The Unsung (S)heroes: Why Your Accountant Is Your Secret Weapon
To build a business by design, not by default — chances are you’re gonna need some help. Should it be from a business accountant or a coach? Let’s weigh in.
Emma Bowdler
I’m a cheerleader for women and an accountant bursting with personality.
Spent any time on social media lately? Ha, who are we kidding…of course you have (probably when you were meant to be doing a bunch of other things, amirite?). And if you run a business, chances are that fantastic algo is serving you suggestions of mindset and business coaches offering to help you ‘hit seven figures’, ‘crush your self-limiting beliefs’, or ‘create the business of your dreams’.
But is seven figures really the right goal for your business?
What if less revenue could actually give you the profit (and lifestyle) you’re after? And have you considered the tax implications of earning that kind of revenue and planned accordingly?
These were some of the very, very necessary questions asked recently by Catarina Santini for Smart Company, and we almost had to pay a visit to the physio — our necks were that sore from nodding along.
Santini put into words what we’ve been thinking (and muttering under our breath) for donkey’s years…that there is this sort of unquestioned faith in the ‘transformative powers’ of business coaches, while the strategic guidance and technical skills of business accountants are overlooked, or treated like ‘a necessary evil’.
Here’s why the misrepresentation of accountants needs to change and how to figure out who can really help take your business to the next level of impact.
Business Coaches vs. Accountants
Before we go any further, this is not about pitting professions against each other. There’s room for all of us. And just like Santini, we’re certainly not here to rag on business coaches or mischaracterise what they do. We bloody love a good coach. We’ve worked with several. We have several clients who are coaches. And we have a bunch of them in our ‘little black book’ (contact us if you’re looking!).
In fact, we believe in the power of helping people work ‘on the business’ so much that we’ve created our own strategic business coaching offers for those looking to unleash entrepreneurial prowess. So, trust us when we say that this is not about saying ‘you don’t need a business coach’ — you absolutely might.
Butttttt (you knew that was coming!), if you’re looking to work with a coach because you want to unlock greater impact and profitability in your business, because you want to have someone take a holistic view of your business and its long-term viability, or because you have some hectic money stories to unpack — before you sign up for the latest coaching mastermind or growth accelerator program — there’s one crucial team member you’re probably overlooking: your accountant.
Yup, it’s that number crunching baddie who’s so much more than just someone who’s excellent between the (spread)sheets and has a brain for all the ‘financy’ things and financy things only. Let’s unpack why an accountant can be your business’ secret weapon, and how to make the most of working with one.
The Unsung Business (S)heroes
In our humblest of humble opinions, accountants are the unsung (s)heroes of the business world — bringing together the simple elegance of a spreadsheet (*chef’s kiss*) with the tactical insight of a seasoned business analyst who has seen it all and got the P&Ls to prove it. And for some reason, they are often overlooked as someone who can help you with the strategic and innovative sides of your business.
Sure, accountants can help you with your dreaded taxes, build you a budget, and decode the zillions of money-related acronyms you’re likely to come across like BAS, GST and CGT. But really, that’s just the beginning of what we can do.
Accountants, at least the way we think of them at The Women’s Accountant, are like your strategic fairy godmothers — helping you zoom out and look at the full scope of your business, from setting achievable financial goals to crafting profitable pricing strategies, to helping you position for future sale, and teaching you about which numbers you *really* want to nail.
Accountants know how to take a bird’s-eye view of your business health; interpreting your numbers, identifying patterns, and spotting opportunities. Our flock of finance chicks can home in on (and give you insights into) what’s working, what’s risky, where you’re leaking cash, and where untapped potential lies. This helps you make decisions based on data, not just vibes.
Did you know that businesses that work closely with their accountant are far more likely to grow sustainably? Just like Shakira’s hips, the numbers don’t lie!
The Business BFF We All Need
Got a big decision looming, like whether or not to expand your team or niche into a certain industry? You need more than a gut feeling — you need data and the closest thing you can get to a crystal ball in business: a financial forecast. And guess who can help with that? Your accountant (obviously, the answer was going to be accountant).
Kind of like a GPS, accountants can help you plot out the best route to achieving a goal and keep you on track by signposting all the little financial milestones you need to hit along the way (like, can you actually afford it?).
Whatever you’re trying to achieve — accountants can help you game it out, budget for it, actually help you change your company structure if you need to and, more importantly, help you avoid common financial potholes that could derail you at a moment’s notice (e.g. stuffing up super for salaried staff vs contractors, or not knowing how to set up single touch payroll in Xero).
With your trusty financial wing woman by your side (or as we call ourselves: your Business BFF), chances are you’ll actually be able to build a business that’s profitable, compliant, and sustainable, i.e. for the long haul.
By the way, that’s not to say that a business coach can’t help you with some of this stuff — many coaches have really strong financial acumen — but if you need someone who’s not just a whiz with the numbers but has the added layer of legal accountability and expertise that’s essential for certain financial decisions, then…well, you know the rest.
Did you know: accountants, and more specifically tax agents, in Australia are bound by professional standards and legal regulations?
That means they are not only knowledgeable about compliance and tax law, but they are also required to provide accurate, legally legit advice!
Challenging Unhelpful Money Stories
We all have ‘money stories’ (yes, even accountants) — those deeply ingrained beliefs about finances, success, and what’s possible in business. Working with a business coach or advisor to challenge and reframe these stories is critical business groundwork. To be able to identify limiting beliefs, shift your mindset, and dream bigger than you thought possible is so, so important — especially as women or minority-business owners.
But here’s the thing: once you’ve uprooted those money stories, you need to be able to translate your new mindset into real, practical action. And accountants are the *perfect* people to help you do that, and build on what you uncover with your coach.
As accountants, we come face-to-face with money stories every day — we see the impact they have, and how much they can cost people not only in terms of dollars and sense (😉), but in terms of the ongoing viability of their businesses. We also know how to help you turn an unhelpful money hangup into an actionable strategy for increasing profitability and peace of mind.
Let’s look at three practical examples where an accountant could help you overcome a money story that’s wreaking havoc on your bottom line:
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★ Overcoming Fear of Spending to Drive Growth
Many business owners (humans) have internalised a ‘scarcity mindset’ when it comes to their finances, believing that they can’t afford to spend money without tying it to a direct return on investment (i.e. costs of goods sold to an actual sale). Sound familiar?
An accountant can help you confront this money story by showing how strategic investments — like hiring new staff or upgrading technology — can actually lead to greater profitability in the long run. Your accountant could set up a cash flow forecast to model different scenarios, and show you the impact of investments on future profits. This helps you feel more confident spending money where it will make the most impact.
★ Shifting Imposter Syndrome to Value-Based Pricing
Another common money story is the belief that customers ‘won’t pay more’, so prices must stay low to be competitive — which is often code for: ‘I’m not worth it’. We can help reframe this by conducting a profitability analysis, showing how raising prices — even slightly — can boost margins without losing customers.
We can run break-even analyses and price sensitivity tests to show the impact of different pricing strategies on your bottom line, and help you implement value-based pricing that increases both revenue and customer satisfaction. Yas please!
★ Breaking the ‘I Can Do It All’ Mentality to Streamline Operations
Many business owners, especially women, fall into the trap of thinking they need to handle everything themselves to save money. But juggling every aspect of your business, from admin to sales to finances, can actually be costing you more than it’s saving.
An accountant can help you break free from this belief by showing you in real terms how outsourcing certain tasks, automating processes, or hiring key staff can free up your time for high-impact activities that drive growth. Be it a thorough cost-benefit analysis or Bottoms Up Budget, your accountant can show you how letting go of certain tasks (hello: delegate, automate, rejuvenate) can actually *improve* efficiency and boost profitability in the long run.
¿Por qué no los dos? 🪇
Both coaches and accountants bring unique, essential skills to the table that can help your business grow in a sustainable, profitable way. Because while a visionary without a strong foundation can lead to burnout and chaotic vibes, a business grounded solely in the numbers may lack the imagination for innovation and growth. We know, we know — way to sit on the fence.
The way we see it, business coaches are specialists in helping you dream big, push past barriers, and chart bold new directions. And the grounded (a.k.a date-driven) financial wisdom of an accountant can help you make sure those dreams don’t crumble…fast. A coach might be the one who inspires, challenges and motivates you; your accountant can turn that inspiration into cost-effective, scalable growth that’s legally compliant.
Ideally, it’s not even about choosing between a business coach and an accountant (dare we say…‘why not both?’). If you’ve got the moolah, you definitely want both on your squad. But what we want to make sure is that you don’t overlook your accountant if you’re wanting to make some bold business moves. Because we can absolutely bring far more than just beans to your yard.
If You *Have* to Choose
We totally get it — budgets are tight (we see the bank accounts, remember), and every dollar you spend needs to deliver real impact. As a business owner, you’re often looking for the biggest bang for your buck, whether that’s working with a business coach or working with an accountant to get your financial house in order.
The bad news is that: there’s no one-size-fits-all answer — everyone has different needs, different budgets, different appetites for risk. The good news: there’s no one-size-fits-all answer! So, you really can’t make a *wrong* decision, you might just not make the *best* decision for where you’re at right now.
If you’re still struggling to figure out whether you need a business coach or an accountant, here are a few questions to help you decide where to invest your hard-earned to make the biggest difference for your business:
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★ Where am I Headed, and How Fast Do I Need to Get There?
If you’re dreaming big but need help navigating those first few steps, a coach can help you push you past the fear and map out your journey across a few different time horizons. But if you’ve already got your goal in mind and need someone to make sure your cash flow doesn’t run dry along the way, your accountant’s probably the gal to keep you on course.
★ What’s Keeping Me Up at Night?
Think about what’s really making you grind your teeth at night. Are you struggling with profitability, managing your lumpy cash flow, or making sense of your tax bill? Or are you feeling uninspired by your work, need more help with your systems and processes, and feel like the same mindsets keep tripping you up?
If it’s the former, accountants are awesome at providing the practical, tactical support you need to see more dollar $ign$. If you’re feeling stuck in your vision, and want to push past mental roadblocks, a coach might be better suited to what you need today (not to say that an accountant can’t help with these things too, they’re probably just coming at it from a more practical perspective!).
★ What Kind of Return on Investment (ROI) am I Really Chasing?
Are you focused on immediate improvements in your mindset, the ‘aha moments’, productivity, and generating new ideas? This is a tick in the coaches column. Or are you aiming for long-term financial stability, profitability, and better management of your cash flow?
This is definitely where an accountant’s expertise will pay off, helping you make sure those breakthrough moments stick by keeping the books balanced and your profits climbing.
★ How Comfortable am I with all these Money Decisions?
When you’re weighing up whether to work with a business coach or an accountant, it’s worth asking if that investment is tax-deductible. In most cases, working with a business coach (or executive coach) focused on areas like improving your business systems, boosting profits, or helping you navigate growth challenges can be tax-deductible as a legitimate business expense. However, if you’re leaning towards a life or mindset coach, the ATO likely won’t see that as tax-deductible because it falls more into personal development than direct business growth.
On the other hand, accountants? 100% tax-deductible, baby! Your accountant’s service — whether it’s financial forecasting, tax planning, or compliance — are all considered essential business expenses, meaning you can claim them come tax time. So, if you’re looking to maximise what’s in your back pocket come tax time, this is something else to consider.
★ Do I Need it to be Tax Deductible?
Many business owners, especially women, fall into the trap of thinking they need to handle everything themselves to save money. But juggling every aspect of your business, from admin to sales to finances, can actually be costing you more than it’s saving.
An accountant can help you break free from this belief by showing you in real terms how outsourcing certain tasks, automating processes, or hiring key staff can free up your time for high-impact activities that drive growth. Be it a thorough cost-benefit analysis or Bottoms Up Budget, your accountant can show you how letting go of certain tasks (hello: delegate, automate, rejuvenate) can actually *improve* efficiency and boost profitability in the long run.
To claim a deduction as either a business expense or work-related self-education expense, there needs to be a clear point of how the course directly relates to your current income producing activities.
No Need to Choose Around Here
At The Women’s Accountant, you doubly don’t have to choose because we provide both kick-ass accounting and business advisory services! That’s right — our team of excellent humans is dedicated to helping you build a business that works for you — not the other way around.
We want to help you create a business that fits your life, your goals, your values, and yes, your bottom line. And we can help make sure you’re setting up systems that not only bring in revenue but also give you the freedom you crave.
So, if you’re still seeing your business accountant as a necessary evil, it’s time to hop on over to the teal side and see what’s possible when you add a Business BFF to the top of your speed dial list.
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