How to Get the Most Value From Your Accountant (Small Business Guide)
Are you only hearing from your accountant once a year at tax time?
If so, you’re likely missing out on real value.
For many small business owners, an accountant is seen as a compliance necessity — someone who prepares tax returns and lodges BAS.
But the reality is, a great accountant can help you save tax, improve cashflow, and make better business decisions year-round.
The key?
Understanding how to work with your accountant effectively.
What does an accountant actually do for a small business?
Most people think accountants are just there to “do the numbers”.
In reality, a proactive accountant should help you:
Minimise tax (legally and strategically)
Improve cashflow and profitability
Plan ahead for tax obligations
Provide business and growth advice
Help structure your business correctly
But to do this well, your accountant needs visibility — and that’s where many businesses fall short.
Your accountant isn’t a mind reader
One of the biggest misconceptions is that your accountant will automatically tell you everything you need to know.
The truth is — we can only advise based on the information we have.
We can’t see:
What decisions you’re about to make
What opportunities you’re considering
What challenges you’re facing
Unless you communicate it.
This is why the best accountant relationships are proactive and collaborative — not reactive.
5 ways to get more value from your accountant
1. Keep your bookkeeping up to date
If your financials are months behind, any advice you receive is already outdated.
Up-to-date numbers allow your accountant to:
Identify issues early
Provide timely tax planning advice
Help you make informed decisions
Using software like Xero can make this process seamless and real-time.
2. Ask your accountant before making decisions
Timing matters — especially when it comes to tax.
Before you:
Buy equipment or vehicles
Hire employees
Take money out of your business
Change your business structure
Speak to your accountant first.
A quick conversation can often result in significant tax savings and better structuring.
3. Share your business and personal goals
Your accountant can’t help you build wealth if they don’t know what you’re working towards.
Whether your goals are to:
Grow your business
Reduce working hours
Invest in property or shares
Build long-term wealth
Sharing this allows your accountant to align tax strategies with your bigger picture.
4. Look beyond just saving tax
Many business owners focus purely on paying less tax.
While tax minimisation is important, it shouldn’t come at the expense of:
Profitability
Cashflow
Long-term growth
A good accountant will help you balance all three — not just reduce your tax bill.
5. Communicate regularly (not just at tax time)
If the only time you speak to your accountant is when your tax return is due, most planning opportunities are already gone.
Regular check-ins allow for:
Ongoing tax planning
Better cashflow management
More strategic decision-making
Why proactive accounting matters
By the time your tax return is being prepared, it’s too late to change most outcomes.
Proactive accounting and tax planning allow you to:
Reduce tax before year-end
Avoid unexpected tax bills
Plan for major expenses
Make confident business decisions
This is where the real value lies.
The bottom line
Getting the most out of your accountant isn’t just about finding the right firm — it’s about how you work together.
The most successful small business owners:
Keep their financials up to date
Ask questions early
Communicate openly
Treat their accountant as a strategic partner
As we approach 30 June, now is the ideal time to connect with your accountant and review your position before year-end — this is where real tax planning opportunities exist.
Disclaimer
This blog provides general information only and does not take into account your personal circumstances. It should not be relied upon as professional or tax advice. We recommend seeking independent advice tailored to your specific situation before acting on any of the information provided.