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Guest Blog: Why your accountant might be bad for your health!
By: Graeme Tennick
Chief Impact Officer | Tennick Accountants
Why your accountant might be bad for your health… we’ll even prove it if you get to the end!
Let’s first address the elephant in the room – any accountant that is focused on saving you tax alone is not going to help you grow your business.
Two key things to get you started in ensuring that tax is not top of the agenda when looking at your business:
- Transparency
- Understanding
Transparency
If you understand ahead of time what your tax liability it, you avoid the shock factor (make sure you have this saved). Achieve this, then you can start focusing on more important matters.
Technology means that the days of finding out your tax liability and how well or badly you have done 9 months after your financial year end has passed are FINISHED.
Even working towards a fixed 12-month period dictated by Companies House and HMRC is FINISHED.
All business owners should be working on a ‘rolling 12 month’ basis so you have real-time data a matter of days, rather than months later and can act/react faster.
A great accountant will help you influence the future by understanding the present and the past, rather than JUST reporting it.
Understanding
Starting with tax again; so that we can quickly move away from it, if you can understand tax to the point whereby you consider the liability to be reflective of the financial performance of your business and the rewards you have drawn from this, then you can start making better decisions ahead of time.
Numbers without context is at best misleading.
A great accountant will approach numbers from a business-first perspective and focus on what matters most to you and your business and translate numbers to instigate better and quicker actions.
To do this, we suggest three areas your accountant MUST focus on to help you and your business (and should be addressed in this order):
- What does success look like to you personally?
- What does success look like to you in business?
- What does success look like in terms of your working relationship between you and your accountant (sometimes the fit just isn’t right)?
Once they start asking you better questions, THEN you have a better and closer relationship, and they can really make an impact that matters.
Take this is an example – an accountant saved you a lot of tax personally and in your business.
However, this tax saving subsequently means that 6 months down the line that dream home or mortgage renewal falls down because the only measure of success, and where attention was focused, was tax.
I wouldn’t consider this scenario good for your health!
Want to get started improving your financial health and that of your business today? Click below and after answering a handful of questions you will be e-mailed personalised free report within minutes.
https://graeme-mqdmp6af.scoreapp.com
Our goal at Tennick Accountants is:
- To make our lives better
- To make the lives of our clients better
- To make the world a better place
We wish you, your family and your business all the very best and we’re rooting for you every step of the way.
Chief Impact Officer
