“Well, Mr. Collins, according to GAAS…”

That’s how an auditor tried to shut down a conversation with a client last year. We recognized the intent immediately. His quoting a standard wasn't meant to clarify or add value. Rather, it was a move to end the conversation, keeping questions and input at arm’s length.

And in that moment we realized, while most financial professionals strive to explain and clarify, there are times when technical terms can be used in ways that create barriers to understanding. Frankly, business owners deserve better. They deserve a financial partner who values clarity, collaboration, and transparency, and who will engage in conversations that lead to understanding and confidence.

Why Accessible Financial Communication Matters

Finance and accounting are inherently technical fields, and terminology like GAAS, GAAP, and IRS Tax Code is essential to the work we do. These terms serve a purpose: they provide a structured language for managing complex issues in a consistent, professional manner. But for business owners who aren’t steeped in this language, these terms can feel confusing and create unnecessary distance, making it difficult to engage in discussions about their own businesses.

A great financial partner bridges this gap by translating technical terms into accessible concepts. And, this isn’t just helpful - it’s essential to effective decision-making. Here’s what business owners should expect from their financial professionals to build a relationship based on trust and understanding.

Setting the Standard: What Business Owners Should Expect from Their Financial Partners

The heart of a productive financial partnership lies in clear and open communication. Here are the standards every business owner should look for when engaging with financial experts:

1. Explaining the 'Why' Behind Financial Principles

Each principle or rule in finance has a purpose. Expect your financial partner to clarify why a guideline exists and how it benefits your business. If a requirement arises because of GAAP, for instance, you should understand that these standards enhance transparency and consistency, which builds trust with investors and stakeholders. Instead of stating, “It’s GAAP,” a professional partner will explain how it applies specifically to your goals and needs.

A great financial partner provides this context readily, helping you see the value behind each requirement and fostering trust in the process.

2. Building Confidence Through Plain Language

Business owners should feel confident when discussing finances, and that means expecting financial partners to communicate in plain language. Real expertise lies in simplifying complex topics, and a good partner will make financial discussions accessible without unnecessary jargon. Whether discussing cash flow, financial statements, or compliance requirements, your financial professional should prioritize clarity, ensuring that you fully understand each concept.

3. Embracing a Collaborative, Two-Way Dialogue

Financial conversations should invite questions and foster a collaborative approach. Look for financial partners who encourage your questions, viewing them as a way to ensure alignment and mutual understanding. They’ll see these interactions as an opportunity to build knowledge and insight, not as challenges to their expertise.

Finance should empower you, not create a barrier. When approached as a two-way dialogue, financial guidance becomes a powerful tool for growth, helping you make informed, strategic decisions.

4. Demystifying Finance for Long-Term Success

Financial literacy is an asset, and a great financial partner helps you build it over time. The more you understand, the better prepared you are to make sound financial decisions. A valuable partner will work to deepen your knowledge base, equipping you to navigate complex topics with confidence. This commitment to your understanding is a mark of true partnership, as it helps you steer your business effectively, regardless of the challenges ahead.

Why These Standards Matter

Setting high expectations for transparency and clarity in financial relationships provides a foundation of trust and informed decision-making. Here’s why these standards matter:

• Trust and Transparency: Clear communication builds trust, which is essential to a successful partnership. When you understand the thinking behind financial recommendations, you’re more likely to feel confident and invested in your decisions.
• Effective Decision-Making: Financial clarity empowers you to make strategic choices with a full understanding of their implications. This transparency allows you to weigh options, understand trade-offs, and see the big picture.
• Compliance with Purpose: Regulatory standards are meant to serve your business, not complicate it. A partner who demystifies compliance requirements helps you leverage these principles, making compliance a valuable asset rather than a mere obligation.

How to Seek Clarity and Encourage Transparent Communication

If you find yourself in a conversation where technical terms are used without explanation, remember you have the right to request clarification. Here are a few approaches that can help ensure clarity:

• Request Plain Language: If the terminology feels overwhelming, ask for a simpler explanation. Phrases like “Could you walk me through this in plain language?” or “What’s the main reason for this requirement?” can help guide the conversation.
• Seek the Purpose: Often, professionals get caught up in the “how” and lose sight of the “why.” By asking, “How does this affect my business directly?” you can bring the conversation back to what matters to you.
• Challenge Unnecessary Complexity: If technical terms persist, consider questioning their necessity. It’s your business, and you have the right to fully understand every decision that impacts it. A professional partner will welcome these questions and provide straightforward answers.

Setting a New Standard for Financial Partnerships

At the end of the day, financial professionals are there to be partners, using their expertise to empower and educate business owners, not to overwhelm or distance them. By expecting transparency, clarity, and collaboration, you’re setting a standard that will benefit your business in the long run.

Finance should be a tool to drive your business forward, not a barrier to understanding. You deserve a financial partner who values clarity, respects your perspective, and is committed to your growth.