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When it comes to getting professional financial advice, it can be often confusing whether you should hire an accountant or financial adviser?

Depending on your circumstances, you could need one or the other — or both.

There may come a time when it makes sense to have additional help figuring out the best way to file your taxes, for example. Then you’ll need an accountant. You may also be faced with a time when you need someone to help you manage your money, plan your investments, or assist with a sizeable inheritance. Then you’d need a financial adviser.

Discover the difference between the accountant and financial adviser services and how you can benefit from both.

Accountant

Whether it’s for your personal finances or your business, an accountant can give you advice on your tax obligations and help you keep your documents and records in order. They can lodge tax returns, business accounts and financial reports on your behalf.

The more complex your finances and tax affairs, the more you’re likely to enjoy the following benefits from seeing an accountant:

Bookkeeping
You might be the business owner but probably don’t know about bookkeeping. This is the primary reason why you must hire an accountant.

Bookkeeping involves everything that surrounds the business financial environment. Business accounts, ledgers, the cashbooks, daily transactions, and expenses all fall under bookkeeping. It is the work of qualified accountants to handle the books of accounts.

Handling the taxation process
Drawing on their extensive knowledge of tax and accounting, an accountant can optimise your tax affairs, so you don’t pay any more income tax than you need to. If you own an investment property for example, it can be helpful to know which expenses you can claim as a deduction against rental income.

Saving Time
Without accountancy knowledge you will waste precious time doing what you don’t know.
In this case, you need an accountant who can do things faster and assist in the complex processes. Also, they can simplify tasks for other departments within your business. After hiring an accountant, you can delegate some of the time-consuming tasks.

Managing business assets
An accountant can be of great help to the growth of your business. Since you can’t control all the assets on your own, the accountant will be of great help. Besides bookkeeping, accountants are trained to handle all sorts of management tasks.

When away from the workplace, the accountant can act as the manager on your behalf. He or she can oversee the operations in the business and other employees. The accountant can also compile business reports on behalf of the owner for management purposes.

Business plan support
The starting point of your business is making the business plan. Never underestimate this essential business document in your business. To come up with an accurate business plan, you have to involve a financial expert. Recording the financial section of the business is very important. If you are looking for external financing, an accountant is very crucial.

Writing down the financial plan and structure of a company is not about playing with numbers. It is a delicate affair that requires extra care and attention. The accountant will help put down all financial details that potential investors or creditors want to see.

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Summary of how an Accountant can help you!

  • Save you money.
  • Reduce the stress of having to worry about cash flow and taxes.
  • Identify opportunities for improving your business.
  • Recoup the cost of their services through improved business performance.
  • Ensure you are structured way to effectively reduce tax and protect your assets.
  • Make sure you’re taking full advantage of potential tax deductions to reduce your tax liability.
  • Keep you informed about changing tax laws, as well as opportunities to improve your business and past performance trends.
  • Act as a sounding board for new ventures and investments.
  • Help you translate financials for management decisions.
  • Save you time, and allow you to focus your attention on the things you are good at

At Oracle Accounting offer our clients a range of services including Personal Accounting & Taxation, Bookkeeping, Business Services, Business Coaching & Advisory, SMSF Accounting and SMSF Audit.

With the support of our dedicated accounting and administration team we can pursue our vision of assisting our clients to achieve their personal and business goals.

Want to learn more about Oracle Accounting click here.

Financial Adviser

A financial adviser is different from an accountant. If you are looking for advice on budgeting, getting out of debt, investing, or planning for retirement—any sort of planning for your money—it may be time to hire a financial adviser.
Cashflow management

Devising a plan to minimise your unnecessary expenses and maximize your hard-earnt income, will enable more efficient cash flow creating further opportunities for wealth.

Superannuation and retirement planning

Superannuation is a key aspect of the meeting most people’s retirement income needs. An adviser can help you devise the best customised strategies and techniques to meet your specific retirement.

Personal investments

Sound comprehensive advice on investing your money. An advisor can work with you to provide tailored advice to meet your goals and objectives for these funds.

Deb reduction strategies

Most people have some debt. An adviser can assess and discuss strategies and techniques to reduce your debts faster and minimize unnecessary financing costs.

Taxation management

They can help you understand the tax laws that apply to your financial situation. Also, in combination with your accountant advise smart decisions on the best ways to minimise taxation.

Personal risk insurance

An adviser can tailor a personal risk insurances plan providing a financial safety net against many common unfortunate health events. This means whatever comes along in life, that you and your loved ones have a ‘plan B’ and will be financially protected.

Healthcare strategies

Whether you are retiring or thinking about it, it is vital to plan for your senior years, your income streams, and your living arrangements. A financial adviser can provide advice on maximising your social security proceeds and/or transitioning into aged care facilities.

Estate planning

Unfortunately, death is inevitable. Through a holistic approach, an adviser can work with yourself and estate planning professionals. When the time comes, a fully developed plan is in place with your wealth and possessions is being distributed to the right people, at the right time, in the right fashion.

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Summary of how an financial adviser can help you!

  • Invest tax-effectively
  • Choose the most appropriate investment strategy
  • Make the most of your super
  • Protect your assets
  • Protect you and your family
  • Plan for retirement

A qualified financial adviser will work with you and take into account your whole situation and unique circumstances. They will tailor a plan to help you achieve your short and long-term goals as well as protect you, your assets and loved ones.

Oracle can help you manage your money, across a range of financial planning areas covering both your personal and business needs.

When you may need both

If you own your own business, your accountant and financial adviser should be working together with you to help you stay on track financially. Additionally, some accountants also work as financial planners.

It is important that you can trust both your financial adviser and your accountant. They should be able to explain any issues regarding your finances in a way that you understand. You should also be able to understand the risks of each investment before you make it. And your accountant should help you understand how your books are set up and the information you need to input each day.

At Oracle, we are a full-service financial advisory group with the ability to offer both financial planning advice and accounting services.

If you do not take control of your financial position now, then when?
It all starts with you; it is all in your hands. It is time to act.

For an Oracle Financial Adviser: Call us or book a complimentary consultation today!

For an Oracle Accountant: Call us or book a complimentary consultation today!

Important information – Oracle Advisory Group makes no representation or warranties as to the accuracy or completeness of any statement in it including, without limitation, any forecasts. The information in this document is general information only and is not based on the objectives, financial situation or needs of any particular investor. An investor should, before making any investment decisions, consider the appropriateness of the information in this document, and seek their own professional advice. Past performance is not a reliable indicator of future performance. The information provided in the document is current as the time of publication.
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