Knock over compliance to boost bottom line, accountants told

Knock over compliance to boost bottom line, accountants told

Accountants should work with their clients to get year-end compliance work done as soon as possible to make way for opportunities in real-time reporting and value-add services, according to the director of a business advisory firm.

Speaking to Accountants Daily, Smart Business Solutions director Shannon Smit has urged accountants to set a tight time frame on getting all of their year-end compliance done.

“What we're looking at is trying to get the compliance and taxes done as soon as possible, and have as much of that done as possible by the end of September,” Ms Smit said.

“What we see is that getting the compliance done is an enabler for us to then provide other services to our clients on a more real time basis.”

Ms Smit said that to accomplish this they began communicating with clients in June about their plan and explained how it would benefit them to get them on board.

“Part of that conversation was that in order for us to provide proactive services we would need their compliance stuff the minute June 30 ticks around,” she said.

“We communicated the benefits to the client on why we want to get this compliance done, yes it’s just another thing you have to do it but why don't we use it to our advantage?”

Ms Smit said that with the majority of clients now using cloud accounting software, this shouldn’t be too difficult to achieve.

“If the client's on cloud accounting you've got real time data coming in, you’re going to have BAS's due, so our theory is if your BAS is due at the end of July, then shouldn't your June 30 accounts be finalised?” she said.

“A lot of people put a negative spin on compliance to clients, instead we try to say to clients the minute we get your year-end done, it’s done and dusted and behind you but that's an enabler for us to look at what else you should be looking at doing.”

Knock over compliance to boost bottom line, accountants told
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