There’s lots of things in life that require a whole lot of hard work; growing a business, building a family, saving for a house, to name a few. And you find yourself wearing a hundred different hats; mum and dad one minute, business decision-maker the other. And then life throws a curve ball; COVID-19, a health complication, an unexpected bill, or you just feel like business isn’t getting to the next level. All these things come with financial implications and considerations.
In all of it, you might have found yourself wondering, “if only there was someone to help with…” (fill in the blank) Well… we’ve made this piece just for you. There’s many benefits of having an accountant and advisor on your side, and we want to share with you some of the best ways this kind of professional support can see you overcome financial challenges, and achieve big goals.
Whether you’re a business owner, an everyday joe, a family, or otherwise, this is for anyone who wants to take their finances to the next level.
If you’re a business owner, keep reading for “Benefits of having an accountant for your business”. If you’re an individual, feel free to skip down to “Benefits of having an accountant as an individual or family”.
Before we begin, there are a few different types of accountants. We are a Fellow CPA Accountant, which means we are recognised at a high level by CPA Australia (a fellow membership achieved for those with at least 15 years’ work experience in accounting, finance or business). We’re also qualified as an advisor too. All these benefits are for those engaging with an accountant and advisor recognised by an international accounting body like CPA Australia.
Accountants can do much more than your once-a-year tax return. Let’s dive into the ways an accountant and advisor can help you crank up your finances, and grow your business.
A good accountant knows how to claim tax deductions, reducing your taxable income and therefore how much tax you need to pay. They can assist with understanding the ins-and-outs of staffing, operating expenses, and can therefore spot opportunities that will help to boost profits. Hiring a professional to help manage your accounts will ensure nothing is missed, reducing the risk of errors that can be costly to your business.
You’ve probably heard the phrase “time is money”, and if you run a business, you might have experienced this for yourself. Accountants can save you valuable time allowing you to focus on what you do best and focus your attention. There is an investment of money hiring a good accountant, however the time and money they will save you will outweigh the fees and the stress of not having one. Bookkeeping is one of these services that will see you claim back valuable time.
Getting your accounts neat and tidy will make sure your business has the best chance of running smoothly, avoid big mistakes, and not lose any important information. An accountant can help you set up a good system, and start using accounting software such as Xero, or Quickbooks. This will keep all your finances in one online space, that you or your accountant can access easily, at any time.
Corporate Compliance is a scary word for making sure your business meets any laws, regulations, standards, or codes with which businesses must comply. This can include meeting tax deadlines amongst other corporate compliance requirements, and essentially feels good to know is taken care of. An accountant can help you with Tax Returns, Business Activity Statements (BAS) and Instalment Activity Statements (IAS) along with other areas of compliance. Having someone who knows all the ins-and-outs of these requirements helps to avoid unnecessary stress and work on your part.
Whether you’re just starting your business, feeling stuck after a number of years, or keen to grow an enterprise, there’s a number of ways an accountant and advisor can be of benefit to you. They can assist with developing a business plan, financial modelling, or business growth and profitability strategies to help your business grow tailored to your goals.
An accountant can also give advice when it comes to structuring your business and even changing the structure as you grow. From sole traders and partnerships to corporations and companies, having the right structure is important to ensure you’re not paying too much tax, protecting yourself and your assets, and managing risks. Having professional and sound advice is a must for finding the business structure fit for your business.
Whether you’re starting an exciting new venture, or dealing with business investments, an accountant can assist you with valuing and weighing up the options to ensure you make a well-informed decision. When it comes to selling a business, assistance with business valuations, forming exit strategies, and preparing financial reports and documentation, are all vital in ensuring you get the most out of your asset and don’t end up with unexpected tax bills. Similarly, when buying a business, accountants can help you liaise with third parties and business valuation to ensure you’re acquiring a good investment.
When making decisions in business, finances, investments, and the like, it can be overwhelming to try and understand all the complex details. For big decisions that will impact you and your family in years to come, a lack of confidence can become burdensome. A good accountant and business advisor will break down complex information into its simplest form, so you can understand the facts and information without getting caught up in confusing details. They’ll also guide you through a considered and logical process of decision-making, backing you with years of experience so you’ll have much needed confidence when the stakes are high.
In life, things pop up all the time, forcing you to pivot and adapt accordingly. Having access to professional advice when you need it is invaluable, and can be another stress reliever when an answer is just an email away.
Want to buy or sell your house but don’t know how that will affect your financial position? An accountant and advisor can help you understand what the impact is in years to come. This will put you in a good place to buy or sell with confidence.
Having a plan in your business and finances is key to longterm success. An accountant can help you plan for the future with assistance in budgeting and tax planning, along with assistance in debt management, retirement preparation and Self-managed super funds (SMSF). There are many benefits in planning for the future, and having a qualified professional to help you do so will definitely ensure you can reach your future financial goals.
Everyone is unique, with a diverse range of situations. A good accountant and advisor will not only fulfil your needs by ticking boxes and sending you on your way, but will see unique opportunities to take you to the next level, lay out proactive steps towards achieving your goals, and walk with you in a friendly and professional capacity.
In short, the benefit of having a good accountant on your side can be the difference between getting stuck in financial frustration and trouble, and flourishing in your business and finances. We’re a fellow CPA accountant and business advisor with twenty plus years of experience. Having worked with all different kinds of people from business owners, to families and retirees, we’ve seen the positive impact that good accounting and advice can have. Whether you’re a parent looking to build a better future for your family, or a business owner wanting to take things to the next level, our approach is to get to know you, understand your exact needs, and empower you in your exact financial goals. Find out for yourself the benefits of working with a good accountant and business advisory. Let’s chat.
For a full list of services, jump to our services page to keep reading.