Quarterly check-ins: Why you should speak to your accountant more

Mar 1, 2024 | Fintech Friday

The traditional annual review with your accountant simply doesn’t cut it anymore. As businesses strive for agility and precision in decision-making, the role of continuous, tech-driven financial insight has never been more critical. This is where management accounts and, more specifically, quarterly check-ins, hold their value.

At Harold Sharp, our ‘quarterly check-ins’ for clients are synonymous with digital advisory – an opportunity to dive into your numbers, powered by the latest financial technology, to help you keep-up with your business objectives.

In this month’s Fintech Friday, we highlight 4 reasons why more regular, forward-looking financial discussions can significantly influence your business’s trajectory.

  1. Keeping you on track

Are there any invoices you’ve overlooked issuing? Are you receiving payments correctly and punctually? Have you missed claiming any expenses? Meeting with your accountant regularly allows you to scrutinise these aspects of your finance function in a timely manner and enables any issues to be promptly resolved at the end of each quarter.

Constantly reviewing and cleaning up your data ensures that your real-time snap-shot is giving you a true view of your company’s financial health, enabling you to make informed decisions quickly. Give yourself the numbers in a structure you can understand and, above all, that you can trust.

This is crucial in business today, where opportunities and threats emerge with little warning. Proactive financial management, underpinned by advanced technology, will help you to uncover potential cost savings and highlight new areas for growth – significantly impacting your bottom line and competitive positioning.

  1. Strategic planning and goal setting

Quarterly meetings offer a structured opportunity to align your business’s short-term actions with its long-term strategic goals. This regular accountability ensures that your business remains on track and can adjust to new opportunities or challenges as they arise.

Plus, by utilising Xero and Dext as your core foundation, a regular review of your numbers allows you to adapt quickly to changing market conditions or internal financial performance, ensuring that your strategies remain relevant and effective.

  1. Utilising data-driven insights

We often talk about ‘add-on’ apps that can  integrate with your Xero software and help you benefit from additional efficiencies and insights. These tools can uncover things that might otherwise remain hidden, from cash flow trends to predictive financial modelling, offering a deeper understanding of your business’s performance.

By combining sophisticated analytics tools and software with regular quarterly check-ins, we can work with you more proactively to identify patterns, trends, and anomalies within your financial data that might otherwise go unnoticed.

This granular analysis extends beyond traditional financial reporting; it encompasses predictive modelling and scenario analysis, providing foresight into potential future financial states based on current trends and historical data. We work with a whole host of plug and play apps – including ApprovalMax, Zapier, Stripe and Futrli to name a few.

  1. Efficiency and automation

Accounting software and automation tools streamline everything from bookkeeping to tax preparation. This not only reduces the potential for human error but also frees up both you and your accountant to focus on strategic advice rather than data entry.

By leveraging real-time data and analytics, we can offer strategies that are both relevant and actionable.

To do so, you must step away from the idea of ‘It’s what I’ve always done’ and allow yourself to fully utilise the levels of automation which are available to you.

Making the move to tech-led quarterly check-ins

Quarterly check-ins foster a deeper, more collaborative relationship with your accountant. This partnership is built on trust and mutual understanding, leading to more customised and effective financial advice. Selecting the right technology, at the right time in your business’ maturity, is crucial to underpinning these regular meetings.

Transitioning to quarterly meetings may seem daunting, but the benefits far outweigh the time and cost input. Start by discussing this approach with your accountant and outlining your business goals.

How can we help?

Embracing more regular meetings with your accountant, augmented by the latest in financial technology, offers a clear path to enhanced business agility, better financial health and a stronger relationship with your accountant.

Ready to take your financial oversight to the next level? Contact our Digital Advisory team today to learn how you can benefit from tech-led, quarterly engagements with your accountant – email fintech@haroldsharp.co.uk, call 0161 905 1616 or contact Ryan below.

Ryan Alderson, Head of Digital Advisory
T: 0161 905 1616
DD: 0161 926 0512
E: ra@haroldsharp.co.uk