Guest Blog: Get More from Your Accountant, and Increase your Profits!
This week’s blog is a contribution from Kelli-Rae Tamaki, owner of TMH Business Coaching & Consulting. Shaw and Associates Chartered Accountants has had an excellent relationship with Kelli-Rae for some time now and she had some excellent thoughts on accounting. Enjoy!
I see several business owners every week who are not making enough money. They’re worried about cash flow, profitability, and sometimes even paying their bills. In my experience, most of them have one thing in common: they are not reviewing their financial statements and getting advice from their accountant monthly! This is a huge oversight for many reasons.
- Your accountant knows your cash flow statement, balance sheet, income statement and budget better than anyone! You need this knowledge! Reviewing your statements with your accountant and getting their advice every month will dramatically increase your profit, and cash flow, because you will begin to better understand your numbers. You may think that you already “know your numbers” but trust me, if you’re not an accountant, they have some additional insight to offer you!
- Your accountant is incredibly knowledgeable and can help you determine better ways to analyze your numbers. For example, separately measuring gross profit on different products/services, can help you increase overall profit by selling more or less of one or the other (more or less profitable items).
- Your accountant WANTS you to succeed! There are a lot of business owners who learn about improving their financials, from me, during business coaching. If they haven’t learned it from their accountant, they inevitably ask, “Why hasn’t my accountant taught me this?” My answer is always the same: “Because you haven’t asked.”
In my opinion, accountants have been told over and over again that their bills are too high. Because of that, they tend to do the minimum required work on your books. BUT they can be an INCREDIBLE resource to you, if you ask for help, on the above points.
Contact Shaw & Associates Chartered Accountants for accounting help you can count on. One complimentary meeting with us will put you and your business on a more profitable and positive path. And contact TMH Business Coaching and Consulting for outstanding advice on growing your business to its fullest potential.