Back in the junior accountant days our clients looked very different. The number one concern was around “what can I claim to reduce my tax bill?” Fast forward to 2013 and clients are painting a different picture. Now, clients are becoming more aware of not only tax accounting but business accounting. Business owners want to know how to best set up their business so it is structured in the best possible way. And of course the growing trend in asset protection and wealth creation for the future. Didn’t know the mere Accountant could do that?
But wait. There’s more.
4 things your accountant can do for your business:
1. Business processes Your accountant is a wealth of information when it comes to nailing down the right processes for your business. Having the right processes for things like time-sheeting, POS receipts and invoicing can not only save you time but bucket loads of money in the long run. We blogged about How to save time and money FAST: Business Process Automation back in July.
2. Payroll Payroll is no longer handled solely by Blanche in the back office. The right accountant can systemise all your payroll right down to the technology that you should use. Sure, Blanche can handle the day-to-day stuff but your accountant can strategically advise a way forward best for your business.
3. Growth and Forecasting All accountants should give their clients the right tools and strategies to set them on a path of growth. By providing clients with the right level of practical advice and strategic guidance, accountants can ensure that the right growth strategy is implemented and ultimately achieved. Business reviews, cash flows and budgets, performance analysis, and capital raising options all come under a good business accountant’s skill set.
4. Dot your i’s and cross your t’s (Compliance) It’s not shocking that accountants like to be compliant. We like to be perfectly balanced with everything accounted for. But now we need to dig a little deeper and look at everything from the simple Business Activity Statements (BAS), payroll and withholding tax, to super and workers compensation. Leave no stone unturned and there will be no nasty shocks at tax time.
The biggest challenge facing the accounting industry and the accountants of today is change inertia. No longer do clients only need a once a year visit to the accountant. It’s time for accountants to get out from behind the desk and break the number crunching, excel sheet loving, tie wearing stereotypes of yesterday and step into a new way of thinking.
Does your current accountant proactively look for ways to make your business better? We do. Give us a call to see how we can help you.