When was the last time you received real business advice from your accountant? Not something concerning year end accounts or overdue BAS, but solid assistance with the day to day challenges you face in your business?
For too many business owners, the answer to this is NEVER. They think their accountant is only there to help with tax returns or managing GST and PAYG, and all at a hefty annual cost to the business.
Times are changing, and this traditional approach to accounting is on the chopping block.
An accountant must be adding value, period.
As a business owner you should be constantly aware of the value you receive for the money you spend. You can guarantee your customers will do this, so why should anything be different when you are the customer?
Basic financial management is essential, but did you know a good business accountant can help you with tasks like cash flow forecasting or business planning? They can help you better understand what the future holds so you’re not struggling to survive month to month.
30% of small businesses are continually losing money.
Gaining perspective from an expert who already knows your business and can interrogate your financials with you, could be the difference between failure and success.
If you are not seeing ongoing support from your current accountant, I want to challenge you to ask why. Ask them to prove the value for the money you spend. Be clear on the topics that you need assistance with.
A good accountant is not an expense. They are an investment that should return tenfold.
If the value isn’t obvious and you don’t receive the answers you want, it’s time to start shopping around. Ask fellow business owners for referrals and measure up at least three or four options before making a decision. Look for modern accountants who offer monthly packages that include focused business advice on top of the basics for financial management.
The whole exercise can take as little as a few hours to complete and I can speak from experience when I say the difference it can have for your business is extraordinary.
Photo with thanks to Burak Kostak