We are all experts in our chosen professions, but all need help and support when it comes to other areas of our business. When we listen to established business owners, the best advice they generally give is to outsource what you’re not good at, to a professional. The cashflow and money within your business is vital to your success, as is having the financial professionals you need supporting you and your business.
So, who are the experts? We’ve put a list together of some financial professions you may need within your business, why they are important and what do look out for when finding the right person for you.
A qualified Accountant who understands your business and goals, is so helpful when it comes to understanding the money within your business. When it comes to choosing an Accountant, make sure you speak with someone who can not only complete your tax return each year, but becomes your trusted partner for future tax planning and helping you understand your financial position so you know where you are. You want someone you can turn to whenever you need guidance, this will become more important as your business grows.
Bookkeepers/Registered BAS Agent
A Bookkeeper is a great option for anyone who hates paperwork and is in an industry that requires a lot of data entries. This won’t be suitable for every business, but for others it can be a lifesaver. Bookkeepers will save you time and keep on top of your accounts, which will make the trip to the Accountant simpler. A lot of bookkeeping and accounting services work together. When searching for a bookkeeper, it is important to ask whether they are a “Registered BAS Agent”. If they aren’t, it means they will be unable to lodge your BAS for you. If this is important to you, asking this question will help in making the right choice.
Most businesses require some form of insurance to protect themselves, the customers they deal with, equipment, stock etc. Making sure you are adequately protected is important and if you are new to business it can be so hard knowing what you need to be protected for. Speaking to an expert will help you understand what insurance you and your business need and they will shop around to find you a competitive deal.
When entering into any contract for your business, making sure you have the correct advice is important in protecting you and your business down the line. Lack of specific wording or clarification within a contract can cause a lot of problems later, if anything bad was to arise and the contract came into question. When purchasing business, selling businesses, hiring staff, mergers etc, having a legal advisor you know and trust will help protect you.
A Financial Planner can not only assist you with your personal financial position, but can help you with succession planning for your business and helping you position you and your business for eventual retirement. Having a plan in place that helps you achieve your goals, will give you something to work towards. As a key person within your business, it is also important you have adequate protection and a will in place. If you have a business partnership, ensuring you have the necessary protection noted within your Partnership/Shareholder agreement can help avoid any unpleasant events later in life. It is something we all put to the side and will worry about later, but it can be better to be safe than sorry.
At some point or another, most business owners will want or need to obtain finance. Whether that is to acquire another business, expand the current business, buy commercial property or equipment etc, having a specialist Broker or Banker who can help you get the most competitive deal, may help to save you time and money. Making sure they understand your business, know what your goals are and can work with your other experts to structure the loan as you require is important. The finance solution you apply for should fix your problem, not plug a hole temporarily. Make sure the person helping you get finance has the experience needed to help your business.
Surrounding yourself with the right experts will ensure you get the correct advice and help your business succeed. Sometimes it is hard to know where to start, speaking to friends, business colleagues or a finance professional can help you build a strong network of people to support you and your business.
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This article provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product. It does not constitute legal, tax or financial advice and you should always seek professional advice in relation to your individual circumstances.