A number of accountants advise their clients that one of the seven ways to grow their business is to reduce overhead costs. For example, your accounting fees constitute one of your overhead costs. What do you think? Is what you spend with your accountant an expense that needs to be reduced, or is it an investment that can be made?
There is nothing wrong with an expense as long as it is a necessary evil. In spite of the fact that we cannot avoid it, it is an inconvenient purchase that adds little value.
The idea of an investment is how much you get back for your money - what you get back as the benefits of the service; more cash, more discretionary time, or simply peace of mind that all is getting done as it should be.
Accountants are capable of providing enduring value to you and your business, and this is the real purpose of what they do for a living. Accountants are capable of providing more than just annual tax returns anymore. Those who subscribe to this philosophy can provide a wide range of services including:
Tax planning and minimisation
Helping you create a plan to realise your goals - including profit and cashflow improvement strategies
Working alongside you to realise the plan - by combining our expertise with yours
Ensuring your compliance and tax obligations are met in the most cost-effective way.
It is your accountant who's responsible for helping you stay in control of your finances; if you consider it a cost, then you should cut it; if you consider it an investment, you should invest now more than ever before.
"The biggest expense is an opportunity cost." - Anon