Home Forums Money matters Do I need an accountant or a financial advisor?

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  • #999711
    billcode
    Member
    • Total posts: 3

    Hello. I have been managing a micro (the word is ’boutique’!) video production business – http://billcodemedia.com/ for the past 3 or 4 years. It’s basically just me with occasional freelance hires.

    Finance never having been a strong point I have had tax specialists handle that side of thing for the past few years. I have moved from one tax advisor to the next, feeling that they haven’t paid my custom the attention it required. Maybe everyone feels that! But of late I feel like I am always dealing with admin with no time for core business. ATO, ABR, ASIC etc. Hate the stuff. My tax advisor does not handle the ABR/ASIC requirements, only my BASs with the ATO. At this point I *think* I need an individual, ideally in my part of Sydney (inner west) who can look after more than those immediate tax needs, but I am unsure as to who/what that individual or firm should be. My turnover is very modest – but I do know that on a personal front I would like a financial advisor, too, as I look to get on the housing ladder! I don’t have a clear understanding of the market – are there people who look after that whole spectrum?

    Yours in confusion.

    #1221012
    Paul – FS Concierge
    Moderator
    • Total posts: 3,119

    Hi And Welcome to Flying Solo [USER=115645]@billcode[/USER] .

    It is great to have you!

    Thank you for joining our community and posting.

    A lot of soloists do their own BAS/ASIC/ABR etc. Many don’t.

    It is up to you to determine what extra services beyond the preparation of your accounts you are prepared to do yourself or pay for.

    Generally, a Financial Adviser would advise around wealth strategies although many Accountants have Financial Adviser divisions so they could help with all of your needs.

    Please feel free to set up your signature if you’d like to include your website link. :)
    http://www.flyingsolo.com.au/forums/index.php?account/signature

    Cheers

    #1221013
    JamesMillar
    Participant
    • Total posts: 1,675
    billcode, post: 266900, member: 115645 wrote:
    Hello. I have been managing a micro (the word is ’boutique’!) video production business – http://billcodemedia.com/ for the past 3 or 4 years. It’s basically just me with occasional freelance hires.

    Finance never having been a strong point I have had tax specialists handle that side of thing for the past few years. I have moved from one tax advisor to the next, feeling that they haven’t paid my custom the attention it required. Maybe everyone feels that! But of late I feel like I am always dealing with admin with no time for core business. ATO, ABR, ASIC etc. Hate the stuff. My tax advisor does not handle the ABR/ASIC requirements, only my BASs with the ATO. At this point I *think* I need an individual, ideally in my part of Sydney (inner west) who can look after more than those immediate tax needs, but I am unsure as to who/what that individual or firm should be. My turnover is very modest – but I do know that on a personal front I would like a financial advisor, too, as I look to get on the housing ladder! I don’t have a clear understanding of the market – are there people who look after that whole spectrum?

    Yours in confusion.

    I can give you some pointers on what to expect but am curious to know what you have been paying these accountants per annum AND what your structure is?

    #1221014
    billcode
    Member
    • Total posts: 3

    Hello James. I made the jump from sole trader to private company around three years ago. Currently I engage a mid sized accounting firm for tax reporting which, they say, specialise in media, which I suppose is handy. It’s not a great deal – I pay them $275 to do each BAS and to ‘provide advice when needed’ throughout the year. Negligible. But it’s hard to get that advice out of them, I’m at the bottom of their pile when it comes to priorities. The fact is I am a filmmaker – I don’t want to spend any time dealing with money or talking to ASIC/ATO where not necessary. I want someone to deal with as much as possible, remind ME when the BAS is due (not vice versa), speak to me in plain English ahead of time (not when I’m getting red letters from debt collection agencies etc). It would seem logical to me that given this is my company – I’m the sole director – I could have one company/individual provide company as well as individual/personal advice, as Paul nods to.

    #1221015
    billcode
    Member
    • Total posts: 3
    Paul – FS Concierge, post: 266901, member: 78928 wrote:
    Hi And Welcome to Flying Solo [USER=115645]@billcode[/USER] .

    It is great to have you!

    Thank you for joining our community and posting.

    A lot of soloists do their own BAS/ASIC/ABR etc. Many don’t.

    It is up to you to determine what extra services beyond the preparation of your accounts you are prepared to do yourself or pay for.

    Generally, a Financial Adviser would advise around wealth strategies although many Accountants have Financial Adviser divisions so they could help with all of your needs.

    Please feel free to set up your signature if you’d like to include your website link. :)
    http://www.flyingsolo.com.au/forums/index.php?account/signature

    Cheers

    Thanks for that!

    #1221016
    JamesMillar
    Participant
    • Total posts: 1,675
    billcode, post: 266924, member: 115645 wrote:
    Hello James. I made the jump from sole trader to private company around three years ago. Currently I engage a mid sized accounting firm for tax reporting which, they say, specialise in media, which I suppose is handy. It’s not a great deal – I pay them $275 to do each BAS and to ‘provide advice when needed’ throughout the year. Negligible. But it’s hard to get that advice out of them, I’m at the bottom of their pile when it comes to priorities. The fact is I am a filmmaker – I don’t want to spend any time dealing with money or talking to ASIC/ATO where not necessary. I want someone to deal with as much as possible, remind ME when the BAS is due (not vice versa), speak to me in plain English ahead of time (not when I’m getting red letters from debt collection agencies etc). It would seem logical to me that given this is my company – I’m the sole director – I could have one company/individual provide company as well as individual/personal advice, as Paul nods to.

    Your accountant should be able to handle all of the matters you referred to in the original post (including the bookkeeping if needed). This would obviously alleviate the burden from you and ensure its done correctly and on time. If you are trying to grow your business you would probably also benefit from some proactive analysis and planning with your accountant. Call it the hamburger with the lot rather than the junior burger. Executed correctly it can make a real difference but of course it does come at a cost. You could easily spend between $5k to $10k per annum depending on the scope and quality of the service.

    #1221017
    Donna The Bookkeeper
    Member
    • Total posts: 2

    Hi James,

    I can recommend
    https://abovethelineaccounting.com.au/

    Regards,
    Donna The Bookkeeper

    #1221019
    brettongs
    Member
    • Total posts: 3

    Hi billcode,

    I’m a financial adviser and I can assist you with investment and wealth creation strategies. Happy to have a no-obligation chat.

    Regards,
    Brett

    #1221020
    Nathan Watt
    Member
    • Total posts: 1
    JamesMillar, post: 266927, member: 5318 wrote:
    Your accountant should be able to handle all of the matters you referred to in the original post (including the bookkeeping if needed). This would obviously alleviate the burden from you and ensure its done correctly and on time. If you are trying to grow your business you would probably also benefit from some proactive analysis and planning with your accountant. Call it the hamburger with the lot rather than the junior burger. Executed correctly it can make a real difference but of course it does come at a cost. You could easily spend between $5k to $10k per annum depending on the scope and quality of the service.

    Agree with James, but will add that $275 is reasonable per BAS, but your point on them contacting you & reminding you when to do it is valid. It should be part of their regular workflow to call it in. What accounting system do you use?

    For BAS, company financials & tax return, ASIC & individual tax return you’ll easily spend $5k a year

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