When it comes to choosing an accountant or bookkeeper for your business, it really comes down to the right fit. Not only should you feel comfortable with their skills, but also feel complete trust that they are doing the best for your business, just as you are, writes Vladka Kazda, Xero Australia Marketing Director.

In the world of small business, it’s said that few relationships are as important as the one you have with an accountant or bookkeeper. And for many business owners, the past few years have indeed brought that to light.

Xero research shows 45 per cent of small business owners say their accountant is more important to them than ever before, with bookkeepers undoubtedly held in equally high regard. But what makes these relationships so unique?

Speaking to many advisors and small businesses over the years, we’ve learnt that the bond between these pairings is built on similar principles to any personal connection. Trust, respect and open communication are all essential ingredients.

So what does this look like in practice? And how can you – as a small business owner – build a relationship, or fortify an existing one, with your accountant or bookkeeper?

Finding the perfect match

To find out, we asked some experts – Katie Bryan of Propeller Advisory and Marianne Marchesi of Legalite. The pair have been working together since Marianne founded her simplified legal services firm five years ago. It was an instant match.

Katie Bryan (left) and Marianne Marchesi (right)

Tell us, how did you come to work together?

Marianne: Having just started my firm in 2017, I was looking for an accountant when a mutual client of ours introduced me to Katie. We met for coffee, and I just loved her. We’ve been friends ever since.

Katie: Marianne and I connected quickly because, although we work in different industries, our business models are quite similar. We’ve both been hiring staff and growing on a trajectory together – we even fell pregnant around the same time!

Marianne: Katie had her baby in March last year, and I had mine in July. So it’s been nice to share that experience – running a business, now as a parent.

What have you learned from one another, especially through COVID-19?

Marianne:  I’ve learned so much from Katie. When COVID-19 first hit, we experienced quite a significant revenue drop. I would meet with Katie monthly to run the numbers and put contingency plans in place. She really helped me understand my finances, and I’ve also learnt a lot about how Katie deals with specific things in her business. I don’t just consider her my accountant; I look up to her as a business owner.

Katie: I also have so much respect for Marianne as a businesswoman. She’s a fellow mentor who I can ask questions of and expect an honest answer. I think our relationship works so well because we act as each other’s sounding board.

The makings of a great advisor-small business relationship

When it comes to finding the perfect advisor, Marianne attributes her success (not to mention her and Katie’s friendship) to the mutual client who brought the pair together.

But aside from having a business connection with an eye for matchmaking, she shares some other tips small business owners can leverage to find their right fit:

1. Do your research

Since the pandemic’s arrival, online advisory has become more accessible. Depending on your industry, this means there’s likely to be an advisor out there with specialist skills to serve your needs – you just have to find them.

Ask your network and peers for referrals or look to Xero’s advisor directory to start your search. Use the filters to explore by industry or location, depending on your preference for a face-to-face or remote advisor.

2. Be prepared to communicate

An advisor should be considered part of your team, meaning compatible working styles are a must.

At the beginning of your partnership, dedicate some time to bring them up to speed on your business, and keep them informed of any big decisions you plan to make.

Don’t be afraid to hide your failings or concerns. Communication is the bedrock of a successful relationship with your advisor; the more they know about how you run your business (and your skeletons in the closet), the better they can help you make informed decisions and move forward.

3. Remember, your advisor is more than a number cruncher

Many advisors offer an array of specialised services beyond what you might expect. Some examples might include business and digitalisation strategies, hiring and recruitment assistance or advanced analytics.

Have a chat about where your business could use extra support to find out how your accountant or bookkeeper could help achieve your goals.

As Katie and Marianne’s story exemplifies, the relationship between an advisor and small business owner can be a uniquely wonderful pairing. From support, mentorship, guidance and even friendship, the right connection holds plenty of potential.

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