5 Common Mistakes Business Owners Make When Working with an Accountant
Choosing to work with an accountant is a smart move for any business owner, but it’s not a silver bullet on its own. The value you get from your accountant depends just as much on how you work with them as it does on who they are.
Here are five common mistakes we see business owners make when working with an accountant and how to avoid them to get better results, save money, and stay in control of your business finances.
❌ 1. Only Speaking to Your Accountant at Year-End
Many business owners treat their accountant like a once-a-year obligation. You send over the numbers; they file your accounts… and that’s it.
👉 Why it’s a mistake: Waiting until year-end often means missed tax planning opportunities, limited advice, and rushed decision-making.
✅ What to do instead: Check in at least quarterly. A good accountant should help you forecast, plan, and make strategic decisions *before* the year is over.
❌ 2. Not Asking Questions
Some clients assume they’re “bothering” their accountant by asking questions, or they don’t feel comfortable asking what something means.
👉 Why it’s a mistake: Not understanding your numbers can lead to poor business decisions or compliance issues.
✅ What to do instead: Ask away. If your accountant is any good, they’ll welcome your questions and explain things in plain English.
❌ 3. Doing the Bare Minimum with Bookkeeping
Leaving your books until the last minute, uploading receipts sporadically, or using outdated spreadsheets can make life harder for everyone.
👉 Why it’s a mistake: It creates delays, increases errors, and limits the insight your accountant can offer.
✅ What to do instead: Use a modern bookkeeping system (like Xero) and keep it up to date. Even 15 minutes a week can make a big difference.
❌ 4. Not Letting Your Accountant into the Big Picture
Some business owners keep their accountant in the dark when it comes to things like expansion plans, new products, or staffing changes.
👉 Why it’s a mistake: Your accountant can’t give strategic advice if they don’t know what’s happening behind the scenes.
✅ What to do instead: Keep your accountant in the loop. They can offer valuable financial input on big decisions and help you avoid costly mistakes.
❌ 5. Choosing an Accountant Based Only on Price
Of course, budget matters, but going with the cheapest option often means getting the most basic service.
👉 Why it’s a mistake: You might save a few pounds on fees, but you could miss out on thousands in unclaimed tax reliefs, bad advice, or poor support.
✅ What to do instead: Look for value, not just cost. A great accountant should save or make you more money than they charge.
Want an Accountant Who Helps You Avoid These Mistakes?
At M Wasley Chapman & Co, we make it easy to get it right. We provide proactive advice, unlimited support, and modern tools, so you’re never left wondering, guessing, or worrying about your finances.
📞 Book a free consultation today
Let’s chat about how we can help your business grow with clarity and confidence.
