To be successful in business you need the right people on your team. The team are the people and organisations that help you and your business with the tasks that you aren’t skilled in. As mentioned in our previous article about Delegation (insert URL for The power of Delegation). The key players that you need on your team for business success are;
To get the best results from your team it is important to have the right players in the right roles. So how do you know if you have the right Accountant on your team? Here are four points to help when answering this question;
- Do they regurgitate the figures that have been prepared by your Bookkeeper?
- Are they on the team to help grow the business?
- Who tells you about major Income tax updates?
- When the Tax office comes knocking who is there to help?
Do they regurgitate the figures that have been prepared by your Bookkeeper?
You engaged a Bookkeeper on your team to input the financial records, prepare payroll and to keep track of the debtors and creditors. The records are then provided to the Accountant, what does your Accountant do next?
Which of the following describes your Accountant?
They simply transfer the records into their software, let the software create a report and then send it to you? Or do they prepare
The Accountant prepares the financial reports and forms to be lodged in their software. You are contacted to meet with the Accountant at a time and place that is convenient to you to discuss the reports and forms. During the meeting the Accountant explains the reports and forms in language that is easy to understand and adds insight and value. You are given opportunity to ask questions and enquire about the documents prepared.
Are they on the team to help grow the business?
An Accountant should hold the business owner Accountable for the achievement of its goals. During the regular business review meeting a portion of the time should be allocated to the business goals. The discussion covers goal progress, any roadblocks to goal achievement and setting new milestones and goals to be achieved by the next meeting. The short term goals and milestones will progress the business towards the achievement of the overall strategic plan.
Who tells you about major Income tax updates?
How did you find out about the introduction of Single Touch Payroll or the Instant asset write off ? Did the Accountant speak to you about these important changes during the business review and planning meeting? Or did they email a reminder about the impending deadline and discussing the importance of being ready for the chnage?
When the Tax office comes knocking who is there to help?
Not too many business owners enjoy speaking with the Tax office; this is doubly true when they owe the Tax office money. Are you left to fend for yourself or does your Accountant have your back? We have been able to produce some excellent outcomes for our clients by stepping in and controlling the debt conversation with the Tax office.
Sometimes the client needs more time to pay, other times the client needs the debt reduced by the interest and penalties charged and sometimes they simply need to start the conversation with the Tax office and don’t know how. These are all scenarios that a good Accountant should help a business owner with.