Get educated from your accountant

So often business owners see their accountants as a ‘necessary evil’ to tick the compliance box.

Your accountant has so much to offer, I’ve written about this before – your accountant is much more than a bean counter.

The business landscape today is challenging – and it’s not just because of competitors but I would say that it is more because of enhancement in technology which includes Artificial Intelligence (AI) that is changing our landscape on an ongoing basis.

Consumers and businesses have so much choice as to products or services as a result of which more than competitors, we now have alternatives available in the market.

What do I mean by alternatives?

Take a plumber for example. There was a time when only a plumber could do what they do, i.e. the technical trade skills.

However, today, thanks to YouTube and even Bunnings, you can not only change your own tap washer, yet you could, if you wanted, replace your entire toilet or even undertake a bathroom makeover – without getting a plumber involved!

Same goes for accountants – cloud accounting packages the likes of Xero, QuickBooks Intuit & MYOB, are making it easier for businesses to do most of the grunt work with their accounts.

Why use the full range of services of an accountant?

If you did decide to replace your own toilet or bathroom for that matter and despite the knowledge you gained from YouTube or on a Saturday morning at Bunnings, what happens if something does go wrong?

Imagine accidentally bursting a water pipe resulting in mass flooding of your bathroom. What then? Well, then you’ll call the plumber and guess what – you end up paying even more than you would have.

The same is true of your accountant.

Accountants are great at what they do, i.e. tax preparation, BAS, auditing and so on. However, these are all compliance functions.

The other ‘hidden skills’ of an accountant is their network.

You see, your accountant is most likely connected to many other specialised businesses – simply through their dealings with them.

So, what does that mean for you?

Accountants are a source of education and information

I mentioned earlier that the business landscape is changing dramatically and becoming increasingly competitive and challenging.

Other than competitors, many business owners face such challenges as;

• New compliance requirements e.g. Single Touch Payroll

• The digital revolution – which is ongoing

• Human Resource issues, e.g. retaining good staff and managing performance

• Industrial Relations issues – award payments etc

• The need to increase productivity and efficiency

The list could go on.

As a business owner, you are not expected to be an expert in this and more – your job is to do what you’re good at doing.

So, when you do face challenges outside your scope of expertise, your accountant should be your first point of contact.

Your accountant will not only be able to provide an initial assessment, they will also very likely then guide you to other specialists in their network.

Working and interacting pro-actively with your accountant e.g. – asking questions, getting educated and seeking advice could save you not only time yet also potentially a significant amount of expense in terms of; lost productivity, wrong actions and even worse, taking no action.

The question of fees will invariably come up.

What price does one put on sound advice that will potentially save you thousands if not tens of thousands of dollars.

Working closely with your accountant should not be looked upon as a necessary evil – rather, it is a critical must have for the future success of your business.

Aperture Accounting, 1300 273 788