Providing advice at tax time and beyond
Until the pandemic struck, Perth-based Zac White was travelling the world running two businesses, safe in the knowledge his financial information was up-to-date with Intuit QuickBooks and his accountant was on the ground helping him to navigate the best path forward for his two ventures.
As a photographer and videographer, Zac splits his time between the lifestyle side of his business, for which he shoots photos and videos for a range of brands and also sells prints, with the more corporate arm of his enterprise, We Exist. “Balancing both sides can be a challenge,” he acknowledges.
To help him achieve the right balance, the successful influencer works closely with his accountant, who he appointed when he started his businesses. This allows him to focus on the photography side of his operations, confident his adviser has the numbers under control. Zac’s accountant was instrumental in setting up the right business structure from the outset.
“I leave the accounting side to the experts,” says Zac, who catches up with his accountant about once a month to talk through any accounting questions that need to be addressed. Zac also makes sure he sets aside funds on a regular basis to pay for his tax so he has more than enough to cover his tax bill at tax time.
Focus on what you do best
As his financial information is always up-to-date in Intuit QuickBooks, Zac can use the time he spends with his accountant to talk about strategic initiatives and the future of the business.
In the lead-up to tax time, the conversations between Zac and his accountant turn towards upcoming business expenses and whether to bring them into the current financial year or defer them to the following financial year. “We always talk through big purchases like cameras at tax time,” he says.
Zac’s accountant acts as a sounding board right throughout the year, not just at tax time. “But we use the end of the financial year as a chance to do some business planning and set out what we need to do for the year ahead,” he says.
Helping small businesses through the pandemic
Zac is just one of thousands of small businesses owners across Australia who rely on their accounting advisers to support their success.
Intuit QuickBooks research revealed that a quarter of small businesses were saved by adviser support in 2020. In fact, when comparing research conducted with small business owners prior to the COVID-19 outbreak, paying for the advice of an accountant or bookkeeper is now the number one tip small business owners would give to someone looking to start their own business. Pre-COVID-19, the top advice was to start their business as a side hustle.
More small businesses have now built relationships with an adviser during the pandemic, with the research showing, compared with pre-COVID, there has been a 23 per cent increase in Australian small businesses paying for the support of an accountant or bookkeeper.
For Millennial business owners like Zac, the reliance on an accountant or bookkeeper was even greater, with 94 per cent of Millennial respondents engaging their services peak pandemic. While 42 per cent of Millennial business owners declared they would have struggled to survive the impacts of COVID-19 had it not been for the support of their accounting adviser.
Rewards and recognition for advisers
With the end of the financial year on the horizon and accountants and bookkeepers gearing up for a busy peak season, accounting advisers are looking for perks to take the pressure off.
Intuit QuickBooks recognises the incredible contributions of the accounting community in Australia and have recently relaunched their ProAdvisor Program to offer even more perks for members.
The free program provides free access to QuickBooks Tax powered by LodgeiT for tax and BAS lodgements, as well as providing members with customer support (both online and over the phone), marketing tools and wholesale discounts on QuickBooks Online subscriptions, which they can pass on to clients or build into their business model.
In addition, members can list their details on the program’s Find-a-ProAdvisor directory, so small businesses looking for a QuickBooks-certified bookkeeper or accountant can easily find them.
“One of the top five challenges for advisors is finding new clients, so we try to match them up whenever we can,” Wood says. “We’re always looking for new ways to add value to our accounting and bookkeeping community and to help them achieve their business goals.”
To unlock these perks and more join the QuickBooks ProAdvisor Program.