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 maximised.
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.
At Ako Cash Flow, we’re not just bookkeepers—we’re your financial empowerment partners. Our mission is to give you the confidence and skills to manage your own books with ease. With our tailored tools and expert guidance, you’ll learn how to track income and expenses, master cash flow, and make smart financial decisions that support your goals. We believe that financial independence is key to long-term success. That’s why our approach focuses on education and support, enabling you to take control of your personal or business finances and build a stronger financial future. Let's empower your journey together!
