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Ep 3: What should you ask your accountant to focus on?
Season 1 Episode 3
Imagine your accountant came up with an idea that would save you $30,000 in tax each year for the next 20 years. That one idea would be worth over $460,000 to you (in today’s dollars). That’s what you want your accountant working on. However, historically, accountants spend most of their time helping their clients meet all ATO compliance obligations such as preparing Business Activity Statements and tax returns.
A holistic accountant should be finding ways to use technology to automate and systemise as much of this work as possible. If they are successful with doing this, it should mean that they have more time to help you improve the profitability and cash flow your business generates. In this episode, Stuart and Mena discuss the things your accountant should be working on, including:
- How should accountants use technology to streamline your business?
- Why accountants need to cover the roles of not only an accountant and tax advisor, but also a financial planner and business coach – all rolled into one person.
- Your holistic accountant should be working on strategies to improve profitability, improve cash flow, minimise tax, business growth strategies and help you invest your profit to improve your personal wealth.
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IMPORTANT: This podcast provides general information about finance, taxes, and credit. This means that the content does not consider your specific objectives, financial situation, or needs. It is crucial for you to assess whether the information is suitable for your circumstances before taking any actions based on it. If you find yourself uncertain about the relevance or your specific needs, it is advisable to seek advice from a licensed and trustworthy professional.
Published on 4 years, 8 months ago