In today’s post, we dive into why traditional accountants are falling short of what businesses truly need. Nathan Rigney, known as the Profit Generator, breaks down the flaws of focusing only on compliance and tax returns. He makes a compelling case for working with an accountant who does more—someone who provides proactive advice, tailored growth strategies, and a true partnership to help your business not just survive, but thrive. Read on to learn how to choose an accountant who prioritises your success.
The Role of Traditional Accountants: Why It Falls Short
Most people think their accountant is doing everything they need when many accountants are only scratching the surface. They handle your tax returns, they fill out forms—whether for your personal tax, company returns, or BAS statements. It’s just form filling. But here’s the thing: that’s just the bare minimum.
Accounting is the history of what’s happened in the past. It’s important, sure, but it’s not enough to help you succeed. If you’re running a business, you don’t just need someone to track your financial history; you need someone to help guide your future. That’s where some traditional accountants often fall short.
What You Really Need From Your Accountant
A good accountant should be more than just someone who crunches numbers and files forms. They should be helping you plan for the future. For example, when you start growing your business, minimising tax is important, but what about your growth strategy? Tax minimisation is just a small piece of the puzzle.
The key to thriving as a business owner is having an accountant who goes beyond compliance. They should be helping you forecast, plan, and grow. Traditional accountants are too focused on keeping the government happy—they file forms, lodge tax returns, and give you generic advice. That might be fine if you’re content staying small, but if you want to grow your business, you need more than that.
Partnering with Your Accountant: It’s a Two-Way Street
Your accountant isn’t just a service provider; they should be a partner in your business. And like any partnership, it takes effort on both sides. You need to be proactive. Schedule regular meetings—whether it’s monthly or quarterly—and make sure you’re talking about more than just compliance.
Don’t just complain that your accountant isn’t proactive. Take responsibility for your part of the relationship. Set goals, work backward from where you want to be in a year, and work with your accountant to achieve them. It’s about having regular, meaningful conversations with your accountant about how to grow your business, not just filing taxes.
How to Hold Your Accountant Accountable
Stop settling for less. If you want to grow your business, you need to start holding your accountant accountable. That means asking the tough questions. If you don’t understand something, ask until you do. Too often, we’re afraid to admit we don’t understand, but the truth is, asking questions is the key to growth.
As your accountant, I’m invested in your success. It’s frustrating when clients don’t implement the advice we give them, but that’s a two-way street. As a business owner, you need to take action on the advice you receive. Don’t let fear or uncertainty hold you back—ask questions, seek clarification, and make sure you’re both on the same page.
Real-World Example: The Value of Proactive Advice
Here’s a quick story about one of my clients in the transport industry. He was running old buses that were constantly breaking down, costing him money. We did a cash flow forecast and realized that buying a new bus—even though it was expensive—would actually save him money in the long run. The old bus was losing money, but the new bus brought in higher-paying jobs, and within the first year, he was already ahead by $57,000. This is what proactive accounting looks like—going beyond compliance to help you make decisions that grow your business.
What to Look For in an Accountant
So, what should you be looking for in your accountant? First and foremost, you need someone who is proactive, not reactive. You need someone who genuinely cares about your business and is willing to have those tough, meaningful conversations with you.
And let’s be real—not all accountants are dry, boring introverts. You need to find someone you can get along with, who shares your vision for the future, and who isn’t just focused on tax returns and compliance.
The Bottom Line
At the end of the day, the right accountant can make all the difference in your business. Don’t settle for an accountant who just files forms and gives generic advice. Look for someone who will partner with you, ask the tough questions, and give you tailored advice to help you grow.
If you’re ready to take your business to the next level, it’s time to demand more from your accountant. Make sure you’re getting advice that’s going to help you succeed—not just survive.
Let’s start thinking big and growing your business together.