Three Secrets You Should Never Keep From Your Accountant

Secret Knowledge Know Accountant Finances

Secrets Your Accountant Needs to Know

Having an accountant can sometimes be a gift and a curse. Oftentimes, people view accountants as babysitters because they often ask you to keep them up to date with all things related to your finances. While this may be an annoying practice, most accountants generally do this to make sure you’re not making poor financial decisions which could later put your business in jeopardy. Open communication with your accountant is critical, especially when working with a new accountant, and it’s best to understand that your accountant isn’t trying to control your life but is trying to help you keep control of your finances.

Below we have listed three secrets you should never keep from your accountant:

Money Spending Habits

Do you spend money just as quickly as you get it? This is something that your accountant needs to know about to make sure he or she is properly monitoring your habits. Again, this isn’t to put a constraint on your finances, it is designed to make sure that you’re not making bad decisions which could ultimately impact your business or your personal finances.

Past Debts

The past may be the past, but sometimes your past can come back and haunt you. In fact, sometimes the past can be so daunting that it rains into your future. Because of this, you will want to make sure your accountant knows about all of your past debts, especially those you have yet to pay off.

New Debts

Did you just take out a loan or get a new credit card without notifying your accountant? Think again. Anytime you open up a new credit line or loan, your accountant should probably be the first to know. This again will help ensure that you’re not making emotionally driven decisions.

What other things should your accountant know? Leave your comments below.

Image credit: Alex Wellerstein

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