What is s the difference between an Accountant and Business Advisor?
It's easy to get confused about who's services you should engage for different aspects of your business. When it comes to accountants and business advisors, we've broken down their roles for you.
What is the role of an accountant?
In order to be tax compliant, people who are self-employed or running a business often engage an accountant. Yet a lot of people actually aren't familiar with what an accountant can assist you with.
There are lots of different types of accountants; and their main job is to analyse, evaluate and report on the financial matters of that organisation or business. This is usually for the purpose of tax compliance. They sometimes offer additional services which include assessing the financial health of the business, examining data and looking at budgets.
But the term accountant doesn't just refer to a tax accountant. They may be specific to a specialisation in particular field of which there are many different types:
- A tax accountant
- Financial accountant/Manager/CFO
- Management accountant
- Forensic accountant
How does a business advisor differ?
In comparison, a business strategist is somebody that comes into your business and helps you work out where your shortfalls are; and where you need to upscale your training and knowledge. They might be able to assist you to do that themselves, or they usually maintain a broad network of reliable professional services which can assist.
Business advisors work differently yet aligned to an accountant, as their fundamental relationship with you is much more integral. They are strategically assisting you to achieve your outcomes and hold you accountable to the process. They help you plot out your goals and miles, enact strategy to achieve growth, set milestones and accountability measures and become your trusted sounding board to success.
A business advisor is strategically linked to your outcomes and available to you when required. The relationship you build with your advisor is paramount, as trust is a fundamental requirement for a positive outcome.
It's important to know that yes of course, some accountants offer this service to their clients, and they are brilliant at it. At Helix Planning we work closely with you and your accountant to help you achieve the streamlined financial growth and success you are looking for. We provide the coaching and feedback that helps you shift mindset and focus towards outcomes that bring you a return and smashes your goals.
If a business strategist sounds like someone you want on your team, contact our team!