Is your accountant your business advisor?
Posted by Northadvisory on May 3, 2021
Many business owners seek the services of a professional business accountant to help them with compliance.
They want to make sure that they meet all their mandatory tax obligations and that they have their necessary financial reports and documentation well-maintained.
Of course, a business accountant can complete your quarterly business activity statements, process your PAYG and file your annual tax return… but there is so much more that a good accountant can offer you.
Strategic advice can help you identify ways to increase your revenue while also finding opportunities to save money. They can guide you as you set new business goals and support you with valuable insight as you navigate challenging periods.
Holistic view of your business
Your accountant holds a unique position in relation to your business. They are your trusted partner that you rely on to manage the financial aspects of your enterprise, but they also have an objective point of view and are able to provide you with unbiased advice.
They can look at your business holistically and provide you with guidance from an unemotional perspective. As a business owner, you might find it difficult to make certain decisions because you are torn between your head and your heart… but your accountant can give you feedback that is based on financial fact. This comprehensive impartiality is essential when you are looking to implement new processes or make significant changes within your business.
Focus on the future
It is natural for your accountant to focus on the future. They are always keeping up to date with legislative changes and monitoring your financial position. They can determine what issues you might encounter or what new possibilities could lie ahead.
By analysing your business activity, they are able to give you the information you need so you can make proactive decisions and plan your next move with confidence.
Whether you need to make business development decisions around staffing and resources, or you want to start succession planning to be prepared for future growth, asking your accountant for their guidance is the first step in making sure you achieve the best result.
New opportunities for growth
From cost reduction strategies or tax minimisation to implementing a new debt management system or improving your cash flow, your accountant can help you find new opportunities for growth.
Reviewing operating expenses enables them to determine areas where you might be able to save. And of course, any dollars saved by streamlining operating costs equate to more business profits. How much it costs to run your business directly impacts your profitability, so this is a great place to achieve immediate results.
A business is a dynamic entity and with so much going on every day, it can be difficult to know where to focus. Your accountant can help you pinpoint what’s important – what needs your attention first. Then you can set your business goals accordingly and they can give you tools to track your progress.
Talk to us today
Here at North Advisory, we pride ourselves on our commitment to your business success.
We know that you need a business accountant and advisor who is proactive and has the ability to meet your complex needs.
When you work in partnership with us, you can be confident that we will be able to support you as your business grows.