101 Ways to Boost Your Business by Andrew Griffiths

By Andrew Griffiths

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My accountant is also there to advise me on ways to reduce my taxation where possible. He helps to identify legal ways to save tax, and makes recommendations for protecting my assets and limiting my liabilities. He also helps with my overall business strategy and planning for the long-term future of the business and myself. I use a financial planner specifically to build my own wealth. My financial planner has arranged life insurance, superannuation, income protection policies and high-interest investments.

I believe that an accountant can only be as good as their client. Be open to their ideas, be honest and take their advice—after all, that’s what you are paying them for. 27 101 WAYS TO BOOST YOUR BUSINESS 10 What’s the difference between an accountant and a financial planner? This is a question that doesn’t really have a clear answer. It’s important to know that these services exist, because you need to know which one you may need at any time. I use an accountant to make sure that all of my legal obligations are met.

If you are not an organised person, you may need to find someone who can sort out your books for you. I have a bookkeeper who comes in once a month. They spend five or six hours keying in the information, and at the end of the session I am given a profit and loss statement. This costs me around $200 per month. For the peace of mind it gives me this is a small price to pay. 38 FINANCIAL BOOSTER TIPS 16 Keeping costs down without losing customers I often see companies that are going through difficult financial times trying to cut costs.

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