• New Wave Accountants

Accountants and Financial Planners: What You Need to Know

Accountants and financial planners help people with their finances, but they have different roles and offer different services. Businesses of all sizes can benefit from working with both accountants and financial planners because they each provide necessary information and services that complement each other. Accountants and financial planners both study the books, which means they understand how the business makes, spends, and saves money. Unlike accountants, however, financial planners counsel clients on how to use their money, giving them advice and strategies for long-term success. If you need more information on this subject, then we've got just the thing for you. Here are the main differences between accountants and financial planners.

What Are Accountants?

Your accountant keeps track of all your financial records, summarizes all of your financial transactions, and performs financial analyses to help you achieve the success of your business. Depending on their specialties, they may assist you with auditing, inventory accounting and financial forecasting. They also make sure your business is compliant with tax regulations and help you determine the best way to increase profits. Additionally, they can help you determine the right way to set up your business, grow it, and ultimately increase its value.

What Are Financial Planners?

Financial planners advise people on wealth management. They typically deal with issues like tax planning, managing a portfolio, or retirement planning. They can also help indebted or struggling individuals find solutions to improve their situation and build long-term wealth. People who have specific goals can turn to a financial planner for advice on how to achieve those goals.

Who Should You Work With?

If you own a business, it’s a good idea to have both an accountant and a financial planner on your team. They can help you succeed financially. Accountants will often know of good financial planners to bring onto your team. If you feel you can only hire one, hire a financial advisor. Financial planners can help you with long-term wealth and other financial goals, or help with investments or estate planning. Accountants will help with running your business or with financial activities on a daily basis. Tax accountants deal with taxes.

If you only have one financial planner, they will be focused on your specific needs. If you need long-term wealth or other financial planning or are considering investing or setting up your estate, then that financial planner should be a CPA. A CPA is more helpful if you need help running your business or dealing with your taxes.


We hope this article proves to be useful when it comes to helping you gain a better understanding of the differences between accountants and financial planners. While they may be different, they can both help you achieve your short-term and long-term financial goals. Be sure to keep everything you’ve learned here in mind so that you can make the most informed decisions for your business.

At New Wave Accounting, we take care of all your accounting and bookkeeping needs from start to finish. We have worked with over 600 small businesses across various industries. Our Gold Coast accountants have been able to get a thorough understanding of each sector and provide customised solutions for our customers as a result. If you're searching for a business accountant, we're here to help! Get in touch with us today and let us assist you in scaling and growing your company!

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