Ep. 126 - Finding the Perfect Accountant with Steve Parker

She Talks Business

A Key to Business Success

When it comes to running a successful business, having a knowledgeable and trustworthy accountant is essential. In this episode of She Talks Business, Steve Parker, the founder of Parker Prince Libano, a chartered accounting firm, shares his insights on the challenges entrepreneurs face in finding the perfect accountant and offers valuable advice on tax planning, financial record-keeping, and the value of responsiveness in the accountant-client relationship.

Finding a Knowledgeable Accountant

Entrepreneurs often struggle to find accountants who possess the depth of knowledge necessary to make informed business decisions. Steve advises asking accountants specific questions about tax planning, slippage in the business, margins, revenue and cost optimization, and profit maximization. This ensures that you have an accountant who can provide the necessary expertise and guidance in these crucial areas.

The Importance of the Right Size Firm

The ideal accounting firm size varies depending on your business's needs. It's important to strike a balance where your accountant is accessible and capable of handling your specific business needs without being overwhelmed. The value of personalized attention is overwhelming against relying on unqualified individuals or larger firms that lack responsiveness.

The Value of Responsiveness

Being responsive is a competitive advantage in today's business environment. Find an accountant who prioritizes responsiveness, it leads to faster decision-making, customer satisfaction, and a stronger business-client relationship. Having an accountant who is available to answer your questions and provide guidance becomes invaluable when you're navigating complex finance and tax situations.

Tax Planning and Financial Record-Keeping

Tax planning is a vital aspect of business success. Consider taxes throughout the year instead of just during tax season. Understand that corporate and personal tax rates and utilizing incentive rules can help optimize your tax payments and maximize your returns. Working closely with an accountant can ensure that you have proper financial record-keeping and an accurate estimation of taxes, avoiding last-minute surprises.

What’s In This Episode

• Difficulty in finding accountants with sufficient knowledge for good business decisions.

• Margins, revenue, and cost optimization.

• Importance of finding the right size accounting firm.

• The value of responsiveness in the accountant-client relationship.

What To Do Next

Visit lisalarter.com/e126 for all resources from this episode.