How to get the most bang for your buck out of your accountant!
Do you have your goal and vision in sight and feel like you are never going to get there?
You may be under-utilising one of the most valuable assets of your business.
You may not know it, but your accountant is one of your greatest resources. Let me explain why.
Let them help you get you to your vision and goal. It’s very easy! They are ready to jump on board. They have the expertise. But why don’t they?
The reason is simple. Because YOU don’t know how to let them.
So, this is how you do it.
Your business needs to be driven from the ground up. You need to direct from the bottom putting in place the systems and people working with you day to day on the ground covering off on all the bookkeeping, compliance, BAS lodgement, financial reporting and analysis.
Don’t leave this up to your accountant! It is a waste of their time and your money!
The information insights that you will have at your fingertips, working from the ground up you will then take to your accountant and say with confidence “There! Here is the accurate information about my business. Now help me take this to our next goal and our vision”
Don’t make this mistake
Say for instance every year you bumble along trying to address BAS requirements, slot transactions into categories etc for accountant at the end of the year. You think you are doing a good job. The accountant may not tell you that you are not. But the fees that you are paying your accountant are being spent on fixing up and troubleshooting your data. In the best scenario you get the data entry right, the fees are still going to BAS lodgement, tax compliance and financial reporting that you can easily have done for a lot less. More importantly than that you are missing out on a great valuable resource, with the expertise that you accountant has spent many years to qualify and gain the experience to be in practice.
It really is a no brainer! Use the hard earned $$$ of your business towards a quality result.
Case Study Example
Complete waste of time
Business A was using data in excel imported from their internet banking to populate a spreadsheet to give to the accountant every quarter for BAS. What do you think the accountant did with this? Spent time bookkeeping entering it into software allocating to the right accounting codes, communicating numerous times to identify what a transaction was for. This goes on for a full year. Business A dreading reporting every quarter not knowing, really how their business is going and concerned about meeting taxation requirements and Single Touch payroll legislation not yet addressed.
Unbelievable turn around
Business A took control, bit the bullet and engaged a qualified bookkeeper who involved Business A owner in the process and educated on what was involved how to manage data accurately, meet taxation obligations and how to understand financial reports and the health of the business.
On track to vision
Business A now had the information and all compliance and tax deadlines taken care of so that when they went to the accountant they had an intelligent informed conversation about taking the business forward to strategize on discissions around business structures and self-managed super funds to ready themselves in position to take the opportunity of current market conditions to buy their own premises.
An awesome result
Business A is happy – they are on track with their vision and using the fees wih their accountant to get them there and their accountant is on board and aligned with the vision of the business.
The accountant is happy as he is finally able to do work of value for the business that he is qualified to do and not only that he is able to make an impact and valuable contribution to the business to achieve its goal.
It’s a win win. It’s a no brainer
Work from the ground up. Find the expertise to help you to work at ground level all the way up to get the best bang for your buck out of your accountant and realise your vision for your business!
