Is my Accountant a cost or investment?

Is my Accountant a cost or investment?

Reducing your overheads will help #GrowYourBusiness. So, are accounting fees a cost that should be cut or a sound business investment?

Accountants tell their clients to reduce their overhead costs as one of the seven ways to grow your business. One of your overhead costs is your accounting fees. So, is what you spend with your Accountant an expense, or is it an investment?

An expense is a necessary evil. It can’t be avoided and is a grudge purchase with very little value add.

An investment is about the return on your spend – what you get back as the benefits of the service; more cash, more discretionary time, or simply peace of mind that everything is done as it should be.

The true purpose of an Accountant is to provide enduring value to you and your business. It’s no longer just about annual accounts and tax. Accountants who live into their true purpose provide services such as:

  • Tax planning and minimisation
  • Wealth creation
  • Helping you create a plan to realise your goals – including profit and cashflow improvement strategies
  • Working alongside you to realise the plan – by combining our expertise with yours
  • Ensuring your compliance and tax obligations are met in the most cost-effective way

If you consider what you spend with your Accountant to be a cost, then cut that cost; if you consider it an investment, you need to invest now more than ever.

“The biggest expense is an opportunity cost.” – Anon