When it comes to your finances, it’s important to make sure you’re getting the advice and support that’s right for you. Our financial lives are always evolving, so it’s important to find an accountant who can grow with you.
Sometimes it becomes necessary to move on from your current accountant. Things might not be working out, or you might simply be looking to get more out of your relationship. Remember, your finances are there to serve you, so it’s in your best interests to get financial advice that suits your situation.
Below are six reasons you might consider changing accountants. For expert advice tailored to help you grow your business and personal wealth, get in touch with Liston Newton Advisory.
To get more proactive advice
The best accountants will become trusted advisers. They’ll work with you and offer you proactive advice based on their wealth of experience, instead of simply responding to your queries.
With experience comes the ability to anticipate problems or opportunities before they arise. A great accountant will have the experience and knowledge to be able to help you identify blind spots in your business and finances, and offer support that’s designed for you and your future.
Here’s how Liston Newton Advisory proactively assist our clients:
- Continually review your tax structure to determine what’s suitable for your personal wealth
- Identify opportunities to work on your margins and increase profits
- Inform you of the latest legislation changes to identify any opportunities or threats to you
- Ensure you’re using accounting software and supporting technologies to the best of their capabilities
- Devise strategies to minimise your tax before June 30 each year
At Liston Newton Advisory, our philosophy is to teach our clients to become their own Chief Financial Officers. Many business owners don't study accounting or finance, so we see our role as proactive teachers as well as advisers, empowering you to become a better and more well-rounded business owner each year.
To get holistic advice
In the world of small business, accounting and tax is just one piece of the puzzle. In fact, it’s the bare minimum. The reason you get into business, work hard, and take risks is so you can build your wealth.
It’s impossible to give good business advice without knowing where you want your personal wealth to get to, and how fast you want to get there. When we work with our clients we take the time to understand your personal situation and aspirations, so we can truly get to understand your needs and goals.
Some of the questions we ask when sitting down with our clients are:
- What are your business goals, and how soon do you want to achieve them?
- What’s your assets and liabilities position?
- What sort of lifestyle do you want for you and your family?
- Do you have insurance to protect against unforeseen risks?
Questions like these helps us understand where you are now, and where you want to get to, so we can provide holistic, well-rounded advice and support.
To get a quicker response
As business owners ourselves, we understand that the world of business moves quickly. When you can’t get a hold of your accountant and can’t make a decision, this adds unnecessary frustration and stress to your day.
To keep your business moving, we promise a same-day response for any enquiries you might have. We’ve also scrapped after-hours answering machines. Instead, calls are diverted straight to the Director’s mobile. So you know if you have urgent matter inside or outside of business hours, you’ll get a quick response.
To pay less tax
Smart tax minimisation isn’t about buying things for the sake of getting a tax deduction. All you’re doing there is lowering your profit to lower your tax, which is effectively robbing yourself of cash. A good accountant works with you to determine a tax strategy with short-term and long-term tax planning.
The short term can involve:
- Superannuation contributions
- Profit distributions
- Utilisation of losses
- Accessing tax offsets
- Timing cashflow and tax payments
Longer-term can involve:
- Making tax-effective investments
- Planning to access tax concessions on a business sale
- Building out a tax effective personal wealth structure
Between 1 April and 30 June, we meet with all our clients for a tax strategy session. In these sessions we model different minimisation strategies to determine the best outcome for you and your business. We then give you an estimate of the total tax payable so you have plenty of time to factor this into your cashflow.
To make the most of technology
Utilising technology is how you gain an edge over your competitors. It also allows you to automate repetitive tasks, freeing up your time so that you can focus on the aspects of your business that drive the most profit.
A good accountant understands your business completely, and can make recommendations on the best technology available to make your life easier. We work with clients to recommend and implement:
- Online accounting software to get the most from all features
- Electronic signature software to eliminate paper and speed up acceptance
- Automatic conversion of paper receipts into digital records
- Customised financial forecasts to help you make better decisions
- Cloud-based sales systems, rostering software, e-commerce solutions, and inventory management
It’s amazing what current technology can do for your business. Your accountant should be able to provide you with recommendations for software and processes that make your business run smoothly.
To stop surprise bills
One of the greatest advantages a business owner can have is a relationship with a trusted adviser who they can seek advice from before they make an important financial decision. While you should be prepared to pay for good advice, you shouldn’t be caught off guard with an invoice when you seek it.
A good accountant sets the terms of their engagement upfront, so you know what you can expect at every step of your relationship.
When you work with Liston Newton, we can guarantee that:
- Our clients will never receive a surprise invoice.
- We will provide annual agreements with a clearly-defined scope of what’s included in our service.
- When advice is requested outside of your scope, we’ll let you know if additional work is required from our end, and what the additional price will be.
- As a common courtesy, we’ll always seek your acceptance before proceeding.
