Do you find yourself going a year between visits to your accountant? Find all you do is submit annual returns? You aren’t getting value – and here’s why.
As Australian small business owners, most of us love to do our own accounting research online. It is true that the Internet is a great way to learn about new products and practices, marketing possibilities and potential pitfalls. However, it cannot give you real advice that suits your specific situation.
That’s why it is important as a small business to regularly meet with your accountant. During these meetings, I’m sometimes surprised by the accounting and business advice that I didn’t expect I would walk away with; the value is definitely there!
In just about any form of tax dealing, there are positives and negatives, and that’s why we have to leave it to the experts. You wouldn’t run your own IT systems without getting experts in, so don’t do the same with your money.
It seems that some some Australian small business owners continue to trade and think about some advice they received from their accountant or business advisor, many years ago.
Many of us, myself included, don’t fully understand all the changes that the Australian Tax Office make every year – and how could we? That would be a full time job, and we already have a small business to run.
How do you keep up with the rules that change for sole proprietors, companies and businesses? How do you know what taxation deductions you may be entitled to? An accountant can help.
The time and money I have spent on professional accounting advice may seem high, however I truly understand it as an investment.
I’m happy to pay my fair share of taxes, but I’m certainly going to use all the available tools to minimise taxation sting. As I mentioned before, the taxation rules are complicated and steadily changing, every Australian small business is different, and different professionals may provide somewhat contradictory advice.
Please take the time and make sure you are getting solid advice that matches your objectives. Advice that is from this year too, and not a decade ago.
Regular meetings with your accountant are a valuable use of your time. These are a great opportunity for you to do some of your own planning and research so you can ask good questions.