The number one comment that clients tell us is that they want proactive advice from their accountant. Traditionally, seeing your accountant meant visiting the number cruncher at the end of the financial year who gave you historical information, advised how much tax you will get back or pay and provided no real proactive advice.
The role of accountants has now evolved to share ideas that assist clients reduce their tax and build wealth. Most importantly, they want to ensure that they are not missing any financial opportunities.
What people really miss out on from a proactive accountant?
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Spending more time on ‘advice’ and less on ‘compliance’
The Australian tax system is constantly evolving – sometimes even monthly! As trusted advisors, accountants need to be up to date with these changes, even before they occur. This allows us to identify opportunities that may be relevant to our client’s business or financial affairs to assist in minimising tax and support wealth creation.
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Use of technology
The use of technology assists businesses to stay on top of their financial affairs. No longer do clients have to wait until the end of the financial year to see how their business is tracking. Technology aids in providing up to date financial information and assists in monitoring cash flow. Technology allows business owners to reduce the time they spend on tedious compliance – allowing them to focus their time and effort on their business. We will fully embrace new technology that will help us better serve you as well as pass on any cost savings that technology may produce.
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Being accessible
Usually, when clients meet with their accountants, it is too late to implement appropriate strategies to minimise their upcoming tax obligations. As proactive accountants, we initiate conversations that provide value add advice to ensure our clients are not missing out on any financial opportunities. Further, with our fixed fee arrangements, our clients do not hesitate to pick up the phone anytime during the year to initiate these conversations.
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Industry knowledge
With our extensive knowledge in various industries, we can assist in providing not only benchmarks for particular industries, but ensure you are implementing the right strategies in your business operations to aid in building your business.
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Business planning
To succeed in your business, you need a clear vision for your business. A business plan will convert that vision into strategies and steps. Accountants play a key role in business plans by providing advice in relation to business structure, technology, industry and tax regulations and succession planning. We assist our clients with financial modelling tools to prepare ‘what if’ calculations so they know their best and worst case scenarios.
There are more…
Listed above is only some of the reasons of why, as proactive accountants at ProSolution, we are set apart from the rest. Therefore, if you’re not getting the value you need from your accountant, please do not hesitate to reach out to us for a complimentary discussion.
