This month’s featured article is written by the Managing Partner of Advivo Accountants – Leon Stephan.
Here are a few tips to help you get the most from working with your accountants:
Get your accountant involved from the start
The single most important thing you should do is to get your accountant involved in your business as early as possible. Your accountant really should be an active part of your business decision making process on all major financial & structural issues. They can not guide you forward if they do not know where you have been or where you want to go!
The structure you apply to your business can have a significant effect on taxation payable – both now and in the future on exit. It is also extremely important for asset protection, when considering the most appropriate business structure.
Use their expertise and connections
A well informed and proactive accountant should act as a business advisor. They should have connections with a range of specialised professionals and consultants that can assist you with specialist and complex issues as these naturally arise. You may need to set up a superfund, finance cars and property, your business may be facing marketing challenges or need a human resources consultant; your accountant should be able to refer you to a specialist they trust and work with.
Advice you can expect
A proactive accountant that understands you, your business and your goals and aspirations will be able to provide advice and assistance regarding:
- Structuring/Restructuring – to get the best taxation benefits and risk protection. Also includes taking advantage of concession to re-structure and improve your position considering circumstantial and legislative changes
- Government Grants/Concessions and Offsets – accessing government grants/ concessions and offsets
- Corporate Advisory Project Work– mergers & acquisitions, valuations, litigation support, forensic accounting, risk analysis and systems and resources reviews for growth and sustainability planning or preparing your business for sale or transition to the next generation.
- Debt and Equity Funding Assistance – assistance with accessing debt and equity funding/ strategic partners & joint ventures.
If you are considering changing accountants make sure you make the right choice. A proactive accountant understands you, your business and your goals and aspirations.
And in the words of Stephen Covey “begin with the end in mind”. Advivo works with businesses who are actively seeking business growth. They focus on the delivery of professional and pro-active accounting, financial management and corporate advisory services to reach the goals of their clients. Find out more at http://advivo.com.au/