Understanding Financial Advice for Your Business

Hi there. Welcome to Better Business Insights. I'm Liz, Jarvis. And today we're going to talk about financial advice. Now you may know that I believe accounting is broken and I feel that it's our job, here in our business to help business owners re-imagine how they can engage with their numbers. Now, financial advice is a complex area. It's an area that has become legislated and it unfortunately is much less broad than most people realise. So in my business, although I'm a qualified Chartered Accountant for nearly 30 years now, I'm not allowed to get financial advice. We instead - we support, we educate and we guide you. If you need specific financial advice around superannuation or around investments, that is the job of a Financial Planner.
If you need specific tax advice around tax planning, that is the job of your Tax Accountant. But somewhere in the middle, there's a whole other big pool of information that you need to understand that most people think is also financial advice. How do I set the bank accounts up for my business? How do save for my GST, for my employees’ entitlements? How do I set up my chart of accounts so that I can understand what's happening in my business?
A lot of these things fall under the bigger picture of financial advice, but you won't get that advice from a Financial Planner or a Financial Advisor. That advice comes through collaboration. Collaboration between you and an accountant, who understands the business information that you need to collect in order to make really good decisions about your business. Decisions that take your business to where you want it to go. Not to the generic thing of how things should be done, but your ideas about where you want to go, where you want to take your business. Those things are what we deal with here at Better Business Decisions.
We have a non-judgmental curiosity towards you and your business about what you want to achieve, and we help you get there through supporting you, educating you and guiding you in relation to your accounting systems, your accounting processes, your accounting words and so on. So financial advice is a big kind of conglomerate, but don't be confused by it. Explore and be curious as we always recommend and get all of the different types of financial advice and financial support and financial guidance that you need. Reach out if you've got any questions. See you next time.

Financial advice means different things to different people. It is also very regulated. Business owners need help to understand many financial aspects of their businesses but rarely know what questions to ask. This video gives some insight as to what you might ask your professional.

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