The value of accountant services
Having been in public practice for many years now, we have seen a great variety of clients and client requirements when it comes to what services they ask us to provide them with.
It can be as little as an individual income tax return for a client we see once a year, or on the opposite side of the scale end to end bookkeeping, accounting, compliance and business advice services, where we are in contact with the client multiple times each week.
There is great diversity in what individual tax payers and business owners require to assist them with their accounting and tax affairs, there is no "one fits all", every situation, every client is different, and therefore has different needs.
But all clients have one goal in common, they want to see value in the service they are provided.
For example, an individual tax payer, who could prepare and lodge their tax return by themselves through the ATO's free myTax service, would want to know in the first instance that they are getting a better result by using a tax agent to prepare and lodge their tax return.
The tax agent can provide extra value by alerting the client to his/her specific situation, tax rules that could specifically apply to them, provide piece of mind that the tax return will be free of errors, and that they are building a relationship with a trusted advisor that will be available to them all year round, not just at tax time.
When it comes to business owners, the opportunities are almost endless.
Qualified and experienced accountants can provide a vast variety of services to add value to your business, starting with the obvious tax compliance and tax planning, financial reporting and management accounting to company minutes, ASIC administration, business start up advice, recommendations and assistance with setting up accounting programs, general business and marketing advice, cash flow forecasts, audit and risk management, due diligence on business acquisitions, and the list goes on.
When was the last time you sat down with your accountant and had an in depth conversation about your day to day running of your business - what is great, what is a struggle, what could be done better?
An outside view can be incredibly useful. Remember, your accountant deals with many different business owners who may have faced similar challenges in the past, so he/she may be able to help you find a solution to a problem you haven't been able to overcome, or at least point you in the right direction. There could even be tasks that you could (or should) outsource, find new efficiencies through new technology and/or processes.
I am a firm believer in having regular conversations with our clients, to learn more about their business, their achievements and their challenges. It enables us as accountants to better tailor our service offering to them.
We strive to become your "business partners", to provide you with a professional and personal service that is tailored to your needs.