9 REASONS WHY YOUR BUSINESS MAY BE HELD BACK BY YOUR ACCOUNTANT IS IT TIME FOR A CHANGE?

INTRODUCTION

We always our new clients why they changed from their old accountant to us. Here are the 9 most common reasons. If any of these reasons resonate with you it might be time to come and talk with me at E3.

Jamie Tulloch Managing Director

E3 Business Accountants jamie@e3accountants.co.nz

“ Reason

#1 Explaining Taxes

I never really understood how provisional tax was calculated and when it was due. My old accountant always talked like an accountant which I could never follow. At times I felt my old accountant was working for the IRD – and not for me. ”

Think about this: Paying tax is a good thing. It means you’re making a profit. More tax will always mean more profit which means more money to spend on your lifestyle. You pay tax for the good (generally) of the country. At E3 we make sure you pay the lowest legal amount.

“ Reason

#2 Not Understanding Business

My old accountant was a really nice young guy but I don't think he ever understood what really goes on inside my business. He’d never run a business himself so he struggled when we talked about business and not accounting. ”

To Think About: We know what it is like to have the family home tied in with the success of a business; we’re doing it. When your family’s lifestyle depends on more than just the numbers you need an accountant that truly understands business ownership.

“ Reason

#3 The Fees Mystery

My old accountant was never upfront with fees. I just couldn't get him to commit to giving me a price before he started the work. He kept using the excuse that he didn’t know how long my job would take. So I gave up asking and moved on. ”

To Think About: Would you agree to buy any product or service without knowing what it would cost? Why should your accountant be any different? Accountants should be good at quoting for what they are going to do.

“ Reason

#4 No Growth Advice

My old accountant had no idea about how to grow my business. Whenever I went to her with a new idea, she backed away from advising me. She wanted to stay solely with compliance accounting which I could get from a hundred other accountants. I needed an accounting firm that supported my ambition to grow and who inspired me. ”

To think about: Businesses are either shrinking or growing. Treading water doesn’t last for long. How to grow a business is the knowledge that most business owners seek.

“ Reason

#5 Big Name = Better Result?

My lawyer said I should choose a big name accounting firm just to be safe - so I did. After two years I knew the decision was wrong. I wasn't getting the proactive advice I really needed. Their fees were heavy duty and I guess a slice was to pay for the name and feeding the international partners up the chain. ”

To Think About: Local family owned businesses need local knowledge and expertise. They relate better to the everyday ownership challenges that face each and every owner. Do the large firms really understand that family lifestyles are exposed to the success – or failure – of their business?

“ Reason

#6 When will they be ready?

My old accountant's fees were fair but boy, did I have to wait and wait. They could never tell me upfront just when my accounts would be ready. I lost favour with my bank and got behind with my taxes because my old accountant was just so slow and unreliable. I called it snail accounting.

Photo: Domdeen, FreeDigitalImages.net ”

“ Reason

#7 Hello? Anybody Home?

I had to wait days for my old accountant to reply to things I needed to know today. Yes I am impatient but they were either arrogant or just so disorganised that everything they did was late. That hardly filled me with confidence if they were poor at their own time management. ”

To Think About: Local family owned businesses need local knowledge and expertise. They relate better to the everyday ownership challenges that face each and every owner. Do the large firms really understand that family lifestyles are exposed to the success – or failure – of their business?

To Think About: How quickly does your accountant answer your queries? In less than 24 hours? We know what it’s like to be kept dangling. We commit to responding to phone calls and emails the same day.

“ Reason

#8 Breadth of Knowledge

I needed someone who really knew about sales and marketing, and had real practical expertise. My business was well positioned to grow but I was looking for a better strategy to increase sales – which comes from having real marketing expertise. My old accountant was out of his depth so I chose an accounting company that knew a lot about clever marketing strategies. ”

To think about: To grow a business you need to grow sales. Being able to get this advice from your accounting firm is rare – but that’s the bonus you get from E3.

“ Reason

#9 Street-Wise Business Advice

My old accountant knew little about business. I’m sure he never suffered sleepless nights wondering how he’d pay his staff because his cashflow had tanked. I needed people with real street wise business wisdom. This can only come from someone with practical experience, not someone who has studied the theories at university. ”

To Think About: When did your accountant last offer you real smart business advice that you went off and put into practice? Has your accountant ever been proactive and coming up with really helpful business advice?

TAKE THE NEXT STEP Let surprise invoices and mysterious timeframes be a thing of the past. Get an accounting firm with real business experience who sees things through the business owner’s eyes. Contact me today for a free, no obligation meeting.

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