What is a Accountant?

An accountant plays a crucial role in safeguarding your business from the end-of-year challenges associated with tax returns. Analysing your financial data and understanding tax laws, an accountant can provide tailored advice that aligning with your business goals and vision. Their expertise allows them to predict tax liabilities for upcoming years, helping you strategically plan your finances. This forward-thinking approach enables you to make informed decisions on potential investments or expansion opportunities and positions your business for sustainable growth and success. With their guidance, you can proactively manage your tax responsibilities, ensuring compliance while optimising deductions and credits.

You should consider talking to your accountant at several key times throughout the year:

Quarterly Estimated Tax Payments: Review your finances and tax obligations before the due dates for quarterly payments, typically in April, June, September, and January.

Before Year-End: Schedule a meeting in December to discuss strategies for year-end tax planning, including deductions and credits that can be maximized.

When Significant Financial Changes Occur: If you experience major life events such as starting a new job, changing jobs, getting married, or purchasing a property, consult your accountant to better understand the implications for your taxes.

Before Filing Tax Returns: Meet with your accountant a few weeks before the tax filing deadline in April to ensure all documents are in order and to address any questions you may have.

Regular Check-Ins: It can be helpful to have regular check-ins, perhaps quarterly or biannually, to review your financial health and ensure you’re on track with your financial goals.

When Considering Investments or Large Purchases: Discuss potential investments, business opportunities, or large expenses ahead of time to assess their financial impact.

Staying proactive in communication with your accountant helps you make informed decisions and better manage your finances.

Assessing these factors can help you determine whether it's time to hire a bookkeeper to ensure your financial health and support your business growth.

By dedicating some time to familiarise yourself with these tools, you can maintain accurate financial records, ensuring a clear picture of your financial health without the need for professional bookkeeping services.

Working with Ako Cash Flow, you will not find traditional bookkeepers but rather a team dedicated to empowering you to become your own bookkeeper. Our approach focuses on providing you with the tools and knowledge necessary to manage your finances confidently and effectively. Through our resources and support, you will learn how to track your income and expenses, understand cash flow management, and make informed financial decisions that align with your goals. We believe that by equipping you with these essential skills, you can take control of your financial journey and foster long-term success in your personal or business finances.