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What’s the difference between a good and mediocre accountant?

What’s the difference between a good and mediocre accountant?

Choosing an accountant is an important decision all business owners have to make.

But do you know what to look for to differentiate the good accountants from the mediocre ones?

In this video Kim explains the differences between the two!

If you’d like to have a chat to see how we could help you then call us on 0161 410 0020 or email us at [email protected]

 

Are you thinking about changing accountants and want some more information?

Check out our other video to find out what you should look out for when choosing an accountant by clicking here…

Have you ever asked yourself what’s the difference between a traditional accountant and a great one that can help me grow my business and achieve success?  Well In truth, there is a world of difference between a good accountant and a mediocre one and in this video we will explore why and what you might need to help you take your business to the next level.

 

I’m Kim from Krystal-Clear Accounting and I hear from new clients all the time that they did not know the difference a good accountant like us could make to their business.  Sadly it is a case of you don’t know what you don’t know.

 

A good accountant will ensure that you have regular, good quality financial information, top-notch business advice, you are held accountable, and you get stuff done and grow the profitability of your business!!

They will make sure that things happen and you will feel confident that you are in good hands!: –

  • You will receive regular monthly management accounts that show you how your business is doing.
  • You will have regular meetings where you will discuss your progress towards your goals for that month, that quarter and that year.
  • You will understand your important key financial statements
  • Know what are the Key Performance indicators in your business so if something happens you know immediately and can take corrective action immediately
  • They will speak to you with respect and in plain English
  • They care about you and your business
  • They help rather than hinder you
  • They are approachable and contactable – they return your calls in a prompt manner
  • They work for you rather than HMRC
  • They are with you every step of the way supporting and helping even when the going gets tough as being a business owner can be a lonely place at times
  • They won’t Nash their teeth at you and tell you off like a naughty school child
  • They will know about the latest technology
  • They won’t state the obvious and treat you as if you are stupid
  • They will have gained their experience from working in a business rather than theoretical knowledge gained from their clients
  • They won’t just tell you about the financial side of accounting, they will give you real business consultancy knowledge
  • They’ll help you to measure the return on investment from your marketing spend
  • Be able to analyse the profitability of your products or services and what happens if you adjust the price, sell more to existing customers, sell more often or sell additional services
  • Will save you tax where it is legitimately possible
  • Help you to implement good systems into your business which not only save you money but give you time back as well.

 

 

So, in truth a good accountant is not an overhead to be cut down to the barest minimum in terms of costs, but quite the contrary.  A good accountant should be worth their weight in gold and effectively make you money.

Bet you didn’t realise an accountant could be that commercial or offer you so much.  Well sadly most can’t or don’t but then they are not pro-active and the right accountant if you want to be successful in business in the twenty first century with all the challenges that running a business brings.

 

If you’d like to have a chat over a coffee (Virtually or face to face) and to see what is possible, all you need to do is call me or one of my team on 0161 410 0020 or email [email protected]

 

Hope that helped. Please subscribe to our youtube channel so you don’t miss any of the content we release.  Feel free to hit like and share,  thanks for watching.

It is important that you take professional advice before making any decisions based on the information that you learnt here. While every effort has been made to make sure it is accurate it cannot be precisely tailored to your personal circumstances. This article is for general information only and no action should be taken, or refrained from, as a result of this information.  Professional advice should be taken based on specific circumstances in each individual case.  Whilst we endeavour to ensure that the information contained in the article is correct, no liability will be accepted by Krystal Clear Accounting which is a trading name of Kim Marlor Associates Ltd or damages of any kind arising from the contents of this communication, or for any action, inaction or decision taken as a result of using any such information.

What are Bank Feeds and how do they work?

In short, bank feeds create a digital link between your business bank account and your accounting software, such as Xero or QuickBooks.  

This means bank transactions are automatically downloaded into the accounting software. This simple piece of automation, completely removes the need to manually input every bank receipt and payment into the accounting software. 

Having bank feeds in place, saves a HUGE amount of time bookkeeping. That’s because it completely removes the need to manually input bank transactions into the accounting software. 

Saving time bookkeeping isn’t the only benefit for the business…. 

 

 

What's the difference between a good and mediocre accountant?

What are the main benefits to a business using bank feeds?

  • Saves Time & Money Bookkeeping

Bank feeds automate, what was previously, a time-consuming task of entering all the bank transactions into the accounting software. 

 This saves the business a HUGE amount of time (& money) spent on bookkeeping.  

  • Improves Cash Flow Visibility

With bank transactions being downloaded from the bank every day, it means it’s quicker and easier to keep the bank balance in the accounting software up-to date. 

With the accounting software up-to date, the bank is updated daily which gives you a clearer, real-time view of your business’s cash flow.  

This makes it easier for you to plan your cashflow, and take action to improve it. 

  • Enhanced Accuracy

There is always the risk of errors being made when data is being manually inputted into the accounting system. It is often time-consuming to find and correct any errors. Also, if an error is large then the Profit & loss and Balance Sheet reports will be inaccurate and potentially misleading. 

 Automating the bank transaction entry previously manual process, reduces the risk of errors being made and ensures that the bookkeeping records and reports are accurate. 

How to Link Your Bank to Xero

  • 1. Setup Online Banking:

Ensure that your bank account is set up for online banking. This feature is typically available from all major banks. 

  • 2. Add Bank Account in Xero:

Log into your Xero account and navigate to the banking section. Select ‘Add Bank Account’ and follow the prompts to search for your bank. 

  • 3. Enable Bank Feeds:

After adding your bank account details, you’ll see an option to set up bank feeds. Click ‘Agree’ to the terms, then securely log into your online banking portal through Xero to authorize the connection. 

 

Are Bank Feeds Safe & Secure?

Yes. 

Firstly, having bank feeds in place ONLY means bank transactions are downloaded into the accounting system. They do NOT give anyone else access to the business bank account. 

 Secondly, XERO has various security measures in place to give you a piece of mind that your financial data is safe and secure: 

 

  • Encrypted Connections: Xero uses advanced encryption technology to secure the data transmission from your bank to Xero. This means your sensitive information is encrypted during transit and cannot be intercepted or read by unauthorized parties. 

 

  • Compliance and Standards: Xero adheres to high standards of data security compliance, thus ensuring that its practices meet or exceed industry security standards and regulations. 

 

  • Regular Renewals: To maintain a high level of security, XERO requires that the bank feed connection is renewed every 90 days. This process is straightforward and helps ensure that the integrity of your financial data is always protected. 

 

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KIm Marlor the MD of Krystal Clear Accounting
krystal clear accounting

In Summary

In short, having bank feeds really saves businesses time and money on their bookkeeping.  

 They automate and eliminate what is otherwise a time consuming and error prone manual process.  

 Bank feeds is just one of the ways technology can be used to help business owners improve the financial side of their business.

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Krystal Clear Accounting
Ground Floor, Westgate House, 44 Hale Road, Hale, Altrincham, Cheshire,
WA14 2EX

Email: [email protected]
Phone: 0161 410 0020

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