Gauvreau Blog | Empowering Business Owners & Entrepreneurs

What to Expect When Working with an Accountant for Your Financial Needs

Written by Gauvreau Accounting Tax Law Advisory | May 19, 2023

 

What to expect when you work with an accountant? Well, it depends on the accountant. But what I will say is that accountants are much more than just tax filings. There's so much value, so much knowledge, experience, and education that's backing accountants. And truthfully, it kind of frustrates me when accountants pigeonhole themselves in a box to just file taxes.

Although if you are getting your taxes filed, you should rely on somebody with that sort of level of expertise. Education and experience. But working with an accountant, what you should expect is someone very knowledgeable in the business finances or the direction of finances inside an organization. How can they help support you? Well, for our team, for example, we can help support you with bookkeeping.

Bookkeeping is essentially managing the ongoing transactions inside a business so that you have full transparency over what's happening inside your business. So you have a scoreboard of knowing exactly what's going on. Now, an accountant not only can help you get that scoreboard but can help you interpret what that scoreboard means. Right. I think of financial information somewhat as the matrix.

If anybody watches the Matrix, you've got this code that's coming down the screen and nobody understands it except if you're in the Matrix, you can read it. It's telling a story. And ultimately I look at accountants to help read and tell that story so we can help. As far as an accountant's perspective, we can help pull that information together.

But beyond that, it's the advice. How can we help plan out what the future looks like? We can create budgets and forecasts, and we can help analyze buying or selling a business. We can help with estate and wealth planning from a conceptual standpoint of how we can mitigate sort of any tax exposure and build your wealth as quickly as possible.

And for our team we do bookkeeping, we do tax, we do accounting, and we also have a law firm. So one of the things that we do is essentially the tax element of legal transactions. So we do both sides of it because we have a law firm in-house. Your accountants should be able to work with your legal professionals to help support you in any acquisition such as at home, understanding the structure that you should have to optimize your tax position.

But one thing that accountants can not always do, they do. We may be a little bit unique in this, but it helps coach you on how to be successful in your business. So how to drive your numbers from where they are now to achieving your goals? So what should you expect from an accountant? Ultimately, you should expect that someone has that education in that knowledge.

How willing they are to continue to push you to the highest potential that you have available or is dependent upon the accountant? But if I'm looking for an accountant, I'm going to look for one where I can get access to all of those services. 

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