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TAANZ - Travel Agents Association New Zealand link to website

T. 09 524 6178      F. 09 524 6179     E. contactus@taaccounting.co.nz

Getting the most from your Accountant   JULY 2014

Accountants can do the following:• Prepare budgets and cash flow analysis.• Prepare rolling financial forecasts for your business.• Benchmark your business and show you where you can improve your profits.• Review the integrity of your financial information to ensure the financial information you see each month can be relied upon.• Restructure your debt to ensure that you are getting the maximum interest deductions.• Assist with buying or selling a business.• Value your business and put in place with you a plan to maximise the value when you do sell.• Analyse your revenues and margins and finding ways to improve both. This can be completed in conjunction with bench marking.• Recommend and assist with the implementation of better methods of managing your debtors and improving cash flow.• Plan you tax payments and restructure your business to minimise your tax.• Prepare with you a business plan and coach you to achieve that plan.The TA Accounting team recently spent time with a Business Coach working on a plan for their accounting business. It was an interesting process and one that PAUL DAVIES has used with clients, but never before has someone worked through the process on his business.

What a gift! – having someone else take a look at our market place, where our industry is at, what changes are going to impact upon our business.

Then analysing our business, our clients, our staff, our hopes and aspirations and coming up with a plan for our future.

One of the most important things to come from this analysis was that accountants are not very good at selling their services and they are not very good at telling clients and potential clients about the range of services and skills that they can use to their clients advantage.

Perhaps you are the same with your clients? Do you under sell your services, under charge for the valuable work that you do for clients.

Are your clients aware of all the services that you can perform for them? You will be aware that accountants can prepare accounts and tax returns – this is the compliance side of our job and it has been our bread and butter.

But more and more of this work is being performed either off shore or by accountants that do not belong to any professional body and do not have to meet the high standards set down by the New Zealand Institute of Chartered Accountants.

Take a look at your own business. Does some of this self-analysis apply to your business?

Are there services that you could offer to clients that they are not aware of?

Do you price those services at the value that the client receives? Could you grow your own business just by making a list of all the additional services that you could offer your clients?

If you need to analyse your business or you would like to purchase any of the services listed above give us a call or send an email.