If you are a sole trader or run a small to medium size business, your Accountant can be the best tool in your belt to keep your business growing and ensure you are maximising revenue and minimising outgoings at every turn – but you need to be able to call on them when you need them.
Like a lot of service orientated businesses, it is not uncommon to sign on with a senior partner or director of an accounting firm, but find once the relationship is underway, that you struggle to get time with them again. You may find you are passed on to junior team members or simply can’t get a phone call returned.
Once you manage to have your Accountant on the phone – what should you ask? Leah Oliver CA and Founder of Minnik Integrated Financial Solutions has these tips:
Tips from Leah
Is my business structure right for where we are at (and where we are heading)?
It’s important as your business evolves to make sure your business structure is aligned with your life goals. The right business structure will not only help you minimise tax – but it can also protect you personally. Your Accountant is best positioned to talk to you about what structures will work best for you and why, and help you plan when you should be restructuring.
What can I be doing now to ensure I minimise my tax bill this year, and future years?
It seems many businesses owners have a light bulb moment around the middle of June, which prompts them to quickly look for ways to minimise their tax bill! In fact, it is never too early to start planning how your business can minimise tax. For example, you may need to spend money this year upgrading tools or IT equipment – taking time to plan how to finance these expenses could contribute to minimising your tax. Such decisions left until June grant you far fewer choices.
What are the top 3 expenses for my business – and are they acceptable?
Talking to your Accountant and reviewing your Profit and Loss will help you understand how you are tracking overall – but it can be overwhelming. Instead ask your Accountant to outline your top 3 expenses and confirm if they are acceptable, if you are overspending in one of these areas some small adjustments may have dramatic improvements.
Where is there opportunity to improve my cash flow?
Most businesses have a love hate relationship with cash flow. If you are finding you have deficiencies, working with your Accountant and making some changes in a range of areas – such as payment terms, invoice frequency, debtor management – could help keep your cash reserves feeling more comfortable.
What systems or processes could we be implementing to increase efficiencies?
We simply don’t know what we don’t know! At Minnik we are advocates of XERO Accounting Software, as we have seen firsthand the immediate benefits for business owners. More time, better understanding of financials, easier reporting, informed decision making, to name a few! But there are even more insider tips your Accountant can give you – if you ask. Recently for example we were able to save a Medical Practice hours of paperwork and admin by introducing them to a system that integrates their medical practice software with XERO.
The right Accountant can help you and your business to become more efficient and profitable … all you need to do is start asking. If you have questions that are unanswered, we are on hand ready to talk! For customer service and an unforgettable value add experience with your Accountant every time, contact us at Minnik Integrated Financial Solutions.
Minnik Integrated Financial Solutions are specialists in business advisory and personal wealth management. Contact us today to discuss your financial needs, and embrace your journey to wealth. www.minnik.com.au