Just how proactive is your accountant?
Do you meet just once a year to do your tax returns and that's it?
We are seeing many small businesses who pay either a bookkeeper, a BAS agent or tax accountant to do their books.
In extreme cases the business is using a combination of all three; they do not even know each other and all work remotely at considerable expense to the client.
Incredibly the small business owner still has no real idea about the performance or real financial position of the business.
How can this be you ask?
Simply put there is no one on watch - busy yes, accountable no. Adding value to clients business - hardly.
In very many cases the process of accounting for a small business is extremely inefficient, expensive and of very low value to the business. In the background there is a very substantial real cost to the owner of the business who is sponsoring the business through long hours and having their equity position eroded.
In many cases this situation arises from a lack of knowledge - you don't know what you don't know.
The smart thing to do would be to ask someone that does to address this most urgent of situations.