Accounting vs Advisory | What do they mean?
It is often asked of us, “Auctus Advisory? I thought you were just accountants.” So, let’s take a moment to expand.
Accounting is recording and summarising the numbers for your business for the purposes of reporting and essentially tax compliance. While Advisory is understanding what you are trying to achieve in business and providing the support and advise to get there.
Accounting software has adapted over time to make it much easier for a business owner to get a snapshot of their business at any time with cloud-based accounting systems like Xero. Xero makes business accounting much easier, as it provides the tools you need to succeed in a very intuitive and accessible way. Therefore, the requirements of a Chartered Accountant have had to adapt to reflect that the numbers are available to you for reporting and the focus has moved to Advisory on how to interpret them based on your goals.
When you start a business there are many steps along the way to determine the correct structure to achieve your goals. We all go into business for different reasons but there is an underlying expectation of what you want to get out of it whether it be financial freedom, helping people or just the ability to set your own schedule and do what you love.
That means each business is unique in its purpose and the structure and getting this right from day one can be a game changer in the long run. When making big decisions in life you generally have connections you would look to, to get the decisions right and engaging in a good advisor at the start of your business journey is the same. It’s a big journey and getting the right team on board from the start is a game changer.
Talk to us
If you’re looking to start your business or perhaps reassessing whether your business is still achieving what it was set up for or how to adapt if it has outgrown the original intentions? Why not get in touch for an informal chat to get the advice you may not have realised you were looking for.
Auctus are chartered accountants who do things differently, in Auckland, Hamilton, Tauranga, Napier and New Plymouth. We still do the number crunching, the tech investigation and business evaluations, but our services go far beyond a normal accountancy firm – we are on a mission to help your business grow, and to reach its full potential.
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