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A Business Accountant Or A Financial Planner: Which One Do You Need?

A business accountant and a financial planner are not terms that are used interchangeably but if we were to ask you what do these two people do, would the answer be the same? It can be hard to differentiate the two but if you’re a business owner who is struggling to manage your business' finances, it’s important to know which one you need. If you’re overlooking it and just closing your eyes and picking between the two, it can affect your business as you’re not putting them to their fullest potential. Fortunately, we can cover this for you; so, here’s a quick rundown for you.

What Does An Accountant Do?
It’s tricky to tell the difference between a business accountant and a financial planner because they both fall under the umbrella of financial management. When you think of a business accountant, you generally will think of taxes and sure, they do cover taxation but they are capable of other things too. For the most part, business accountants can do the majority of your business’ auditing tasks which involves looking at whether your business is compliant with the laws and regulations. As such, the tasks they are able to do revolve around things to make sure that while your business is up and running, you’re still following rules. Hence, business accountants can take care of bookkeeping and taxation tasks.

What Does A Financial Planner Do?
Rather than managing your business's finances, financial planners are great at playing an advisory role. Yes, they still look at your financial performance so that their advice can be more suited for you but, they guide you to make sure you’re heading in the right direction. Individuals who are looking to plan their retirement or manage their superannuation usually gravitate towards a financial planner because they provide recommendations on where they think money should be invested. For businesses, a financial planner can work a bit more differently, they can look at your business's cash flow and determine how sustainable this may be to achieve your financial goals.

A Combination Of Both
It’s quite common for a business to have both a business accountant and a financial planner on board. This is because the two jobs, although considered financial experts have their strengths and when working as a team, they are able to cover a wide range of financial areas. However, if you are a small business and feel like hiring both may put too much financial stress on you, then it comes down to what your goals are and who aligns with those best.

If you’re looking for a small business accountant in Sydney or Zetland, M.A.S Partners is here for you. M.A.S Partners is dedicated to giving you a little time for yourself. If you would like to speak with our team about the services we offer and what we can do for you, call us on (02) 9211 5000 or contact us via our website at https://www.masaccountants.com.au/contact

 
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