Did you know that great accountants do more than just end of year tax returns?
That’s right! It’s time to get rid of the old “bean counter” assumptions and look at your accountant in a whole new way.
Your finances are one of the most critical things in your business. They deserve much more attention than a yearly glance in the rear-view mirror. And you deserve proactive, insightful support as you grow your business.
If you are getting anything less than that, it might be time to request a little more.
If you're not sure you're getting the most from your accountant or if you're unsure what to expect, here are some of the things you can expect a great accountant to do for you and your business.
What Should You Expect From Your Accountant?
Be A Partner
I am just going to come out and say it. I want to hear from my clients more than once a year, usually when tax time rolls around. Rather than performing a functionary role to tick the legal and financial boxes, I prefer to partner with my clients.
It can take a village to raise a business. It isn't something that you can do alone. A good accountant will be there to help advise and support you at all times of the year. They should be on the end of the phone/email/zoom call to answer queries and help you make business decisions.
Your finances tell a wonderful story about how your business is operating. Your accountant should be able to read that story and help you ensure it has a happy ending, not train wreck finish!
Help You Take Home More Money
Regardless of your other business goals, increased cash flow and boosted profits are on every business owner’s wish list. Even entrepreneurial geniuses need support from financial experts to make the right decisions to improve your personal money situation - as well as that of your business.
A good accountant should provide practical advice to help you improve your business and proactively solve any problems that pop up. And rather than confuse you with accountant speak, they should be able to clearly explain things so that you fully understand them.
Support You To Achieve A Better Work/Life Balance
Are you burning the midnight oil just to stay profitable? Spending more time at the office (or laptop) than with your family? That’s not why you went into business, is it? It can be hard to take a step back, especially when it’s a new venture, times are tough or you are the main breadwinner.
But it’s important for business owners to step away from the grindstone now and then. Does your accountant care about how many hours you are putting in at the office? They should! The financial health of your business depends on your own health and wellbeing.
Great accountants don’t just work magic with numbers. They are also adept at knowing the right systems and processes to use in your business to make life easier. When it comes to finances, the technology exists to streamline and simplify things – your accountant will know exactly how to leverage that technology to give you some breathing space.
With a deep understanding of how your business works, they should be able to help you set goals and prioritise so that you are focusing on the things that will give you the best return for the least amount of input (the 80/20 rule).
Reduce Your Stress Levels
Business management is filled with stress, but not much trumps the stress involved with financial troubles. Having a reliable, trustworthy accountant can remove that extra drama.
They will help you plan and manage your cash flow so you’re not scrambling to pay bills or chase invoices every month.
They will also work hard to ensure there are no nasty surprises at tax time. Believe it or not, you don’t have to wait until the end of April to know how much tax you’re likely to be paying. An effective accountant can forecast this in advance so you can set aside the right amount and enjoy a stress-less EOFY.
And speaking of forecasting, a great accountant will have this covered too. They may not have a crystal ball, but they should be up to date with any upcoming changes that might impact you and your business. Expect them to fill you in so you are prepared for what’s coming.
What You Should Expect
At Trio Accounting, we believe you should be getting more than just “numbers” from your accountant. Which is why we are committed to helping small business owners have more time, more money, and less overwhelm. If you believe you should be getting more support with your business finances, then we are on the same page.
Reach out today, and let’s partner up to take your business to the next level.