Business owners often see their accountant as a person who helps them to prepare their financial statements and may even have a begrudging attitude for this function. We have seen the radical changes in the auditing profession in recent years through the removal of compulsory audits for companies and business owners are generally grateful for this.
However, what most business owners fail to recognise is that a professional accountant is qualified to deal with far more than just financial statements. Professional accountants spend years studying numerous fields including law, tax and business strategies. These fields often overlap, but, are often underutilised in practice. Here are a few examples of how a professional accountant can help a business owner:
- Helping to grow the business through a detailed strategic plan.
- Developing a business plan and/or specific marketing strategy for the business.
- Implementing more meaningful reports to provide real-time feedback to management and/or owners.
- Advising on tax planning for the business as it grows.
- Advising on estate planning for the business owner.
Compliance work such as standard tax returns, submission of statutory returns to the CIPC, etc. is not that difficult. The difference comes in when a valuable, intimate relationship is established with the professional accountant who adds genuine value to the business and its owner(s).
It is important to establish such a relationship with a suitably qualified accountant. If you wish to explore such an option further, request an appointment with a Tax Shop near you.