If you asked most business owners what their accountant does, the answer would probably be "my tax return and my BAS." That's a big part of it, and of course it needs to be done properly, but it's only part of what a good accountant can offer.
When the relationship works well, your accountant becomes someone you can bring questions to before you make a decision, not just paperwork after the fact. This post explores what that looks like in practice, how to recognise it in your own relationship with your accountant, and what to consider when choosing or reviewing one.
Tax returns, BAS, payroll reporting and financial statements all need to be accurate and on time, and a good accountant takes that off your plate.
However, the people running successful businesses tend to use their accountant for something more: a trusted second opinion on the decisions that matter. Should we hire now or wait a quarter? Is it worth buying that equipment this financial year? Is this the right entity to hold our assets in? Those are business questions with tax consequences, and an accountant who understands your numbers is well placed to help you work through them.
Regular reviews of your numbers show which products, clients or services actually make money, and which just keep you busy. Without that visibility, it's easy to keep investing time in work that doesn't pay. Our post on business financial reviews and improving cash flow and profit goes deeper on how this works in practice.
A profitable business can still run short of cash, particularly when it's growing. Forecasting, tracking debtor days and planning around tax payments help you see pressure points early, rather than finding out when the bank balance does the talking. Accurate, timely reporting is what makes this possible, which is why we're big believers in the monthly financial reports growing businesses should be reviewing.
The way your business is set up, whether through a company, trust, partnership or a combination, affects your tax, your risk and your flexibility. A structure that made sense when you started may be costing you money today. Reviewing it regularly, not just when something goes wrong, is one of the quieter ways an accountant earns their fee.
Both have their place, and the right one depends on your business.
A compliance-only relationship is typically transactional and annual. You send documents, the accountant prepares the return, and you hear from them again next year. It's efficient and often perfectly adequate for a very simple business.
An advisory-led relationship is ongoing. There are regular conversations, forward-looking forecasts, and proactive suggestions before deadlines arrive, not after. The accountant knows your goals, understands your numbers, and brings ideas to you rather than waiting to be asked.
The difference tends to show up around tax. With a compliance-only approach, you might learn what you owe in September. With an advisory approach, you'd have talked it through in March, while there was still time to plan.
Many businesses end up with an accountant by default rather than by choice. These are some common patterns:
Outgrowing an accountant isn't a criticism of them, it's often a sign your business has moved on. A few signals worth noticing:
If two or three of these sound familiar, it's worth having a conversation about whether the current arrangement still works for you.
Most tax problems start well before lodgement, in decisions made without the full picture. The timing of income and expenses, how assets are held, whether contractors are classified correctly and how director loans are managed all have consequences that are much easier to deal with in advance.
Proactive advice also lowers risk more broadly. Reconciled books make errors easier to spot, regular structure reviews catch issues early, and an accountant who knows where the ATO tends to look can help you stay on the right side of it. Our article on ATO audit triggers explains where scrutiny often lands.
A simple way to get more from your accountant is to involve them earlier. Bring them the decision you're considering, not just the paperwork once it's done, and see what difference it makes.
A bookkeeper generally records and organises day-to-day transactions. An accountant typically takes that data further: preparing financial statements and tax returns, and advising on tax, structure and strategy.
For most growing businesses, more than once a year. Quarterly check-ins tied to BAS or financial reviews are a sensible baseline, with extra conversations before major decisions.
You can search the Tax Practitioners Board's public register for their registration details. It's free and takes a minute.
It can cost more than a compliance-only service, but it's worth weighing against what it can save or earn: better-timed tax planning, fewer surprises and clearer decisions. The value usually shows up in outcomes rather than the invoice.
Yes. Handovers are common and a good firm will manage the transition with your previous accountant, so nothing is missed.
Your accountant sits closer to your numbers than almost anyone else outside your business. Whether that relationship is limited to annual compliance or becomes an ongoing source of advice can make a real difference to how you make decisions and plan for the future.
If you’re wondering whether your current accountant is the right fit for where your business is heading, explore our business accounting services and taxation services, or get in touch with the Rubiix team to discuss how a more hands-on approach could support your business. You can also follow us on LinkedIn for more practical insights.