Property investors often spend time “shopping around” for the best members of their financial team to guide them in making the most out of their assets, and one vital part of every effective support group is the right accountant.
Often, we hear investors ask for tips on how to find the best accountant for their team, but Smart Property Investment’s Phil Tarrant flips the situation and asks the show’s resident accountant Munzurul Khan: “How can you be a better investor through your accountant?”
According to Munzurul, an investor must put his trust on an accountant that they cannot only speak to, but someone who they can relate to.
“What is the right accountant? Who is the right accountant? I mean the question by itself I suppose perhaps whether it’s relative. For me, the right accountant, number one, is someone that you speak to. Number two, someone that you can relate to. More importantly, an accountant should be experienced, someone who, to some extent, is specialised into an area of your interest,” he said.
Members of the financial team must also strive to have a harmonious relationship. After all, everyone is working towards one goal – to ensure financial freedom and stability for the investor. You can be a better investor through your accountant and the rest of your team by being honest and transparent about your goals, methods, and even your doubts and misgivings.
Munzurul explained: “You need to find the accountant who's passionate ... It’s not just doing it. It’s that he’s doing it, he’s in there, his own gains are in there, and he’s passionate about it, and the accountant is genuine.”
“As long as the open communication is there from your end, you say that this is what I’m expecting, and the accountant gives strategic feedback from his point of view, you can become a better client ... As long as that’s a dual bit of the communication there and the practical experience is there, I think that’s the right accountant,” he added.
Working as a team means combining efforts and complementing skills to add value to the investor’s portfolio, and as much as many factors depend on the financial team, the investor must also work hard to keep the team’s priorities in line.
Like in most groups, a financial team can only work better with goals that are set firm.
Tune in to Munzurul Khan’s episode in The Smart Property Investment Show to know more about building a support team for your property investment journey.