How small business owners and accountants can play nice
December 18, 2014

Many things can go wrong with a small business, but you can be prepared before trouble strikes. Working with a professional accountant can help an entrepreneur stay on top of small business finance before the worst happens. 

Ensure taxes are done right 
Taxes can be especially challenging, and owners often try to do it themselves. When you hire an accountant, your investment will pay for itself when the risk of errors drops dramatically. Making a mistake with taxes can be a huge weight for a small business owner to bear in the future of his or her enterprise.

Entrepreneurs really need to take time considering their taxes, as well as every note and receipt that might affect the company. It is possible that one missing record may lead to a fallen business. That's why open communication with a small business accountant can be crucial.

Staying open with accountants and organizing financial records
An entrepreneur isn't expected to be a finance expert, and accountants should bear this in mind this in mind when communicating with their clients by using simple terms and staying away from complex jargon. Being clear and open with accountants can ensure the owner and the accountant are on the same wavelength. 

The Globe and Mail recommended entrepreneurs be extra vigilant when it comes to organizing their tax documents. Even if a company has an accountant, a business owner still has to keep track of the records. An entrepreneur needs to take responsibility for his or her financial records, and accountants shouldn't receive a boxful of receipts to organize.

"When I incur any business expenses, they go right from my wallet to a binder, and then I enter them in a small business accounting software program. That way I have a record, so come tax season everything's ready to go, and it's not this big, scary burden. I don't want to present my accountant with a whole bunch of loose receipts in a shoebox," professional organizer Michelle Panzlaff, sole proprietor of Tidy Tiger Solutions of New Westminster, British Columbia, told the source.

Accountants and entrepreneurs need to work together to make the business successful. Finding better ways to communicate and leveraging efficient technology to use can really make a company thrive. 

Nexus: G-WEBCD2