A meeting with your accountant, whether it is an annual occurrence or the first time, will not be productive or helpful if you do not go to it fully prepared. Making sure that you have your documents in order will make the process go more smoothly and allow your accountant to do his or her job more efficiently. Doing as much work as possible before your meeting will help lessen the workload later and potentially negate the need for repeated meetings.
Accountingmatch.com recommends going into your meeting with clear expectations for yourself and your accountant. They assert: “…your accountant [should] have a clear understanding of what you expect to get and when you expect to get it. Just as important is for you to understand what your accountant needs and expects from you in the relationship.” This will work to your mutual benefit.
Make yourself aware of your responsibilities as a client and what is reasonable to expect from your accountant. Spartina suggests that you: “…make a list of items that you want to discuss with your accountant. The fuzzy or complicated areas can include education expenses, membership dues, taxes you have paid, and Internet expenses.” Making yourself aware of potential problem areas will allow you to deal with them more effectively later in the process.
This video prepared by AG Tax, encourages prospective clients to do the work ahead of time in order to streamline the process. Determine if your accountant or firm has templates or spreadsheets to guide you in preparing the necessary receipts and documents and take advantage of it. Asking for a checklist from your accountant or firm can ease stress and limit confusion when trying to gather the pertinent paperwork for a meeting.
You don’t have to prepare completely on your own. Utilizing the tools available to you, including computer programs or apps which help you organize your financial documents, receipts, and statements, is an excellent way to begin.
Spartina recommends: “…using your accounting software (Quickbooks, Quicken, or other), print out a detailed P&L, and review all the expenses in the various categories. Make any changes now for items that may have been miscategorized.” You can avoid confusion when meeting with your accountant by catching mistakes before you hand over your information.
Simple preparation before meeting with an accountant can streamline the process. Using software, guidelines from the accounting firm, or both will maximize your efficiency and minimize confusion. Don’t waste your time or your accountant’s. Go to your meeting confident that you have prepared thoroughly and expect meticulousness in return.