Benefits of a Good Business Accountant
At Omnis Group, we believe that a good accountant should do more than cover the cost of their service by minimising your tax liability, improving your business performance, and increasing your profitability.
Some people think of their accountants only in terms of tax returns, BAS activity, and maintaining records. Yes, compliance-based work is part of their role. But they can be so much more! By taking service a step further, you’ll truly come to appreciate the value that accountants bring to your business.
Because they have a detailed knowledge and understanding of your business through completing your financial statements, they are in a great position to advise you on how you can significantly improve your business performance, and ultimately save costs. Plus, as they work across a wide range of industries, they are capable of sharing a wealth of experiences and ideas you may never have thought of. These can be used to assist you in improving your business.
A good accountant will:
- Save you money.
- Reduce the stress of having to worry about cash flow and taxes.
- Identify opportunities for improving your business.
- Recoup the cost of their services through improved business performance.
- Ensure you are structured way to effectively reduce tax and protect your assets.
- Make sure you’re taking full advantage of potential tax deductions to reduce your tax liability.
- Keep you informed about changing tax laws, as well as opportunities to improve your business and past performance trends.
- Act as a sounding board for new ventures and investments.
- Help you translate financials for management decisions.
- Save you time, and allow you to focus your attention on the things you are good at.
To ensure you are getting the full range of benefits from your accountant, you need to consider them as an asset to your business, and not just an additional expense. Keep them involved and informed about your changing business. By doing these, you will find them providing a significant return on their fee.
To get the most value from your accounting service, it’s important to choose the right accountant—someone who will work closely with you, and proactively identify improvement opportunities.