You’re a wizard when it comes to doing the math for your client’s and their financial needs (especially at tax time) and that’s why they come back year after year. But did you know that you’re accounting know-how is actually saving your client’s money in more ways than one?
These are seven ways you can help your client’s save a few dollars in ways they would least expect it! Win-win, cha-ching.
Time is money
Let’s face it, most client’s do not have the spare time to be spent on hours of bookkeeping and accounting. This is especially true if they are small business owners who have a million and one other tasks that they need to juggle.
By investing in your accounting skills, you are freeing up their time which can be spent on other things, something which your client’s will be very thankful for!
Assist with tax efficient strategies
Knowing what you can and cannot claim at tax time each year, is something most client’s would struggle with, given that each year these guidelines can change drastically.
You’re up to date knowledge and awareness of the tax system is something which your client’s seek out. They want to be able to know what they can be doing to save money and help with the tax side of things where possible.
Through your understanding of this area of accounting you can help provide strategies and goals to assist your client’s and ultimately get more bang for their buck.
You know how to avoid fines and penalties
A simple mistake or even missing a lodgement deadline can take a hefty hit to the hip pocket for some client’s, an expense they can live without. Once again this is where your knowledge of the financial, government and tax systems is golden.
By understanding your client’s and their financial situations, you are able to explain what they need to do, what lodgements need to be made by certain cut off dates and whole host of ways they can avoid being financially penalised.
Support funding from financial institutions
There’s a fair chance that you have worked with some of your client’s for a while. You’ve become familiar with their financial situations and are aware of their goals and plans.
So, for client’s that may be looking at doing something like starting their own business or expanding an existing one, you understand their financial history and have all the paperwork to help if they need to seek further financial backing.
Applying for business loans through banks can be a daunting task, asking for financial details, statements and information sometimes from years ago. As their accountant, you can help make this process easier for your client’s by delivering their required documents in a flash.
Give advice on investments
When you’re client’s approach you with the desire to invest, you’re able to look at different options and assist them with maximising their return. Having an understanding of the financial and tax implications of different investment options, you are able to work closely with the unique needs and goals of your client’s to try and make their dollar go further.
Helpful through all stages of a client’s business development
No matter what stage a small business owner may be at with their business, there is going to be the need for the expertise of an accountant.
From the starting out phase, your accounting skills are about setting your client’s business for the long haul, ensuring they have the correct structure in place, claiming the right deductions and are have a healthy accounting system in place.
Once they are more established you’re there to look at ways to help them grow their business and to maximise their opportunities. Whether that be in expanding, investing or even selling the business, your advice is there to help them save money and grow.
So when it comes to saving time and money on your accounting insurance, head to BizCover. We provide products like accountant’s Professional Indemnity insurance* options to coverage like Public Liability* and Business Insurance*.
We know how important time is, so we don’t waste time with paper forms and chatting about the weather. Just insurance with no dramas.
Visit bizcover.co.nz and get insurance for your accounting business without the hassle so you can get on with your day. If you’d prefer to pick up the phone and chat you can find us at 0800 249 268.
*This information is general only and does not take into account your objectives, financial situation or needs. It should not be relied upon as advice. As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording. © 2023 BizCover Limited.
