In this podcast episode, the hosts discuss the often frustrating relationship between business owners and their accountants. They explore the expectations that business owners should have regarding communication, the frequency of meetings, and the proactive guidance they should receive. The conversation emphasizes the importance of understanding the roles and responsibilities of accountants, as well as the need for business owners to be engaged and informed in their financial decisions. The hosts provide insights on how to foster a productive relationship with accountants, including the importance of vulnerability and open communication.

Takeaways

• Many business owners feel frustrated with their accountants' lack of communication.
• A healthy accountant-client relationship should involve regular meetings and proactive advice.
• Business owners need to clarify what services they expect from their accountants.
• Accountants should not only focus on compliance but also on helping clients make strategic decisions.
• Understanding financial statements is crucial for business owners to make informed decisions.
• Vulnerability in discussions with accountants can lead to better outcomes.
• Accountants should educate their clients about financial matters, not just provide numbers.
• Meeting rhythms should be established to ensure ongoing communication and support.
• Business owners should feel empowered to challenge their accountants' advice.
• The relationship with an accountant should evolve as the business grows.

Chapters

00:00 Introduction and Light Banter

00:09 Understanding the Accountant-Client Relationship

08:28 Expectations from Your Accountant

08:53 The Three Pillars of Accounting Needs

17:58 Effective Communication with Your Accountant

26:02 Conclusion and Final Thoughts

27:19 Outro