Are you still waiting for your Accountant to finalise your annual financial statements and income tax returns?
Do you wish your Accountant had more time to speak with you about the things that really matter to your business?
This difficulty is not entirely of your Accountant’s creation.
In many accounting firms, financial statement preparation and tax compliance services occupy between 70-80% of the firm’s time and resources.
Another obstacle Accountants confront is complying with their ATO lodgement program and the numerous income tax deadlines faced by their clients. An Accountant’s year can quickly become a blur of activity statement, income tax, and FBT lodgement dates. This will become even more challenging in 2022 due to the shortage of experienced public practice accountants.
Many argue their Accountant is best placed to assist them to grow and develop their business. After all, they have access to the data.
However, do Accountants have the time, resources, and necessary non-financial skills to deliver this important business advice?
Is your Accountant so overburdened by ever increasing tax compliance, that they simply do not have time to advise in respect of strategy, growth and people issues?
This situation will become worse if ATO audit activity increases in 2022 to assist with federal government fiscal repair. If this occurs, Accountants will be spending significant amounts of time liaising with the ATO in respect of prior year returns, and at the same time, attempting to meet current year lodgement obligations.
How many times have we heard the statement “I wish my Accountant was more proactive!”.
Your Accountant may want to provide the advisory services you need but are often just too busy attending to your tax matters.
It might be time to discuss the business issues that matter most to you with a Business Adviser who is not consumed with tax compliance tasks.
Contact Munro Noon Business Advisers for your obligation free meeting to discuss the strategic, growth, people and profit issues that matter to your business.