Changing Accountants

6 REASONS WHY WE COULD BE THE RIGHT FIRM  FOR YOUR BUSINESS

“Before you make the decision to change accountants you really need to think about what you want from your accountant. Do you just want tax returns and financial statements or are you looking for a business advisor who offers strategic business development advice?”              
                                                              Kim Lim  (Principal) 

Not all accounting firms are the same. Most accounting firms could be described as ‘general practitioners’ who have great technicians who focus on delivering tax and compliance services. Other firms are more like 'specialists' who offer services beyond compliance. They have expertise in specific industries and also offer specialist services. These services might include advice to business start-ups, clients setting up self-managed superannuation fund and clients buying negatively geared investment properties.

The general practitioners view the tax return as the end of the client process, while the firms who provide business advisory services view compliance and tax returns as the start of the process. These firms focus on helping clients grow their business, their profits and their wealth. Business Growth HQ is a specialist firm that is focused on helping you build your business so it's more profitable, valuable and saleable.

We know the decision to change accountants can be stressful, particularly if you have had a long term relationship with the firm or a particular partner or principal. Before you make the decision to change accountants you need to think about what you want from your accountant. Do you just want tax returns, financial statements and GST compliance work or do you need a business advisor who can offer you strategic business advice to help you grow your business?

Here at the Business Growth HQ we recognise the importance of tax returns and compliance work but we believe business owners want five things beyond these services including:

1. GROWTH – help me grow my revenue and my wealth
2. PROFIT – help me improve my business profitability
3. CASHFLOW – help me understand and free up my cash flow
4. ASSET PROTECTION – help me protect my assets
5. SUCCESSION – help me plan my business sale or succession plan

Choosing an accountant who understands your business, your industry and your needs can mean the difference between just surviving and potentially thriving. If you want to grow your business revenue, profits and personal wealth your choice of accountant or advisor is critical. Within the firm we have developed industry niches plus some some specialist services and we deliberately target ambitious business owners.

We strive to earn your trust and that means we need to understand what makes your business and industry tick so we can help you take advantage of emerging opportunities. We want you to work SMARTER not HARDER and in the process build a more financially rewarding business and better lifestyle.

We have identified 6 key areas that distinguish us from other accounting firms.

1 MINIMISE THE COST OF COMPLIANCE 

We truly understand that tax returns and compliance work is a ‘grudge’ purchase for business owners. You need them but you really don't want to pay for them. They don’t add value or help you grow your business so our objective is to help you minimise the cost of compliance. We want to be your business advisor not your bookkeeper so the process starts with identifying the right accounting software for your business. We match your business needs with your level of accounting skill and where required, we train you to use the software. We support a number of software programs and love working with cloud based software solutions like Xero, MYOB Essentials, QuickBooks Online, Sage One and Saasu.

Quality records not only save you money but they create capacity so we can spend more time working with you ON your business. Our clients keep telling us that we deliver value for money and we strive to earn your trust and future referrals.

2 KNOW YOUR NUMBERS

Our mission is to help you fast track your business success and that means spend more time working ON your business. If you understand the four ways to grow a business and the key profit drivers in your business we can talk you through profit improvement strategies. Using intelligent software we can then quantify the profit improvement potential in your business.

‘Knowing your numbers’ lets you make more informed business decisions and using industry benchmarks we can analyse the performance of your business and compare it against your competitors so you know what is working in the business and what needs working on. Most importantly, we talk you through the numbers so you have a clear understanding of the impact of any price changes on your margins and profits.

3 BUILD YOUR BUSINESS AND GROW YOUR WEALTH

Improved profitability means little if it doesn’t translate into a more secure and prosperous financial lifestyle. Accordingly, we also provide wealth creation services and use tax effective strategies like self- managed superannuation (SMSF) and negative gearing to help you grow your wealth. Tax planning and tax minimisation are key service offerings at our firm and these require the right business structure and forward planning.  

Over the past few years negative gearing and SMSF's have become niche services within the practice. Of course, once you build wealth you also want to protect your assets which is why we also consult with clients about risk and succession planning.

4 WE LISTEN AND CARE

We take great pride in being a pro-active rather than a reactive accounting firm.  We listen to our clients and are responsive to their changing needs. In recent years we have introduced business coaching to our menu of services and we also host client seminars to educate you on the latest business growth and superannuation strategies. We recognise the fact that we only exist because of our clients and your success is our success.

5 OUR PEOPLE

Confidentiality, integrity and professionalism are assured and our dedicated team of accountants are committed to ongoing professional development so you enjoy access to the best technical tax and accounting advice available. We aim to be your trusted business advisors and listen to your needs, speak your language and no job is too big or too small for the team. We believe our offering is unique and our team is incredibly passionate about helping you succeed.

6 PERSONAL SERVICE & GUARANTEE

A lot of accounting firms claim to deliver personal service but we believe we offer you 'good old fashioned’ silver service. We pride ourselves on being accessible and guarantee we will always return your phone calls and respond to email queries as soon as soon as practically possible. Wherever possible, we visit you at your place of business and these site visits give us a valuable insight into your systems, software, processes, people, equipment and future needs.

We listen to you and tailor our financial solutions to your needs. You won’t get delegated down the chain for important work and our systems and processes mean your work won’t sit idle for weeks or months. We aim to turn your compliance work around quickly and efficiently so we can then focus on planning and growing your business.

IT'S EASY TO CHANGE ACCOUNTANTS!

A lot of business owners agonise over the decision to change accountants which is understandable particularly where the accountant has been a trusted advisor for years and almost part of your extended family. However, the decision to change accountants is a business decision so you don’t have to make excuses or feel uncomfortable.

Once the decision is made it is a relatively simple process to 'jump ship'.

On agreeing to appoint us as your accountants we manage the transition through an an agreed industry code of conduct which includes contacting the previous accountants to confirm there is no reason why we should not accept the engagement. We obtain copies of all necessary documents and financial records from them including prior year tax returns and schedules. The outgoing accountant is obliged to pass on the information as a formality and they should not charge for handing the information over to us. If you have an outstanding account they might withhold the files until payment in made in full.

THE NEXT STEP

Given you are already browsing our website, the easiest way is to call or email us. Provide us with a few basic details and we will put the wheels in motion by contacting your current accountant.

Of course, if you’re not quite ready to make the move that’s fine and we recommend you simply subscribe to our Business Accelerator Magazine. This newsletter will give you an insight into how we help our clients beyond their tax return and compliance needs.

If you're an established business owner, start with a free 30-minute Growth Review. A director reviews your actual numbers and shows you where money may be getting missed. Apply for your free Growth Review or call us on (02) 8824 7848.

Business Growth HQ - Build Your Business & Grow Your Wealth