Many business owners surmise that their accountant can do the job of both accounting and financial planning or vice versa when in fact, the two roles complement each other.

Neither professional can do the entire job of the other. I boasted a broad base of knowledge that included some pretty intricate tax planning idioms and strategies. When it came time for me to file my taxes, I obviously knew more than enough to get the job done well. I'm not sure what I missed or what he did, but it sold me on the concept that accountants and financial planners offer complementary roles to business owners.

From strategizing to sheltering to budgeting and tax preparation, this is their main focus. This is also quite a broad category that encompasses so much more than what appears on the surface.

Your tax preparation software is intuitive, and your situation is fairly simple, right? Hey, I thought so too. Are you depreciating all the right assets in the most productive way? Is your business structure good for you now and in the long run? How does the fine print in the most recent changes to tax laws affect you, and are there any opportunities therein? Your accountant should have a deep knowledge of these issues. You will usually need to be specific about how you want your accountant to help you, but their breadth of knowledge can be deep.

Financial planners are very goal-oriented and holistic, with an eye to building wealth in the most effective manner while taking into account the life goals and needs of clients as individuals. For business owners, financial planners often provide a more comprehensive look at how your business fits into your life overall — both from a logistical perspective as well as an emotional one. Have you thought about how the dynamics of your family would affect your business in the event of an emergency or unforeseen circumstance?

What is your business succession plan , and are you maximizing succession opportunities? Are you truly invested within your comfort zone while maximizing your opportunities for growth? Can you take the sometimes irrational emotion out of investing to make the best decisions for you and your family in the long run? The three main forms of payment are commission-based, fee-based, and asset-based. Commission-based planners earn a percentage commission on money you invest with them or insurance policies you buy.

This unfortunately means that not all commission-based planners may have your interests at heart, but not all commission-earners are to be judged as pushy salespeople. Fee-based planners will charge a flat fee for a set service, and asset-based planners charge a percentage of your overall assets invested with them.

In choosing the best advisor for your needs, asking how they are paid is important but not solely pivotal. For example, increasing numbers of accountants are broadening their expertise to include additional designations in financial planning so they can do just that; separate advisers, financial planners and accountants have many overlapping areas of knowledge and advice.

Each of these experts has a broad base of knowledge and will bring a viable perspective to the table that can also keep the other advisers in check. Each of these fields is an entire degree unto itself and should be respected as such.

No one advisor can truly do the job of all three or even two without letting something slip through the cracks. Ask family, friends, and colleagues who they use and schedule a meeting with that adviser. Ask how accessible they will be when you need advice and what their proposed service strategy is.

Ask how they're paid; if it is an hourly wage as is often the case with accountants , get an annual estimate given their knowledge of your situation.

For example, if you have an international or location independent business , your accountant should be an expert on international tax law and your financial planner should know how best to structure your assets to be internationally accessible. You work hard on — and in — your business. Aren't you worth it? Get daily money tips by following Wise Bread on Facebook or Twitter. But growth requires that you peel back the layers of a problem and arrive at the root cause.

Have you saturated the market? And in addition to being worn out, I learned a little something about the law of diminishing returns. I was able to retain focus and not drift off into Facebook, online news and skimming email for the th time.

And with adequate sleep I could better select work that I needed to do, work that others could do, and work that no one should do which was most of it. Could the same be said for you? While controlling the outflow of cash is important, you may want to reconsider how you hire. Rather than staffing for where your company is at now, consider staffing for where you want it to go. When you have client complaints, your best bet may be to take a look at how your company is running.

Jane is the 8-year-old daughter of my business partner. But times change, and as your business grows your role should evolve as well. Maybe you started out as the sole lawyer at your own practice, but at some stage, you might become a manager of other lawyers and eventually the managing partner of a law firm. As your title changes, what people expect of you and what you expect of yourself can change as well. Plateaus matter because stagnation can kill your business.

Be vigilant and be ready to do things differently. American Express makes no representation as to, and is not responsible for, the accuracy, timeliness, completeness or reliability of any such opinion, advice or statement made herein. But these tips can help turn your business slump or plateau into an opportunity for innovation and growth.

You have to show up and keep on showing up until you make it. You may lose clients. You may be tempted to close up shop and get a nine-to-five job. You have to show up to be in the right place at the right time. And sure, passion matters. But I think purpose is bigger than passion. Purpose can encourage us and give us the motivation to be persistent even when running a business gets hard. It energizes me every day to get up, fire up the computer and write.

Take the necessary time to explore it, test it and reconsider it. It can be self-given or a gift from the universe. It can be inspired by something big or small.

What matters is that it gives you energy. Purpose is that target you are moving toward and the idea of it brings you energy. Find that and you will have a level of drive that, from my experience, is incomparable. Harness the power of great days. Write a letter to your future self, and indulge in the pleasure of detailing how great you feel, and how confident you are about your abilities and the abilities of your team. We all have dark days, when our confidence ebbs and we can become grouchy.

Surround yourself with persistent people. For example, if you want to be great at negotiating, find a peer who is the best deal maker you know and learn from her.

They are the best guides to get you there. You can share dreams, hopes and challenges, and lift one another up. Know what you want to be remembered for. You may give a TED Talk that sets the world on its ear and gets your name out in the world.

You may be featured in a YouTube video that goes viral. The person who had a vision and a purpose and who poured his or her heart and soul into making that vision happen?

For me, asking these questions is a simple way of focusing on what truly matters. It is difficult to make opportunities happen, but it is far easier to be ready to address an opportunity when it presents itself. The key is persistence.

If you keep improving, and keep working for opportunities, it is only a matter of time before the right one presents itself and you can ride the wave all the way to the bank.

But entrepreneurs who show persistence through difficulty may be more likely to succeed. Take heart and embrace your points of difference! No one knows you. The big guys own that mind space, and frankly, it may be difficult to wrest it from them. It can position you to serve a unique category in a unique way. You lack the resources to grow. Struggle can result in innovation. Being cash-poor can spur us to find a better way to manage our processes and expenses. You can be the rule breaker, the one who sees a better way to do things by virtue of your outsider status.

High-priced, expert employees are out of your budget. This quality can be an advantage only for a brief period of time.

A specialized product means a high-price point. Specialists may be able to charge more money and turn a profit more easily than companies who fail to specialize. Technology is not your biggest strength. Because you can hire people who know more than you do for a fraction of what it would cost you to try to absorb all the information.

Qualifications of a Finance Director | ydigatocop.web.fc2.com

We all have strengths and weaknesses, but it is the visionaries that learn to transform their shortcomings through creativity, innovation and determination. But those weaknesses may actually be winning advantages. The new Blue Business SM Plus Credit Card from American Express can help fuel your vision.

I'm Travel Hacking Columnist at FlightNetwork. Learn to help analyze your finances and organize balance sheets to make every dollar work harder for you. How You Can Get Funding","author": These insights focus on monitoring your cash flow, finding funding, analyzing budgets and clear-cut ways to file taxes. Learn the best tactics for hiring star employees, saving time during the workday and leading your team with courage. Read stories and uncover ideas you can use to help fund your business, from big bank loans to small-business grants, alternative crowdfunding to angel investors.

You might want to start gathering your paperwork in one place and looking for a good tax accountant. A Guide to Filing Deadlines and Extensions for and Beyond","author": When I was a Certified Financial Planner CFP , I prided myself on the designation which took me years of both study and professional experience to earn. However, in developing a repertoire of accountants who I could recommend to my clients, I figured the best way to recommend a professional is to attest to their service from experience.

What Your Accountant Can Do For You. Quite obviously, the buzz word for accountants is "taxes" and everything to do with taxes. If your business is still small, or if you are a whiz with numbers, you may wonder why you need to spend money on an accountant. What your accountant can also do is identify big picture opportunities and strategies that will help you get — or stay — ahead.

Here are some of the issues an accountant can help you with: Accountants generally charge an hourly fee for their advice, and thus are quite task-oriented.

The truth about accounting and finance jobs

What Your Financial Planner Can Do For You. If accounting is all about taxes, then financial planning is all about investments — but just as accountants can offer so much more than filing your taxes, so too can financial planners do more than invest your money.

Financial planners are also ideally focused on the big picture, but the picture in question is a little different from the one accountants look at.

Similar to accountants, financial planners are experts in their field and will identify opportunities that you might not know about even if you're well-read and financially savvy. Here are some of the things your financial planner will focus on: In contrast to accountants, financial planners can be paid in a variety of different ways. You may find a financial planner or accountant who seems to provide the whole enchilada.

While it may be appealing to have an adviser who can provide one-stop-shopping for you, your business, and your family, I still support the idea of creating a financial team to support you — specifically your accountant, financial planner, and lawyer. What to Look for in a Financial Planner and Accountant. When looking for a financial planner or accountant, the best way to find somebody you will trust is to get a referral. They should provide the initial meeting free of charge and should take an active interest in getting to know your comprehensive situation — both personal and professional.

Look for a professional with a designation or degree, such as the internationally recognized Certified Financial Planner designation. Also, make sure the professional in question is familiar with specific legislation that might be applicable to your situation. By building a team of experts who support you and your business, you stand the greatest chance of achieving everything you want, professionally as well as personally.

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Career Advice: Accountant Vs. Financial Planner | Investopedia

Hi there, you can call me Nora. Tax preparation Financial statements Depreciation Breakdown of expenses Appropriate tax shelter recommendations Tax laws and how they affect you Business structure recommendations and advice Business growth and succession strategy in relation to taxes Audit representation Accountants generally charge an hourly fee for their advice, and thus are quite task-oriented.

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