Does Your Current Accountant Get You Excited? The relationship between a client and an accountant of long standing is a unique one. The client is relying on the accountant to keep up to date with current changes to taxation and accounting law. The accountant is expecting the client to continue using services and looks on the client as a source of income producing work. It is easy for both sides of this relationship to become complacent with each other and not demand anything more than they have been doing for years. Complacency Contributing to Missed Opportunities However, for the client, this may not be the best situation and it could be having an adverse effect on their business without them even knowing it. If they have an accountant who only ever looks back at the historical data of the business for the purposes of preparing the tax returns, either this is all the client expects and is willing to pay for or it could be complacency on the part of the accountant. Either way, the business owner is missing the opportunity to take a more strategic approach to managing the business and could be letting growth opportunities pass by. A good qualified accountant Brisbane can provide a much more comprehensive service than just doing a tax return. Many accountants now offer extensive services to business owners that include compliance expertise but also focus on tax strategies and structures to legally minimize their tax obligations. Lengthy List of Services on Offer Some of the services that a modern accountant would typically offer their clients include, on the accounting services side, business benchmarking and valuations, computerised bookkeeping set-ups, cash flow projections, graphical analysis, special purpose financial reporting, software support and statutory compliance. Taxation services typically offered are BAS, GST and IAS assistance and lodgements, PAYG provisions, payroll tax assistance, restructuring advice, tax planning and audits. If your accountant has not at least offered you or your business any of these services, it could be time to take a look at the relationship and decide if it has run its course. Putting just a couple of these initiatives in place from both the accounting and taxation perspectives could generate more profit and reduce the tax liability. It could also improve the general efficiency of the business and allow the owner to position it in a favorable light against the closest competitors. With the training that accountants now receive, they are able to offer so much more to their clients than just tax lodgement. They can set up sophisticated reporting mechanisms that give the owner advance warning of issues needing attention, provide the basis for forward thinking initiatives and support better decision-making. These are just some of the things on offer, and if your accountant can’t provide something similar, it might be time for a break-up. Click here for more information.
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