How did your business go during the 2021/2022 Financial Year? And how do you feel now that we are a few months deep?
Are you ALL OVER your numbers and understand your accounting reports? Are you ticking serious goals?
Or are you left in the lurch with no real understanding of what happened and where your business sits in terms of its financials going forward?
We often have tradies come to us saying they “don’t know their numbers.” When we drill into why this is the case, it’s all too easy for the majority to blame the accountant, calling them a “dud.” But what if YOU’RE the dud in this case?
Let’s look at what it takes for both parties to rise to the challenge.
A great accountant…
Isn’t paid peanuts.
You’re paying for their expert opinion, which can ultimately make or break your business. If they’re really an expert and a professional (a registered tax agent and a qualified chartered accountant) this will come at a pretty penny. They aren’t Joe Blow you met at the pub last week. They’re an investment.
A great accountant…
Knows the ins and outs of your business, and actually cares if you succeed or not.
They take the time to explain reports and definitions to you (because let’s face it, us tradies aren’t accounting whizzes), and teach you what’s happening in your business.
They closely analyse your reports and highlight trends forward in the chance you need to be proactive with any changes within the business.
A great accountant…
Understands tax law to put them in the best position to give you advice on your taxes. They want to help you take action on saving money come tax time.
A great accountant…
Is an extension of your business, just like a staff member.
They should have the same passion for the business, and they expect the same return from yourself.
Which speaking of… is how you determine if YOU’RE the problem in this equation.
Are you being a great trade business owner and putting in the same effort? Let’s find out…
A great trade business owner…
Asks questions.
As we said, not every business owner is savvy when it comes to numbers and financials, BUT all you need to do is ask your accountant questions to get the information you are after. It’s just like a date… they’re more than happy to have a chat, as long as you’re also engaging in the conversation.
A great trade business owner…
Listens and takes ownership.
It’s one thing to ask questions, it’s another to ACTUALLY listen and take ownership over the outcome.
A great trade business owner…
Makes what they want, known.
Most accountants provide a cookie cutter service so if you don’t tell them what you’re after (that’s above and beyond that service), they’re not going to know that you want it and when you want it, and hence won’t provide it. You don’t ask… you don’t get.
A great trade business owner…
Puts in the effort. This doesn’t mean turning up at the end of the financial year with crumpled receipts ready to sign some forms. It means scheduling regular meetings with your accountant to catch up on your finances.
A GREAT accountant, and a GREAT trade business owner working together, makes an unstoppable team. And that is literally worth its weight in gold.
So, we want to ask you again… is your accountant the dud?
Or is it you?
If you’re still on the fence check out our free download, The Accountant Advantage here. You’ll get access to the accountant audit to understand if your accountant is right for your trade business, PLUS questions to ask them to help you make the right decisions for your business.
You can also listen to the full episode of ‘The Tradie Show’ podcast on this topic by heading here.
