What your accountant should do for you
This week’s video is all about what your accountant should be doing to help the success of your small business. Nathan as an accountant himself, sheds light on the realities of what a good accountant can help you achieve, whether that is giving you advice regarding the growth of your business or helping you make the tough decisions. The right accountant will be there you every step of the way. So, if you’re currently unsure about your accountant then this week’s topic is for you.
Why I started NGR Accounting
Before we get started, I thought I would quickly give you guys a back story on my ‘why’. Why I started NGR Accounting.
I first started NGR Accounting back in 2014. Before NGR I use to work for other firms, who were very old school and traditional in their ways, not embracing any new accounting technology. Firms I was working for were not heading in the direction I wanted, and they were not client focused. Basically, giving accountants the typical stereotype of “boring”. When I broke away and created my own unique accounting firm, I want my mission and vision to be about the clients and helping them create their own successful small business.
What every accountant/tax agent typically does:
Briefly, we wanted to give an overview and the ‘compliance side’ of accounting. Basically, what you will find with any accountant. They will…
- Prepare your tax returns and financials.
- Give you Tax and business advice.
- Help you structure your business.
- Keep you on the right side of the ATO.
Even though, each of these factors are an important part of accounting, these do not just make a good Accountant.
One of the most important factors of a good accountant is embracing new technology as we continue to develop as a society. With many small businesses now using Accounting software such as Xero, Accountants should be able to use and navigate their way around these new apps. Xero is a very well-known software that can help your business in making money, so it’s important to find an Accountant who will also adapt with your business.
As an example, a local Primary School P&C committee set up Xero, it was able to help in….
- Providing an invoicing solution and a collection system where Parents could pay online and via credit card – which meant parents no longer needed to be on site to pay for the uniform or trust a young child with a sum of cash to hand over to a P&C Member.
- Stock control – school had a system to see what stock they had and could work out the gross margins of what they were selling. After all, the P&C is a business too.
- P&C could track revenue sources and produce reports within minutes. Previously their data was outdated and P&C members never had a complete picture of where they were financially.
- P&C using Xero and Dext was able to have source documents, like receipts attached in Xero and the payments made. This meant their audit fee was significantly reduced due to ease of accessing records and source documents for the auditor.
One important factor to know when choosing an accountant, is whether they are running a small business of their own, like NGR Accounting for example. When an accountant is running their own business, rather than just being self-employed or working for a larger company, they have a greater understanding of small businesses.
A good accountant will also give you advice on Product/ Service and price analysis. Getting the pricing right is a critical step in the success of your business. Are you charging too much or too little? Your accountant should also be there for you become a business owner; help you make decisions regarding your financial wellbeing. Is this business worth buying, is it a good long term investment?
Ability to see past their own skill set:
Any good Accountant should be able to see past their own skill set. An important quality of an Accountant is understanding that they cannot solve every problem in your business. When you have marketing issues or HR issues an Accountant should have a basic understanding, but also realize that is not their area of expertise. Ideally, Accountants should have knowledge about general business issues like Marketing and HR, able to recognise issues, but leave it to the professionals in these areas to solve any problems.
Your accountant should also be connected with other business-related professionals. Here at NGR Accounting we have a wide range of referral partners who we refer clients to if there is ever an issue with your business that NGR cannot solve. For example, referring you to a business coach to help solve blockages to business growth.
Many Accountants tend to feel threated if you go seeking help elsewhere and are worried that they will lose a client. A good Accountant will not only not feel threatened but help you seek this extra help/knowledge if it is what you need for your business to succeed.
There are many factors that differentiate a normal accountant to a good one. Here are NGR we put our client’s needs first and understand that this is more than just your Business, its your livelihood. If you are currently looking for a new Accountant, please do not hesitate to contact us.