Hands up if your accountant still uses excel sheets (or paper!) and only gets in touch when they send a bill or your annual accounts? Here's 7 signs you've got a Dinosaur Accountant:
1: Stuck in the stone age
Is your accountant in the Isle of Man still relying on excel sheets or worse - paper-based systems and resisting the transition to digital tools and automation?
If your accountant is relying on paper-based systems, it's a clear sign that they are not embracing modern accounting practices. By resisting digital tools and automation, they are missing out on significant efficiency gains and cost savings. Transitioning to digital platforms and automation streamlines processes, reduces errors, and provides real-time access to financial information for both you and your accountant.
2: Tied up in a time warp:
Are you constantly waiting for weeks to receive financial reports from your accountant, instead of accessing real-time information?
Timeliness is crucial in financial reporting. Waiting weeks for financial reports is a red flag that your accountant is not leveraging modern technologies that offer real-time data access. By embracing cloud-based accounting software such as Xero, you can have instant access to up-to-date financial information, enabling better decision-making and timely adjustments to your business strategies. Consider whether your accountant's delayed reporting is hindering your ability to make informed financial decisions.
3: Fear of the Cloud:
Does your accountant show reluctance in adopting cloud-based accounting software and leveraging its benefits?
Cloud-based accounting software such as Xero offers numerous advantages, such as accessibility, scalability, data security and collaboration capabilities. If your accountant is hesitant to adopt these solutions, it could indicate a resistance to change or a lack of familiarity with the benefits.
Embracing cloud-based accounting software allows for seamless integration, automation, and enhanced data accuracy. It's worth discussing with your accountant the potential advantages and exploring their concerns to ensure you're maximising the benefits of modern accounting technology. If they are hesitant - then that's a big red flag.
4: Missed Opportunities:
Are you and your business missing out on valuable tax deductions and credits because your accountant isn't up-to-date with the latest tax regulations?
Tax regulations are continuously evolving and staying updated is crucial to maximising tax deductions and credits. If your accountant is not proactive in keeping up with tax law changes, you may be missing out on potential savings. Engaging an accountant who actively stays informed about tax regulations and engages in their professional development ensures that you're taking advantage of all available tax incentives and optimising your tax position.
5: Reactive vs. Proactive:
Are you experiencing a lack of proactive advice from your accountant, who may be stuck in old-fashioned reactive methods?
A proactive accountant goes beyond traditional number crunching and offers strategic advice to help your business thrive. If your accountant is merely reactive, providing support only when prompted once a year, you may be missing out on valuable insights and opportunities to make more money and grow your business. Seek an accountant who takes a proactive approach, regularly reviewing your financials, identifying trends and offering strategic, expert advice to help you make informed decisions and achieve your business goals.
6: Snail Mail Accounting:
Are you still receiving manual invoices and facing delays in getting your bills processed by your accountant?
Manual invoice processing is time-consuming and prone to errors. If your accountant is still relying on snail mail for invoices, it indicates an outdated, inefficient approach. Embracing digital invoicing solutions streamlines the billing process, reduces delays, and improves accuracy. By transitioning to automated invoice processing, you can enjoy faster payments, enhanced record-keeping and better cash flow management.
Ensure you're on a monthly fixed fee accountancy package to help manage your cashflow and your budget.
7: Knowledge Gap:
Is your accountant's expertise limited to traditional accounting practices, lacking knowledge of emerging financial trends and technologies?
The accounting and business landscape is evolving rapidly with the emergence of new technologies and trends. If your accountant's knowledge is confined to traditional accounting practices, they may struggle to adapt to the changing landscape and leverage the potential benefits of emerging opportunities.
It's time to consider whether your accountant's reluctance to adapt is holding your business back. Why would you only want to look back? You can't change the past but you can change the future. Get yourself a clued up, future focused accountant that will add value, be super efficient and help you to achieve your goals. It's a no brainer.
Purple Accounts helps business owners locally in the Isle of Man to take control of their finances and do better in business. Our goal is to help you save time and stress, earn more and keep more - you can do more of what you love.
Does your accountant do this?
Get in touch today for a no obligation chat on 07624 336057 or email: david@purpleaccounts.com