Accountants do more than tax filing. They can take a comprehensive assessment of your finances and create a forecast through the year to keep your business at a healthy, prosperous state.

It may feel daunting to let an outsider in on the intimate details of how your business is run, especially if you’ve had trouble managing your finances in the past. But partnering with an accountant will actually help you to achieve your goals and set you up for long-term success. With that, here are five reasons why it’s important to have an accountant for your business.

1. Get all your deductions

During this busy tax season, most business owners are frantically thinking about how they can maximize on their deductions. However, by the end of the year it is too late to make an impact on that.

An accountant can support you by easily identifying these potential deductions throughout the year and advise you how to make strategic decisions for year-end deductions. Many business owners forget to track and account for items like depreciation, out-of-pocket expenses and home office space. Don’t leave money on the table!

2. Avoid an audit

Another really compelling reason to hire an accountant is to avoid the dreaded audit. Unfortunately, most people think of an accountant as someone who can fix these issues after they’ve occurred.

The important thing to remember is that an audit can easily be avoided if you get the guidance and counsel of an accountant year-round.

There are many explanations as to why a business is audited: from too many mistakes on tax forms, to being too ‘charitable,’ to excessive write-offs. Think of an accountant as a long-term partner who is invested in your business and cares to keep it fiscally sound.

3. Save time and energy (and sanity!)

Most entrepreneurs think that a tight budget means they won’t be able to afford hiring an accountant. But if you think about how much time and effort you spend on trying to manage your finances yourself (not to mention the possible errors you could incur during reporting, and related losses from poor financial decisions), the benefits certainly outweigh the cost.

As an entrepreneur, your focus should be on running your business. Investing in a professional accountant and engaging him or her as an ongoing tactical business advisor will assist you in maintaining that focus and simultaneously keep you on the road toward your business goals.

4. Make real-time decisions

When I consult business owners, they often tell me that they wish they could easily calculate the potential consequences and implications of making a big office purchase or hiring more employees. Having an accountant as your financial adviser to help you with budgeting and monitoring cash flow on a steady basis will allow you to navigate any hurdles that occur in real time.

You should take a collaborative approach with your accountant, allowing you to make decisions together based on the latest data and also take advantage of a consultative relationship that will help you make business decisions when you need to make them.

5. Plan for the future

Finally, one of the biggest benefits of hiring an accountant is getting advice on how to plan for the future. Together, you can pull reports from past months and examine the seasonality of your business. Doing this will help you determine the best time to buy inventory, and budget for big-ticket investments so that you can stay competitive and viable.

As a business owner, you are most often preoccupied with the day-to-day operations of running your business. However, an accountant can take a step back and objectively look at the big picture to find the best way to support the longevity of your business.

The life of a business owner can be isolating, especially when you’re left with a pile of receipts and invoices to plow through at the end of the month or the year. It doesn’t have to be that way. As the saying goes, “Many hands make light work,” and partnering with an accountant who has the skill and expertise to guide you through your journey will set you up for lasting success.

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Coffs Coast Consulting

Don’t just take our word for it…

I have never done may taxes before and Shannon has been exceptionally helpful. She gives informative details about not only how she can help but how you can help yourself in the future while also keeping you up to date on her progress. so thank you shannon for helping a young adult learn how to do adult things.read more
Kara Johnson
Kara Johnson
10:07 17 Oct 19
Shannon was recommended to me by a friend and did not disappoint. She effectively helped me complete my tax return, provided excellent tips on how to get a better return next year & did it all remotely from the other side of Australia! (I live on the west coast). The whole process was super easy and completed with minimal stress. HIGHLY RECOMMENDread more
Charlii McGuane
Charlii McGuane
06:16 09 Sep 19
I highly recommend Shannon and her professional services. She is extremely knowledgeable with all facets of accounting and tax law. Her passion for this industry is remarkable, up to date with a focus on providing the right advice to suit you situation.read more
X-press Print & Signs Coffs Harbour
X-press Print & Signs Coffs Harbour
10:12 27 Aug 19
Thank you Shannon for listening and helping me understand the ‘tax’ world! From someone that has received bad service previously, you are a light at the end of my tunnel. I highly recommend to choose Shannon for all your financial needsread more
Pauline Weller
Pauline Weller
04:42 23 Aug 19
Attention to detail and easy to contact any time I need help with turning the gears of my Company. As a born and raised local to the Coffs Coast myself, It's refreshing to be dealing with someone who understands our demographic. Makes a huge difference to have 'down to earth' conversations with a local. Thanks, Coffs Coast Consulting - would recommend to anyone in business!read more
Dale Price
Dale Price
19:00 19 Aug 19
I highly recommend Coffs Coast Consulting for anyone looking for a reliable, knowledgeable and approachable accountant. Shannon has been fantastic- helping to set up our business accounting and ensuring we are compliant with all regulations relating to tax, super and long service leave. Her vast experience in the industry shows!read more
Vicki Price
Vicki Price
09:35 19 Aug 19
Coffs Coast Consulting is a friendly and affordable tax service. Shannon is highly efficient and very professional, I would not hesitate to recommend this business.
kay winkler
kay winkler
08:07 17 Aug 19
Fantastic advice from Shannon, who allowed me to do the complete return from the comfort of my own home, convenient, helpful advice with a courteous and professional manner. . would recommend this service to everyone!
Tarlz M
Tarlz M
03:45 17 Aug 19
Coffs Coast Consulting helped me with my personal tax return this year. Shannon was very professional and knowledgable and made the process extremely simple. Wouldn't hesitate to recommend her.
Vicki Woods
Vicki Woods
05:17 14 Aug 19