Are you really getting good advice from your accountant if they don’t work with fintech?
Thu 14 September 2017 - 8:00 amAccounting | Expert | Opinion
Everyone – whether they’re a business or an individual – needs a great accountant. It’s a relationship that needs to be firmly based upon trust, and it can take years to build that foundation. After all, our financials are a huge part of our lives and our businesses, so we all want to be able to rest easy knowing our money is being handled by trustworthy and honest people who have plenty of experience.
The technology available to business owners today is remarkable – from social media to organisation applications and financial technology, there is plenty to help you grow your business quicker and easier than ever before. Unfortunately, there seems to be a disconnect when it comes to using financial technology (fintech) alongside traditional accounting services to take your business to the next level.
We have implemented various fintech solutions in our business over the years, and I am generally an early adopter. I know the difference they can make and the impact on growing your business. When I moved to the cloud I trialled several cloud-based accounting solutions, eventually landing on QuickBooks Online. The accounting solution is only part of your solution: there is now thousands of solutions that integrate with QuickBooks Online, which make your solution exponentially more powerful.
How do you use your accountant?
Most business owners just use their accountant for tax minimisation or compliance – if that’s you, you’re not alone.
With all the technology being introduced and used by business owners all over the world, there are still plenty of owners who aren’t taking advantage of the fintech available to them and they’re treating their accountants the same as they always have. Our interactions with our accountants haven’t changed – despite the way we run our business having changed dramatically in the past couple of decades. Many people don’t even know the treasure trove of information that their accountant can open up for them and their business.
Your accountant has a wealth of knowledge
If you have been with your accountant for a few years, you’re at a great advantage – an accountant who knows the ins and outs of your business is in the best position to offer up strategic advice for you to act on and grow your business.
An accountant who really understands your business can help you when it comes to detecting fraud, data analytics and technology strategy on top of the usual tax and compliance services.
Even if you’ve only been with your accountant for a short time, there is a good chance that they have experience in helping other businesses and have learnt a thing or two about what it takes to grow a successful business from a financial point of view.
Unfortunately, you won’t be able to utilise all this strategic advice if you only visit your accountant annually when the end of the financial year approaches. All business owners should be getting in the habit of meeting with their accountant frequently to get guidance on the part their finances play in growing their business.
It’s a two-way street
If you’re not used to thinking about your accountant as a business growth specialist, that may be because there are still so many old-school accountants and financial advisors out there who aren’t taking advantage of the new technologies available to them.
All accountants should be utilising technology at every chance they get, and should be doing all that they can to demonstrate to their clients that they are hubs of information and a place where business owners can come to get their financial and business advice. Too often I hear people say to me that their accountant doesn’t work with cloud based accounting solutions. If they’re not working with the latest and the best, how can they be the best? Maybe it’s time to start shopping around.
About the author
Matt Alderton, founder of training and development provider Bx as well as Alderton Enterprises http://www.b-x.com.au/