Get expert help
A good accountant is key to the financial health and success of most businesses and self-employed people.
It’s their job to:
- make sure you’re compliant with the correct tax and regulations
- advise you on how to reduce your tax
- help you maximise cash flow.
They will also objectively assess how your business is performing, and where and how you can improve. Lots of accountancy firms also offer business advisory and coaching services to help you with strategic planning.
Investing in a good accountant will save you money in the long run and set your business up for success.
When to look for financial advice
You should check in with your accountant on a regular basis, but it’s particularly important to get financial advice when you are:
- starting out
- having trouble paying your bills
- wanting to grow
- closing or selling your business
- getting ready to seek investment
- considering large bank loans
- filing your taxes or dealing with tricky tax issues.
Choose the right person
Different accountants have different styles and areas of expertise.
Some focus mostly on bookkeeping and tax time matters, others offer a full range of business services.
If you are starting out, find an accountant who has experience dealing with people in your industry and stage of business – for example, launching a start-up or becoming self-employed.
You’ll get the most value from a proactive accountant who takes a good look at your financial documents and finds potential problems before they arise.
Your first meeting with your advisor
When you meet your accountant for the first time, tell them all about the different parts of your work.
Examples of helpful documents you can show them include past financial records, a cash flow forecast, future projections and a business plan.
If you’re new to business, contracting or working as a sole trader, an accountant who specialises in these areas can help you create these documents.
They can also help you with other important first steps, including choosing a business structure, registering for GST, getting set up with an accounting system, running you through asset checklists and finding the right funding.
A good accountant will ask you a lot of questions and challenge you to get a good understanding on the financial health of your business.
Your accountant or lawyer may ask to check your ID. This is to comply with anti-money laundering rules.
Common mistakes
Keep an eye out for these mistakes when seeking financial advice.
- Only seeking help when your situation gets bad.
- Not seeking advice from an accountant when you’re making big business decisions.
- Sticking with an accountant who’s not the right fit for you.
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