Proactive Accounting versus Reactive Accounting

While the nature of their work gives many the impression that all accountants are created equal this is simply not true. Many people believe accounting advice, particularly to businesses, consists simply of checking invoices and receipts and sending off a tax return.

And, truth be told, that is the case with many who practice “reactive accounting”.

By reactive accounting we mean those accountants, and accountants turned business advisors, who simply rely on the annual nature of tax returns and the general sluggishness of people to change advisors to maintain their business. They neither seek out new client opportunities nor work with their clients throughout the year to ensure they are placed in the best position for reducing tax liabilities, increasing profitability and ensuring business profitability.

Unfortunately many individuals and business owners have no idea that there is a better option. Even today with an enormous amount of choice available to individuals and business in every type of product and service it is remarkable how loyal business owners can be to a service provider who, while probably a “good bloke”, is doing very little to add value to the business.
For people looking for good quality Toowoomba Accountants for a business you absolutely must have an accounting firm that offers a proactive approach to advising you on your accounting, taxation, superannuation and business growth issues.

A proactive accounting firm is one that provides a whole year, whole business approach. That is, they understand that your success is important to their continued business success and they provide regular advice and information to your business that adds significant value to your bottom line by addressing both costs and income.

A proactive accounting firm in Toowoomba understands that running your company in a highly competitive and challenging business environment is a challenging and time consuming experience, whether the economic situation is good or bad.

A top quality accounting firm or business advisor will work with you throughout the year and on issues throughout your business. This might include:
* providing strategies for minimising input costs including tax
* providing strategies and implementation advice for increase your profit margin
* advising you on business growth strategies or undertaking business strategic planning
* giving long-term and big picture advice that is aimed at getting your to financial independence as quickly and safely as possible.

Often the growth in a proactive accounting firm will outstrip their reactive colleagues and result in the firm developing a whole new service line dedicated to business improvement services.

The sorts of specific services you can expect to receive from a business improvement service at a proactive accounting firm include:
– financial report preparation
– marketing plans and strategies
– advising and assisting in the completion of grant and other government funding opportunities
– business acquisition assessment and profitability/growth potential due diligence
– input cost advice across online, telecoms, marketing, staff, premises and materials
– workforce management and productivity

By choosing proactive, rather than reactive, accountants, Toowoomba businesses can give themselves a competitive advantage that will help you achieve your business and financial goals and make sure you keep more of your hard earned money – rather than giving it to the tax office.

The content in this article is for information only. It does not represent legal or accounting advice and is provided solely for the information of the reader. Always consult a trained professional before taking any action on matters which affect your legal rights, finances and obligations.

For accountants Toowoomba and Toowoomba financial planners we suggest you contact Insight CPA. Insight CPA is a leading Toowoomba accounting firm, located in Ruthven Street Toowoomba.

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