Value the relationship you have with your accountant.
A good accountant, who understands the vision you have for your business and knows what your financial goals are, can help you back up any new directions you are thinking of taking and will ensure the numbers stack up.
When it comes time to reinvesting that hard-earned cash, your accountant will already have everything at his/her fingertips and, in our case, will happily work with a financier each time we are ready to purchase another investment, so let your accountant spend time pulling together all of your financial documents for the bank.
Don’t be afraid to pick up the phone and talk through what you are thinking of doing and what your accountant’s thoughts are on how you should go about structuring it. Have these conversations early on, and a great accountant will quickly set you on the right course.
Consider the level of advice that’s available to you. For us; we’re fortunate that our accountant is well-versed in self managed super funds, trusts, and financial planning too.
I also can’t stress the importance enough, if you haven’t already done it, of sitting down with your accountant and doing a tax-planning session every year. It could literally save you thousands and it puts you in control of your money.
Never completely leave these integral parts of your business to one or all of these specialists. Your business is unique to you, so stay hands on and in control of the direction you’re heading.