It can be pretty challenging to handle money because it involves keeping track of your savings and expenses and learning how to balance them accordingly. When it comes to running a business, it becomes much harder to navigate through your financial obligations, especially if you’re often unsure about each decision you make involving money.
You can either look for budget advice online and read relevant articles or seek the guidance of professionals who have spent years learning about managing finances correctly. If you choose the latter, you may tend to encounter two specialists—an accountant and a financial planner.
Although they have different responsibilities, both are considered experts at understanding your income to develop ways of tackling them correctly and protecting your hard-earned wealth. Who you decide to hire will ultimately depend on your financial goals and current condition. Keep reading below to find out more about an accountant or a financial planner to help your business succeed down the line.
Accountant Vs. Financial Planner
When it comes to seeking the guidance of an accountant, they work to provide financial reports and analysis on your transactions and business operations. They also offer a valuable forecast of your finances and deals, do auditing work, and create financial statements for you.
Meanwhile, a financial planner is another financial expert you can depend on if you need help figuring out your retirement plans and how to spend your savings once you leave your job. They focus on assisting individuals and businesses with their wealth management as well.
The Duties of an Accountant
Business owners who are having trouble managing their taxes can benefit from an accountant because they know how to handle taxes like the back of their hand. They will guarantee that your financial decisions adhere to the laws, and they will do their best to minimise your debts.
Aside from that, accountants can provide sound advice regarding your business and any investments you want to make for the benefit of your company’s growth. They can work hand-in-hand with your lawyer or financial adviser to deliver the best financial advice for you or your firm.
The Duties of a Financial Planner
If you need guidance to oversee your cash flow planning for your personal endeavours or business, you can depend on a financial planner for help. Unlike an accountant who can take on a managerial position, a financial planner seeks to fill in an advisory role instead.
Their main responsibility is to teach you financial tips and tricks on how to spend your money right. A financial planner will lay down investment opportunities for you to choose from to allow your savings to grow and your business to expand further.
Moreover, they can offer advice on preparing for your retirement, so you know what to do with your money once the time comes for you to stop working and enjoy the next years ahead of you. Financial planners can assist with your wealth management and other investments, your superannuation and SMSF, and help you deal with your various insurance policies accordingly.
Conclusion
You will need an accountant for your individual or business venture if you seek help minimising your taxes and ensuring that you follow legal systems at all times. They can also tackle other financial duties and money matters and work alongside lawyers and financial advisors. Meanwhile, a financial planner is what you need to address your concerns regarding wealth management, insurance, retirement planning, and superannuation funds. But if you have the budget to hire both professionals, you can guarantee that an accountant and a financial planner can provide you with the financial services required to safeguard your future.
Are you looking for the best financial planner on the Gold Coast for your small business? New Wave Advice is a financial advisory firm offering services on budgeting and cash flow, superannuation, wealth, insurance, estate planning, and retirement planning. Get in touch with us today to book a free consultation!
