Is your Accounting Work Reactive or Proactive?
As small business owners or wealth builders, most of us want a proactive accountant: one who keeps an eye on their figures (alerting if they go off-track). One who communicates 2-3 times a year, with an eye to the future. In fact, MYOB found that 93% of Australian business owners wanted that type of relationship!
So, we are no longer looking for simply a tax compliance and set-up service. As real-time accounting software is used more, it is ever more important to have a business advisor interpret the prime figures. You are saving on data entry and cross-checking work by using software, so accounting advice adds value here.
As banking and loan documentation becomes more demanding, that too can be an area to discuss and plan (when advising on cash flow and budgeting).
There are so many areas that you and your accountant can resolve to proactively plan… rather than reactively finding out your incoming cash won’t meet the needs of that December tax bill and overheads!
As busy accountants, there are some hurdles to giving proactive advice. One, finding out when clients are free to converse and which areas of need they have. Then, ensuring to put the planned call into a calendar. Also, not having too many other client accounts that are priority one. But here at Team Accounting, your personal tax accountant will always put time aside for you to discuss important issues.
Another proactive measure is alerting you, the client or prospective client, to issues surrounding your financial world. Team Accounting has just printed 18 information sheets, covering most-asked subjects, like:
buying a business, choosing sole trader or company, selling a business, investing in property, employees or contractors, what does a SMSF do, salary sacrificing to super, the Medicare levy and surcharge, valuing a business, retirement planning, and trusts.
You can come into the office at 131 Sutton Street, and pick up a few for free!
Being a Proactive Business Person
You can help the accountant help you, by being clear about which aspects of business and life are of concern to you in the next six months. OK, we’ve done your tax return, now what about planning your director’s 9.25% super contributions? (Ensuring any employees’ super is up-to-date too). Now might be the time to look at your yearly budget. What else can you save towards as a business asset?
As a proactive accountant, we must also advise if it’s suitable to switch to an online accounting software and the steps involved. For some, it’s not needed, but for multiple property owners and modern businesses with lots of activity, the benefits of real-time accounting software most likely outweigh the trouble of setting it up.
Again, it’s about asking your accountant a question and getting a full response. Every professional at Team is never too busy to properly understand your problems and goals – that is all part of being a proactive accountant.
Although our business advisory isn’t free, you might find that it’s cheaper than some business coaches, while being immensely practical. This is because time is charged hourly and not by arbitrary value. The value you receive by planning with your accountant (in business and for property) is returned both in dollars and in peace of mind.