We’ve all heard the stories of people or businesses being handed an expensive professional services invoice from their accountant or lawyer. This can make you hesitant to talk to your accountant in case you end up with a big bill. While this isn’t a bad strategy in terms of saving on accounting fees, are you actually doing your business a disservice in the long run? And what options are there to spread that big bill out?
Accountants can help test your ideas, identify your initial and operating costs, and create credible revenue forecasts. They provide crucial information in the early days and establish good financial processes that set your business up for a strong and sustainable success. They will regularly examine all aspects of your business to make sure it is, and remains, financially healthy and can provide advice on planning for the future.
Accountants can help lower the costs of running your business through various accounting practices and tax write-offs/savings. They can resolve questions about accounting processes, cash flow management and budgeting before they become problems that affect your growth. They’re also in an excellent position to provide advice on everything from convincing investors and/or lenders about business viability to succession planning. Hiring an accountant means you can spend your time focusing on business growth and expansion rather than trying to wrap your head around accounting practices. For example, preparing your tax documents correctly could save you money – perhaps more money than your accountant charges you. Good accountants use their knowledge of tax laws and legislation to suggest ways you can free up cash flow, save money and raise capital for expansion.
Start with having an initial meeting with your accountant or other professional service to give them an overview of your business, its goals and what your vision for the future is. It doesn’t matter if you’ve already been with your accountant a while – the more information your accountant has, the more they’ll be able to add value and the better relationship you’ll have in the long-term. If you’re worried about a big invoice, ask your accountant about spreading the payment over time.
The initial cost of meeting an accountant and discussing your business can sometimes result in a larger than expected bill upfront, but there are other options which can spread the cost of the bill. You can pay in monthly instalments or we can devise a monthly fixed-fee package/retainer which includes the costs of the initial meeting bundled into your set monthly fee.
The benefits of hiring a qualified accountant generally outweigh the cost, especially for new or struggling businesses who need guidance with their finances. Chat to us about how we can work with you to reduce your costs.
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Otaki 5542
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