While your tax and financial affairs might be the last thing on your mind, now is the time for a new, positive mindset that will change the way you feel about tax time. Does the prospect of getting your tax together and accounts in order automatically make you sigh? Or perhaps bring on a feeling of dread?
No matter what you do for a living but especially if you own a business, a lot is riding on the state of your financial affairs, including your tax position and profits. It can be a heavy burden to carry — if you let it.
Staying on top of your accounting truly doesn’t need to be a stressful affair. So, it’s time to spring into September by approaching your tax and finances with a new mindset. One that allows you to breathe easy and enjoy peace of mind not just at tax time, but all year round.
Too hard, too busy: our modern dilemma. Most of us have extraordinarily busy lives. Can you relate? We find all sorts of reasons to put our finances and accounting in the too hard basket. Before you know it, it’s tax time again and none of those promises you made to yourself last year have been fulfilled.
This is where the right accountant and/or business adviser becomes your new best friend, and it really is a relationship a computer program can’t replace. Why? It’s a supportive relationship. It removes the stress and worry of trying to stay on top of your tax and financial affairs, along with every other aspect of your busy life.
Find your perfect match. If your accountant isn’t fulfilling your needs, it’s time to break up and move on to something better.
Like any relationship, you need to be well suited to your accountant or adviser. Choose a reputable firm with the expertise and the energy that will benefit your particular situation. For example, if you own a business, your perfect accountant should be a business specialist with significant expertise in your industry. As well as helping you develop proactive tax strategies, they’ll be helping you to drive profits. Your perfect match will have positive ideas and industry insights you hadn’t even thought about — probably because you’ve been too busy keeping things running day today.
Your accountant should also be your trusted adviser who can help you in all facets of your business and finances. They’ll actually understand how you operate and what your goals are. You’ll look at your figures and plan for tax time several times a year, allowing for small changes along the way. It’s much better than trying to achieve a major overhaul in one hit (often at the eleventh hour).
Any potential issues will be identified before they become problems, including your compliance and obligations. You’ll know what’s ahead. No nasty surprises at tax time.
This is where the pressure starts to peel away and peace of mind sets in.
Spring is a time for new beginnings so let me encourage you to spend a few minutes assessing your financial affairs. Ask yourself whether you’re in the right relationship. Then you can look forward to breathing a sigh of relief, rather than feeling dread at tax time.
Jason Bartlett is a Partner at leading Australian accountants and business advisers DFK Crosbie. Proudly based in Newcastle, DFK Crosbie helps hundreds of successful individuals, families and operators of hospitality, medical and construction businesses, registered clubs, government organisations and more.