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Question & answer time with your accountant - part 1

5 February 2020 / By RightWay Ltd

There’s no argument that every good accountant should help you stay on top of your tax obligations. But how can your accountant go beyond this? Can your accountant help you take control of your cash flow, your strategic direction, or even simply your work-life balance? The answer is yes! Your accountant should be able to use your business numbers to help you with all of these things. To give you an insight about how we can help you and your business, we’ve answered some of your most burning business questions. We will cover off some more questions in part 2 soon.

 

How will you add value to my business?

Your business is your world. Often though, you become so involved in this world that you need a fresh perspective to point out where things could be improved. RightWay are your fresh perspective. We look at both the numbers and your goals, to help you make decisions that move the needle in your business. As accountants, we’ll manage your annuals, keep you on the right side of the IRD, and help you look after your cash flow. As business advisors, we’re working alongside you with a gentle challenge, an objective view, and a pep rally when you need it most – a sounding board, or sound advice from someone who knows your business and has your back.

Having the right people around your business helps it to succeed. It’s vital to find someone you trust, and someone who ‘gets’ you. We’ve got business advisors across the country ready to help you in your business journey.

 

What does RightWay do outside of just doing taxes?

Lots! There’s a lot more to business than just doing your tax, we find a lot of our customers feel overwhelmed and don’t know where to get help. We offer strategic planning, advice, and support - we meet with our customers regularly to talk about the financial and non financial goals you have within your business, and work on a plan on how to get there.

We also have a Bookkeeping and payroll team to help with financial administration. As businesses grow, it can get harder and more complex to keep up with the paperwork, so working with a bookkeeper can be vital. We have a dedicated agri business team that understand the nature of all things farming, and can provide the right business advice for you and your circumstances. We know managing staff can be really challenging, so we have a HR support team that can help you with all things people – they can work with you on one-off work like contracts, or helping you through a misconduct process, or they can support you on an ongoing basis. We also offer Xero training and support to make sure you’re able to get the most out of your Xero subscription.

 

How can my accountant help me not work all hours of the day?

Instead of working harder, we'll show you how to work smarter. We’ll get you to ask yourself the right questions and put together a strategy for success. You might think that doing everything yourself is the answer, but that’s usually not case (in fact, it’s often causing more issues than it’s solving). Every business is different, so there’s not one clear cut solution. However, we can work with you to clarify your structure, processes, people, and standards so you’re not having to be everything all at once. We deal in solutions to all sorts of business challenges. Nothing surprises us anymore - we’ve seen it and we’ve probably done it. So there’s no need to feel self-conscious or ashamed about where you are at in your business.

Read more about what your accountant can do for you here.

  

I’m making a profit on paper, but have no cash - how can I fix this?

This is a sure sign you need to take control of your cash flow. Start by proactively thinking about when your cash comes in and when it goes out, and look at structuring how you get paid, pay people, and pay tax, and then evaluate what has changed in your business and how those changes might impact your cash flow.  

Looking beyond your profit and loss sheet is essential – it’s really common for people to only track where their money is and where it is going. For example, if you’ve bought a new piece of equipment, that obviously means you’ve spent some cash. However, that purchase will not appear on your profit and loss sheet. Therefore the profit that’s showing on paper won’t necessarily be correct as it’s not taking into account the big picture, and you’ll forever feel like you’ve got no cash!

 

Should I use a bookkeeper?

You might have started out doing the bookkeeping yourself, or perhaps you have someone in your team who’s ‘good with numbers’. But as your business grows, it gets harder and more complex to keep up with the paperwork. Mistakes happen – sometimes expensive ones. And you and your team want to focus on building the business, not wrangling receipts. If this is the case you should look at outsourcing your bookkeeping.

Many business owners initially see outsourcing their bookkeeping as a cost. But when you consider the opportunity cost and risks of DIY, it often works out quicker and cheaper to outsource. If you’re struggling to stay on-top of your bookkeeping or you’re not sure if what you’re doing is correct, we can provide you with bookkeeping services or the right training to ensure that you’ve got the right skills and knowledge needed. You can read more about outsourcing your bookkeeping here.


If you have any other questions about working with your accountant, or what we do here at RightWay, get in touch! You can organise to chat to one of our experienced business advisors here.

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