Visiting your accountant isn’t always on the top of your To Do list. However, if you’re a business owner, driven professional or part of a family with important assets, such as your family home, having regular touch points with one of your most trusted advisors is the best way to ensure that you’re on track for your future ambitions, compliant and, overall, making it count.
There are a few common reasons that our clients often book in to come and meet with us. Below are the three most common reasons that people see their accountant, and why it might be time for you to see yours.
Reason 1: You Have Overdue Lodgements
Life can be busy at the best of times, and lodgement due dates can easily fly by without you realising. However, lodgements are something that does need to be completed to ensure that you remain compliant with the ATO and something that your accountant will be aware of (and should be making you aware of as well). With some nasty penalties being imposed on people that are late with their lodgements, it’s important to make sure that your tax information is to your accountant well before due dates so your work can be completed and lodged in time.
If you currently have outstanding lodgements, now is the time to get them up to date in preparation for the 2020 Financial Year. Also, with the $1bn increase to ATO compliance funding proposed in the recently released Federal Budget, if this has been something that you’ve pushed to the side in the past, it’s time to book in and have a chat about getting everything lodged and compliant.
Reason 2: It’s Been a While Since You Last Spoke
No one likes a relationship where someone goes MIA, and this can be particularly true for the relationship with your accountant. As one of your most trusted advisors when it comes to your business and overall finances, this relationship should involve frequent communication through emails, calls and face-to-face meetings. After all, it’s important that your accountant is proactive with your specific needs so they can help you avoid any potential issues – not just touch base when something has already gone wrong or it’s time to lodge your tax work.
Reason 3: You Don’t Know How You’re Tracking
This last point is tailored more towards business owners as having visibility around your business numbers is something that your accountant and bookkeeper should be assisting with. If you’re not sure how your business is tracking, then it’s a good time to book in for a visit with your accountant. Knowing your numbers is the easiest way to determine the health of your business, how your cashflow is trending, what is working well and what might need to be tweaked for the better results that you want.