UPDATE YOUR ACCOUNTANT REGULARLY

Look, We Get It…

At Hills Accountants in Hobart, we understand that you’ve got a million things on your plate. Running a business means juggling sales, customer service, marketing, and—oh yeah—trying to have a life.

So, updating your accountant? Probably not at the top of your to-do list.

But here’s the thing! Keeping us in the dark is like letting your mate drive blindfolded. It’s only a matter of time before you crash into an unexpected tax bill, a cash flow disaster, or an angry letter from the ATO.

Let’s try and avoid that, shall we?

How Often Should You Update Your Accountant?

You don’t need to check in with us daily (unless you just really enjoy our company). But a quarterly update is a smart move, since that’s when your BAS is due.

That said, some changes warrant a “drop everything and call your accountant” moment (we’ll get into those below). And even if nothing seems to have changed, an annual review is a must. Because surprises... Well, they’re great for birthday parties. Not for taxes.

What Changes Should You Tell Your Accountant About?

Here’s a quick cheat sheet of business changes that should have you reaching for the phone (or at least sending a nicely worded email).

1. You’ve Changed Your Business Structure

• Swapping from sole trader to company?
• Setting up a trust?
• Bringing in a business partner?

Your accountant needs to know these things before you make the changes - not after. The wrong setup could leave you paying unnecessary tax or expose you to legal risk.

2. Your Revenue or Expenses Have Gone Bonkers

• Sales have skyrocketed (woohoo!) or taken a nosedive (booo).
• You’ve made a major purchase—like equipment, property, or a fleet of company utes.
• You’re suddenly spending way more than before (without a clear plan to make it back).

Surprise profits can mean surprise tax bills. Surprise losses? Well, we can help you to NOT go broke.

3. You’ve Hired (or Fired) People

• First employee? Welcome to the world of super, payroll tax, and ATO obligations.
• Hiring contractors? Are they actually contractors, or are they “contractors” who’ll get you in trouble with the ATO?
• Expanding your team? We’ll make sure you’re set up with payroll software that won’t make you cry.

4. You’ve Taken Out a Loan or Gotten New Funding

• Business loan?
• Refinancing?
• Government grant?

We’ll help structure it the smart way, so you don’t end up paying unnecessary tax or interest.

5. Your Business Is Growing, Shrinking, or Morphing

• Opening a second location?
• Expanding into new products/services?
• Shutting something down?

Changes like these affect everything from GST to insurance. Tell us now = no nasty surprises later.

6. Tax-Related Stuff That’s Too Boring to Explain But Super Important

• You hit the $75K GST threshold (Congrats! Now register for GST before the ATO notices).
• You’re making big claims on home office, car expenses, or travel (Some are fair game. Others? Not so much).
• You’re considering paying yourself differently—like salary vs. dividends (There’s a right way to do this. And then there’s the ATO audit way).

7. You’re Having Cash Flow Issues (or Just Feeling Financially “Meh”)

• Struggling to pay BAS or super?
• Drowning in debt?
• Feeling like your business makes money, but your bank account disagrees?

Let us help. The earlier we step in, the easier the fix.

What Happens If You Don’t Keep Your Accountant Updated?

Spoiler alert: Nothing good.

1. You Might Get Slapped With a Surprise Tax Bill

Fail to plan, and you might end up with a tax bill big enough to make you cry into your morning coffee.

2. The ATO Might Come Knocking

Incorrect BAS, dodgy super payments, and unreported income? All things that trigger audits, fines, and stress sweats.

3. Cash Flow Nightmares

You can’t plan for tax if you don’t know what’s coming. Next thing you know, you’re scrambling to pay the ATO instead of paying yourself.

4. You’ll Miss Out on Money-Saving Strategies

We’re more than tax-filers. We help you structure your business efficiently, claim all legit deductions, and pay less tax (legally, of course).

5. Selling or Expanding Will Be a Giant Hassle

Thinking of selling? Buying another business? Applying for a loan? Outdated financials are a red flag. Buyers, banks, and investors want up-to-date, well-kept records—not a shoebox full of receipts.

How to Keep Your Accountant in the Loop (Without a Headache)

1. Use Cloud Accounting Software

Programs like Xero and MYOB let us see your numbers in real time. That means fewer frantic emails and more proactive advice.

2. Schedule a Regular Check-In

Quarterly check-ins keep your financials on track. (Bonus: they take way less time than trying to fix a mess at the end of the year.)

3. Call Before Making Big Moves

Thinking of changing your business structure, hiring staff, or making a major investment? Let’s chat first. It could save you thousands.

4. Don’t Wait Until Tax Time

By then, it’s too late to fix things. The best tax strategies happen before the financial year ends.

The Bottom Line? Keeping Us Updated = A Smarter, Stronger Business.

Look, we don’t ask for much—just a little heads-up when things change. Because keeping us in the loop = less stress, fewer surprises, and a business that actually makes you money.

But remember, this article is general in nature and doesn’t take into account your specific objectives, financial situation, or needs. For advice tailored to your circumstances, have a chat with us at Hills Accounting Hobart.

So, if it’s been a while since we last talked? Let’s fix that.

Talk to Kathy and the team today and stay ahead with Hills Insights.
Call Now! 03) 6273 7800, or email info@hillsaccounting.com.au.