If you’ve hired an accountant, you’re already on a great path to financial success. With regular meetings and communication, an accountant can help keep your financial records organised and up to date while saving you immeasurable time and money along the way.
But how often do you need to meet with accountant?
That really depends on what you hired them to do.
1. For Personal Finances
Most people make the mistake of only meeting with an accountant once a year, right before taxes are due. While this can sometimes be enough, it really is not recommended. Ideally you are meeting with your accountant about twice per year.
At Profacc, the first meeting gives you a chance to learn about any updates to tax laws that may have been passed in the last year. It also gives your accountant an opportunity to review your finances before the deadline and point out any deductions you may have missed, new rates you need to be aware of, etc.
The second meeting is to file your taxes and get things squared away for the past year. We recommend scheduling this appointment earlier rather than waiting right up until the deadline.
2. For Business Finances
If you’re using an accountant for your business finances, you should be meeting with them at least quarterly. This will help you to ensure that your quarterly tax payments are correct and on time, as well as establish a regular time for you to review your records and documentation to make sure everything is in order.
You should also make a point to meet with your accountant before any major financial decisions. If you’re considering expanding, it’s a good idea to meet with them to make sure your business can bear the weight of two locations and the associated extra expenses.
The same goes if you’re planning to sell or close the business — at Profacc we assist clients in preparing exit strategies for their business.
3. For Bookkeeping Services
If you’re also using Profacc’s bookkeeping service through our accounting firm, you’ll likely want to meet with us more often.
Depending on how frequently you pay your employees, you may want to meet our bookkeeping team weekly, bimonthly, or monthly. Ask your bookkeeper to suggest a good meeting frequency.