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Tax codes and responsibilities change regularly, so hiring a tax professional is a must. Employing the services of a professional is also the easiest way to maximise your return and generate a much-needed cash flow injection into your business.
As with most professionals you’ll employ while running your business, developing a long-term relationship will typically generate the greatest returns. Having someone on hand who knows you and your business inside and out will also minimise much of the hassle associated with the often-dreaded tax-time.
Below are my eight tactics for ensuring this relationship is fruitful and, importantly, commercially successful.
1) Be honest
Even the most embarrassing of financial situations doesn’t warrant sugar coating the truth to your tax professional. You should never fear being judged, because they really have seen it all. And if you don’t give them the information they need – all of it – you may end up with some very substandard or inappropriate advice.
2) Be communicative
This one really can be applied across the board. But it’s particularly important when working with your tax professional, as your tax bill amount can often depend quite substantially on the provision of timely and complete information regarding your financial history.
3) Listen to the information
You may not find issues of taxation to be the most riveting of topics. However, regularly listening to your tax professional’s opinions may assist you in making more informed financial decisions now and into the future. It will also ensure your tax professional doesn’t feel they are constantly repeating themselves or speaking to a brick wall!
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Koos Kruger is CEO of Business Companion (www.exitcompanion.com.au), a consultancy firm that provides financial advice and exit-planning services for business owners of small and medium businesses. Koos is a chartered accountant with over twenty-five years’ experience in management, finance, and operations across health care, construction, financial services, manufacturing, fast-moving consumable goods, and professional services. He has advised the likes of Rio Tinto, Downer EDI, Serco, HSBC, BHP Billiton, Allianz Insurance, Munich Re, Nedlloyd, the South African government, and the NSW government, across both Australia and South Africa.