The Truth about Bean Counters

Do you always jump on an opportunity to shoot your tax questions at your accounting friends?  

This hilarious article by Lincolns will enlighten you on why they probably hate your opportunism and the top-5 misconceptions of what they do Monday – Friday.   


 

When meeting people for the first time do you ever hesitate when the person asks, "what do you do"? When telling people, I am an accountant it can go one of two ways.  It can be a real conversation killer, or it can be the start of a lifelong friendship of free accounting advice.  And then the questions start... “I have an accounting question for you”. Perfect, just how I wanted to spend my evening, but do go on. 

“Can I claim my new dinghy as a business expense?” Or even better, “the bloke at the pub said he gets a refund of $8k how does he get that?” 

Mind you, we accountants shouldn't complain.  Our friends in the medical profession have it far worse, ‘Would you mind if I showed you this rash?”  Awkward!

Join with us as we have a bit of a laugh with the top five misconceptions of accountants. 

1.     Accountants only do tax returns.  Yes, we have to lodge your tax returns each year but there is so much more we would like to talk to you about rather than just tax. Nowadays less time is spent on compliance and more time spent working on more useful projects such as:

- computer software training and troubleshooting
- negotiating with your bank to get finance or a reduction in interest rates
- tax planning before the end of the year
- succession and estate planning
- cashflow and budgeting
- Centrelink applications
- assistance with employment
- business performance improvement
- systems, strategies, and future planning
- generally solving problems and so much more

2.     Accountants are good at maths. Most people think we are good with numbers, but it’s not even that important. Calculators and computers do the heavy lifting here

3.     When calling your accountant you will always get a quick answer. There is no such thing as a straight forward tax question.  Often the answer will depend on a number of factors and be specific to your circumstances.

4.     Accountants are busy in July.  July is probably one of our quietest months so most of us go on holidays in July. As client problems are the biggest cause of our busy-ness, these are not seasonal, so we are busy all year round.

5.     Accountants work for the ATO.  Although it may appear that we are BFFs with the Tax Office, it is a bit of a love/hate relationship.  Tax accounting is about interpreting tax law and getting the best result for our clients. 

One thing that is true is that we have a passion to help you grow your profit and your wealth while reducing your stress and risk, using our experience and skills to get the best results.  The new age accountants role is more about relationships, communication, and assisting you to make decisions than about numbers.

So, the question is...are you getting the most out of your accountant?