3 reasons why you need to be in regular contact with your accountant
Staying in regular contact with your accountant is SO important! All too often we see clients who only get in touch with their accountant once a year at tax time. But your accountant is there to be your advisor and partner in business all year round. If utilised correctly, they can help you make decisions and implement processes that will see your business grow.
If you aren’t already, here are 3 reasons why you should be in regular contact with your accountant.
TO STAY UP-TO-DATE ON CHANGING LAWS AND REGULATIONS
Laws and regulations are always changing and as a business owner, it can be difficult to stay on top of it all, all the time! But your accountant is well equipped to do just that, which means they can then keep you up-to-date on any changes that may impact your business.
BECAUSE THEY CAN’T HELP YOU IF THEY DON’T KNOW WHAT’S HAPPENING IN YOUR BUSINESS
Having a close relationship with your accountant can go a long way in ensuring they know your goals, problems and operations of business. When they do, they can help put in place strategic plans to ensure you are on the right track to reaching those goals!
They can also assist you during critical moments and guide you through the tax, cash flow and business consequences of those moments, such as:
- Buying a property
- Buying a business
- Moving into a commercial premises
- Taking on staff or contractors
- Buying a car or large pieces of equipment.
TO MAKE SURE EVERYTHING IS IN ORDER BEFORE IT’S TOO LATE
In any business, it’s crucial to have accurate records, something your accountant will help out with. But if you’re only getting in touch with them once a year during tax season, you may be too late getting on top of any errors that have occurred. This could end up costing you a lot of time, energy, stress and money.
The key is to be proactive, instead of reactive. Would you rather find out you owe $10,000 when your tax return is due, or 6 months prior when you have the chance to budget for that $10,000? Staying in regular touch with your accountant will ensure that all your records are in order throughout the year, saving you last-minute headaches!
If you view your accountant as someone who merely lodges your tax returns and BAS, you’re missing out! Your accountant is someone you should be in regular contact with throughout the year, as they can help you make critical decisions and implement processes that will see your business grow. They can also help you ensure your business is better prepared and on the right path to success. If you want to make sure your business is in this position, please reach out to us for a free consultation.