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Trevor Monaghan
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In my humble opinion it will take you all day to read the instructions and complete the forms and it will still be incorrect. I have worked in accounting firms for over 10 years (and now run my own) and I can tell you that most degree qualified accountants with 1 whole year’s experience make significant mistakes on 90% of the company tax returns they prepare. Luckily there is a review process in place and they get fixed before they get lodged!

The real question is what else you could do with your time. How many prospects could you call in one day if you blocked your time out? Let’s say you could make 1 call every 5 minutes fr 8 hours. That’s 96 phone calls. Say your conversion rate was 5%, making 5 new customers. If the lifetime value for each customer was say $1,000 then you have just made $5,000, not to mention the referrals you would get from those customers.

Stick to what you do well and play to your strengths. A good accountant will also have a conversation with you about making more profits too so it’s a dual purpose, but make sure they give you a fixed price before you start so there’s no surprises.

In my humble opinion every business needs a business plan, a marketing plan and a cashflow budget, even if they are all only one-page documents. You then also need to see your accountant either monthly or quarterly (could even be over the phone) to discuss how the business is tracking against your plans and targets.

Using a good accountant will MAKE YOU MONEY. My experience is that you cannot cut your way to growth and having that mindset will forever put your business behind your competitors. Most small businesses have a J.O.B. (Just Off Broke) because they are always worried about being broke instead of worrying about how to be successful.

Trevor Monaghan
Chartered Accountant
Climax Business Strategies