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Posted on: May 2, 2019 by Huntersure
Accountants have a very important job during tax time, but that doesn’t mean they should slack in their relationship with their clients throughout the rest of the year. It’s important for accounting professionals to keep open communications with their clients through the entire year and know how to prioritize the topics in which they go over with those they serve.
Without the exchange of ideas and concerns, there is limited value added to the entire decision-making process. There needs to be a solid line of communication open so ideas are discussed and issues are handled. Here are five key business issues that should be part of the dialogue between accountant and client.
If clients are planning any major changes to their business, it could affect their entire valuation as well as their taxability. Accountants should work with their clients and counsel them on any liabilities or changes in status that could cause some effect on them. This could include expanding to new locations, merging or acquiring other companies or adding staff.
Money is what makes a company go around, so budget easily heads up the agenda for most companies going into tax season or a new fiscal year. But there are other financial topics that are just as important no matter the time of year. Accountants should feel encouraged to review and talk to their clients about their financial future. Topics discussed can include major investments, capital investment, equity financing, retirement planning, and cash flow impact.
Whether business owners like it or not, there needs to be room in their plans for the unexpected, such as business interruptions. Most small businesses don’t have a plan in place for when things that disrupt their operations occur, so it’s important for accountants to discuss a plan with their clients.
Accountants should ask their clients questions that are insurance-related, such as keeping updated policies and protecting against fraud. For accountants working with clients on this, they too can make sure their accountant professional liability policy is updated and effective, keeping them protected from their own liabilities.
Probably the biggest point to be made for communication, state-imposed taxes can be just as important to a client’s time as it is for an accountant. Tax professionals should make sure their client feels like that have adequate processes in place to comply with the regulations at hand. Accountants can discuss any new tax laws that are coming up for that particular state and go over anything that may affect their business.
From collecting W2’s and 1099’s to ensuring exemption and resale of certifications to conducting internal reviews to look for any red flags, there are a number of compliance tasks that need to be handled before it’s too late.
At Huntersure, we specialize in providing quality professional liability solutions to accounting professionals. Our Accountant Liability Insurance program provides coverage for accountants, auditors, bookkeepers, and tax preparers, so no matter where your clients lie in the industry they can have the coverage they need to protect themselves and their assets. To learn more about our operation and our Professional Liability Insurance solutions, contact us today at (855) 585-6255.
Posted in: Accounting blog Professional Liability