As a small business owner, working with an accountant can be one of your smartest investments. A good accountant does far more than just crunch numbers—they can provide financial insights, help you plan for growth, and ensure you stay compliant with tax laws. However, many business owners struggle to maximise this relationship. If you’re wondering how often you should meet with your accountant, how to stay on top of financial deadlines, or whether they can help you with funding and tax planning, this guide is for you. Here’s how to truly leverage your accountant’s expertise for your business success.
1. How Often Should You Meet With Your Accountant?
One of business owners’ biggest mistakes is only reaching out to their accountant during tax season. But your financial health is a year-round concern, and regular check-ins with your accountant can prevent costly mistakes and missed opportunities. Here’s a guideline for how often you should meet, depending on your business size and complexity:
· Quarterly meetings: Ideal for most small businesses. These sessions help ensure you’re tracking well against your financial goals and that your tax strategy is optimised throughout the year.
· Monthly meetings: Recommended if you have employees, high revenue, or frequent financial transactions. Monthly check-ins keep your books clean, ensure stable cash flow, and allow you to catch financial issues before they snowball.
· Annual review: Even if your business is relatively simple, an annual check-in is a must to go over financial statements, discuss tax-saving strategies, and plan for the next year.
Ask your accountant what frequency they recommend based on your business needs. Remember, the more proactive you are, the better they can help you avoid surprises.
2. Will Your Accountant Remind You of Deadlines?
Tax deadlines, payroll filing dates, and financial reports can be overwhelming, and missing them can result in penalties or financial stress. A good accountant should help you file your taxes and remind you of important financial dates.
· Ask for a personalised deadline calendar: Request that your accountant provide a custom calendar with all your key financial dates so you can stay ahead.
· Use automated accounting software: Many accountants integrate with tools like Xero, QuickBooks, or MYOB, which send automated deadline reminders.
· Set up regular email or call reminders: Some accountants offer services where they proactively send you reminders about due dates, upcoming tax payments, or required document submissions.
Taking a proactive approach with your accountant can avoid last-minute scrambling and ensure everything runs smoothly.
3. Can Your Accountant Help You Apply for Business Loans or Funding?
If you’re looking to expand your business, invest in equipment, or improve cash flow, your accountant can be an invaluable resource when applying for funding. Many small business owners don’t realise that an accountant can help in multiple ways, including:
· Preparing strong financial statements: Before approving funding, lenders and investors need clear, accurate financial reports. Your accountant can prepare profit-and-loss statements, balance sheets, and cash flow reports that make your business look more attractive.
· Advising on loan options: Should you apply for a traditional bank loan, a government grant, or alternative financing? Your accountant can help you weigh your options.
· Improving your financial profile: They can help boost your creditworthiness by managing your debt-to-income ratio, ensuring your tax returns are filed correctly, and advising you on increasing revenue or reducing expenses before applying.
If business growth is on your horizon, let your accountant know so they can help position you for the best financing opportunities.
4. Can Your Accountant Help You Reduce Your Tax Bill Next Year?
Many business owners think about tax season only when it’s time to file, but strategic tax planning can significantly reduce your tax liability. Here’s how an accountant can help you save money on taxes:
· Identifying deductions and credits: Your accountant can make sure you’re taking advantage of all eligible tax deductions, from home office expenses to business mileage.
· Structuring your business efficiently: If you’re a sole trader, your accountant might suggest switching to a company to lower your tax rate and improve liability protection.
· Strategically plan large purchases: If you plan to buy expensive equipment or invest in your business, your accountant can advise on the best timing for tax benefits.
· Setting up superannuation contributions: Business owners can often reduce their tax burden by making contributions to super funds.
The key takeaway? Talk to your accountant about tax-saving strategies before the end of the financial year—not just when you’re filing your return.
5. What’s the Best Way to Communicate with Your Accountant?
Every accountant has a different style, and every business owner has their own preferences. Establish a communication plan that works for both of you to ensure smooth collaboration. Consider:
· Email vs. phone vs. in-person: Some accountants prefer emails for quick questions, while others prefer phone calls or video meetings. Ask them what works best.
· Cloud-based document sharing: Using platforms like Google Drive, Dropbox, or your accounting software’s document-sharing feature can make exchanging financial statements easier.
· Scheduled check-ins: Rather than playing phone tag, book regular meetings in advance so you’re always on top of your financials.
· Emergency contact protocols: If you have urgent financial questions—like a last-minute tax issue—know how quickly your accountant can respond.
Clarifying expectations upfront will make your accountant-client relationship more efficient and stress-free.
Make the Most of Your Accountant’s Expertise
Your accountant isn’t just someone who files your taxes—they’re a key advisor who can help you grow your business, avoid financial pitfalls, and plan for the future. You can maximise the value they bring by meeting regularly, staying on top of deadlines, leveraging their expertise for funding, implementing smart tax-saving strategies, and communicating effectively.
The best relationships between business owners and accountants are built on proactive planning and open communication. Take the time to nurture this partnership, and you’ll find that your accountant becomes one of your most valuable business assets.
At VBA we specialise in strategic tax advice, offering tax and financial reporting for individual income earners, family businesses, tradies and construction companies.
Victor Bimrose Accountancy Pty Ltd (ASIC No. 1259423) ABN 53 010 957 294 is a Corporate Authorised Representative of Merit Wealth Pty Ltd ABN 89 125 557 002, Australian Financial Services Licence Number 409361.
General Advice Warning: This information has been prepared without taking into account your objectives, financial situation or needs. Because of this, you should, before acting on this information, consider its appropriateness, having regard to your objectives, financial situation or needs.
