-learning, intuitive, powerful and portable. These software tools can speed your invoicing functions to allow you to get paid easier and faster. You can collaborate with your accountant online.
Tip 3: Learn the Accounting Fundamentals
Turnover:The value of your work “turned” into sales during the year. Value of sales before deducting any expenses.
Gross Profit: Sales minus the direct costs in making those sales.
Net Profit: Gross profit minus indirect and overhead expenses
Depreciation Expense: Current year allocation of cost of an asset.
Profit & Loss Statement: sets out in one statement the details of turnover and how gross profit and net profit are calculated, and includes deduction for depreciation as a non cash expense.