• New Wave Accountants

Can You Request Financial Advice from Your Accountant?

Good news! Accountants can give a wide range of advice and services to self-managed super funds (SMSF) trustees. Still, they must have an Australian Financial Services Licence (AFSL) if the financial advice and services contain personal advice. This is the same licence that financial counsellors must have in order to provide personal financial product and service advice.


Keep in mind that your accountant may only provide you financial advice on investments if they possesses an AFSL or is an approved representative of an AFS license holder. For this reason, they can give you financial advice based on your current accounts payable and receivable, but can’t tell you how to spend or invest your money. They can only alert you to regions that may provide a future risk or locations where you have the flexibility to devote greater attention.


If you want to make sure your accountant has the experience, the Australian Securities & Investments Commission can tell you where a financial adviser has worked, their qualifications, training, professional body memberships, and the scope of their advisory.


The following paragraphs will show you the different areas where your accountant can help your business.


They Can Advise You on Business Strategy


Your accountant can assist you in seeing what’s most important and where to put your attention. They can help you define personal, professional, and financial goals then provide tools to track your progress. You’ll end up with a set of key performance indicators that show your company’s performance.


They Can Improve Your Cash Flow


Many successful businesses collapse because they run out of cash and are unable to pay their suppliers or employees. This is a major issue because even a thriving firm will not exist long if payments are slow or expenses are excessive.


Because revenue and costs ebb and flow, you can turn to your accountant to predict the impact on cash flow, allowing you to devise solutions to deal with the scenario. They’ll organise cash reserves and devise a spending strategy to guarantee that you’ll always have cash on hand.


They Help You Budget Wisely


Many organisations rely on assumptions and estimations when it comes to budgeting and can take up a lot of your time and effort. However, if you have a reliable accountant, you can create a detailed, precise budget for your business. Afterwards, you’ll be able to determine how much money you can reinvest and how much you can afford to pay yourself.


They Can Help Automate Your Business Systems


A lot of your manual tasks can be automated with smart business software. Your accountant can eliminate distractions by implementing cost-effective software for tasks like timekeeping, staff scheduling, point of sale, payments, customer relationship management, invoicing, and payroll.


This is one of the most vital services that an accountant can provide. Business process automation alleviates pain, reduces expenses, and ensures that everything functions smoothly.


Conclusion


Many diverse responsibilities exist in accountancy, and many of them will be handled by the work of various accountants within one accountancy business. If you have a large business, you don’t have to worry because larger accounting firms will frequently have separate teams to deal with each area of accounting, ensuring that your needs are met completely.


If you need a competent accountant in Gold Coast, you can choose among New Wave Accounting’s experienced accountants. We provide end-to-end accounting and reliable bookkeeping services that help grow your business. Set up an appointment today to find out how our accountants can assist you.



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