What makes a good accountant?

Good accountants are also:

• Detail oriented
• Highly organised
• Great communicators
• Team players
• Diplomatic
• Ethical and
• Efficient.

All of these traits combine to help build rapport and trust with clients and guide them to make good business and personal finance decisions.

1. Identify opportunities.

It is impossible, as a business owner, to work effectively on your core business activities and manage the financial aspect of your business.

A good business accountant will be the eyes and ears you need to identify opportunities for your business to capitalise on its current position and leverage past successes to enable future growth.

A good accountant achieves this by:

• Truly listening to clients – a good accountant will understand the ins and outs of your business, your target market and the industry in which you operate.
• Streamlining processes and procedures – a good business accountant will never try to apply a one-size-fits-all accounting approach to your business, but rather tailor their services accordingly and integrate process efficiencies wherever possible.
• Staying abreast of legislative changes and updates – a good accountant will be well-informed of the industry-specific rules and regulations that could change to identify opportunities and kickbacks for your business.

2. Safeguard from threats

Operating a business has its ups and downs, particularly if the overall market conditions are tumultuous.

A good business accountant will have the knowledge and experience to assist to safeguard your business from potential threats and ensure it can continue to grow and thrive.

A good business accountant achieves this by:

• Rigorous accounting processes – a good business accountant will identify cost-saving opportunities and mechanisms within your business and make regular and insightful suggestions on how you can improve your financial position.
• Overall market knowledge – you need your business accountant to not only understand the industry you operate in but also how overall market conditions impact your industry.
• Compliance and legislation – a good business accountant will have an excellent overall understanding of all your relevant obligations including:
  • Quarterly BAS
  • Annual tax returns
  • Fringe Benefit Tax (FBT)
  • PAYG withholding
  • Payroll tax
  • GST registration
  • ASIC management.

To find out more about our full range of business accounting services, please contact us today.

3. Advice and planning

A good personal accountant will assist you to align your future financial goals with your current financial situation. Once you have identified where it is you want to be, your accountant will create a budget to help you get there. This will include advice on how much you have available to spend on indulgences and what you will need to prioritise.

4. Investment advice

During your 20s and 30s you are most likely to be in the wealth accumulation phase, working hard, keeping your head down and hopefully acquiring assets. A personal accountant is a great specialist to have by your side during this period to ensure you are on the right track in working towards your wealth goals. After 45, it is crunch time when it comes to securing your future, and your accountant will guide you through the steps you need to take to ensure you have a secure retirement. When you’re over the age of 65 you will likely enter retirement, and your accountant can walk beside you as you determine the best process to prolong your wealth and realise your financial goals.

5. Guidance during milestone events

Trigger events such as marriage, children, divorce, or receiving an inheritance are great times to have a trusted accountant by your side.