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Why You Should Buy Your Accountant a Beer

We were asked a question recently at a networking event:

"How do I get my accountant to suggest solutions to me, rather than me coming to them?"

We could have rattled off something about the overused phrase "proactive accountant", but it doesn't matter how proactive you are, you have to be proactive with something relevant.

Typically, an accountancy firm will send out newsletters to all of their clients:

  • Budget updates
  • Tax Rate Tables
  • New Tax Reliefs

The majority of that will be irrelevant to the vast majority of clients. Capital Allowance changes or cloud accounting won't mean much to someone who doesn't run a business, and Inheritance Tax changes probably don't mean a lot to someone in their 20s.

Accountants would love to drill down and only give you relevant information.

How can accountants give you relevant information when they don't know who you are?

We need to know you:

  • Your hobbies
  • Your family
  • Your hopes for the future
  • Career plans
  • Attitudes to investment risk

The only effective way to learn those is to build a relationship with your accountant. It takes time, but it pays dividends. You could go even further and ensure that your Accountant, your IFA, your solicitor all know each other well too.

So why not think about asking your accountant out for a coffee or a beer? We can't promise scintillating conversation, but it could be an effective use of your time.

Photo by Wil Stewart on Unsplash

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