Your accountant will have had experience with literally hundreds of businesses – they’ve seen what works and what doesn’t work as well. Why reinvent the wheel?
A qualification on that: we can’t say this for every accountant but by choosing a Chartered Accountant with a Certificate of Public Practice, or if they work for a NZ Institute of Chartered Accountants (NZICA) Approved Entity, then you can be reassured that the holder of the practicing certificate at least, is appropriately qualified with a degree in accounting, plus a post graduate qualification, has passed NZICA’s entry requirements, and is subject to minimum continuing professional development requirements as well as regular practising review monitoring, backed up by a strict disciplinary process – all designed to provide you with some assurance around the quality of advice you are receiving.
A Chartered Accountant will work with you to increase your revenue and profitability, improve cashflow, legitimately minimise your taxes, and plan for the future of your business.
They do this through meetings with you to work out where you want the business to end up, where it fits in with your family and lifestyle, what you need help with (you may be very good at engineering but hopeless with sales or exporting), and then working with you to map out a plan for the future. The numbers produced from last year’s accounts provide a basis for working out costs, who you’re selling to at the moment, the amount you may be able to borrow to fund growth etc.
Many business owners find that after they have paid for last year’s tax details they don’t want to spend any more on accounting fees. Sometimes they go to business coaches, financial planners, property or share investment seminars to work out how to be better off financially. The answer is often under their nose, their accountant who knows their business almost as well as they do.
So how can a business owner get the most out of their accountant to improve their business and lifestyle – just ask them.