Understanding what accountants need

Over the years I’ve used all of the 7 x 5 Marketing Strategies that Pete Cook talks about in the Seven Secrets of Growing Your Bookkeeping Business Seminars. However the one I focus on now is building relationships with Accountants and I’m always looking for opportunities to make contact with my client’s Accountant at least 4-6 times a year.

Here’s a few ways I do it:

• Meet with the Accountant to establish your relationship and expectations
• Email them with “high end” bookkeeping questions
• Send the information they need to get the tax return done
• Follow up with a call to make sure they have everything they need
• Refer suitable clients
• Drop in for coffee or a chat (as your friendship and trust builds)
• Support their relationship with their client at all times
• Give them the information they need to help their clients plan for June 30

It’s the last point that I want to mention this week. I’ve recently contacted clients who I thought would benefit from advice from their Accountant and asked them if they would like me to send their Reports and other information. Suitable clients are those who would like to know their potential tax obligations well in advance or would like to get advice about reducing their tax.

I contacted my own Accountant and asked what sort of information would Accountants need (in general) in order to provide their clients with strategic tax planning and this is what he said:

• P & L  for July-Mar
• Projections for April – June (could be based on LY but should be discussed with client)
• Client’s personal financial commitments prior to June 30 (what loans they may have outside the business that they may need to service before June 30 reducing their capacity to action any additional super contributions or other strategies)

Obviously, you would charge your client for the time you spend preparing that information which is why you should contact them first. And the Accountant will definitely charge them, but if that results in significant tax savings or the certainty of their tax obligations then the client will feel empowered around their finances and you’ve done your job!

So what I recommend is that you send an email as soon as possible to your suitable clients with your plan and, once approved, send another email to their Accountants asking them what information they would need and by when. Both your client and their Accountant will be impressed by your proactive approach.  Once the Q3 BAS is completed is the perfect time to gather the information, discuss the numbers with the client and send onto the Accountant for their comments and timely advice.