Money Secrets Podcast image on how to have a great relationship with your tax accountant featuring Fi Johnston. — Psst! Want to get the most out of your tax accountant? If you’ve ever felt like you’re not getting what you need—or you’re not even sure what to ask—this episode is for you.

In this week’s episode of Money Secrets, we’re breaking down how to build a great working relationship with your tax accountant. As a former tax accountant turned money coach, Fi knows what makes a great accountant-client relationship and how to make it work for you.

Listen to Episode 11

What You’ll Learn in This Episode

What your tax accountant’s core role is (and what it isn’t).
Why setting expectations upfront makes all the difference.
When and how often you should actually meet with your accountant.
The three key questions you should be asking them every year.
Why your tax accountant isn’t the only financial expert you need in your business.

How to Have a Great Relationship with Your Tax Accountant (Ep#11)

Money Secrets Podcast – Episode 11

Introduction

We've made a lot of progress as a society in many areas, but one thing that hasn’t changed enough is our relationship with money. If we want to tip the scales in favour of marginalised people, we need to understand the secrets to making money in small business.

The more we talk about money — especially the secrets that usually stay behind closed doors or on the golf course — the more empowered we become. My mission is to get more money into the hands of good people, specifically business owners like you.

Because I believe small business can change the world. And to do that, we need to be making more money.

Acknowledgement of Country

This episode was recorded on the lands of the Wurundjeri People of the Kulin Nation. I’d like to acknowledge them as the Traditional Owners and custodians of this land and water that I live, work and play on.

I pay my respects to Elders past and present, and recognise that sovereignty has never been ceded. This always was, and always will be, Aboriginal and Torres Strait Islander land.

What Your Tax Accountant Is Actually Responsible For

Before improving the relationship, it helps to understand your accountant’s core role.

At its heart, a tax accountant is responsible for two things:

1. Keeping You Compliant With the ATO

Your accountant ensures that all required reporting is completed correctly and on time, including:

Business Activity Statements (BAS)
Instalment Activity Statements (IAS)
Income tax returns
Corporate reporting obligations

Their job is to keep you on the right side of the law — not to run your business.

2. Minimising Your Tax (Legally)

Accountants analyse your situation to determine how to reduce your tax bill within legal boundaries.

This includes evaluating:

Your business structure (sole trader, company, trust)
Asset protection considerations
Risk exposure
Family income distribution
Expected profitability

Their priority is usually minimising tax payable, not maximising take-home cash or long-term strategy.

And this distinction matters.

Why Many Business Owners Feel Dissatisfied

A common frustration Fi hears from clients is:

“My accountant is great… but I’m not sure I’m getting what I need.”

Often, the issue isn’t competence — it’s mismatched expectations.

Many founders hope their accountant will also provide:

Business strategy
Pricing advice
Financial coaching
Cash flow guidance
Growth planning

Some accountants can offer this. Most do not — at least not as part of standard services.

Accountants Are Not Trained Communicators

Fi speaks candidly from experience:

Most accountants are excellent technically but receive little formal training in communication or education.

That means they may:

Complete your tax return perfectly
Make important decisions on your behalf
Implement strategies to reduce tax
…without explaining what they did or why

This can leave business owners feeling disconnected from their own finances.

How to Build a Strong Working Relationship

Be Clear About Your Expectations

If you want more than compliance work, say so.

Ask upfront whether your accountant can provide:

Business advice
Financial planning support
Regular check-ins
Industry-specific guidance

Also ask about their experience delivering those services.

Not all accountants offer coaching — and that’s okay.

Be Proactive (So They Can Be Too)

Accountants often respond to the level of engagement their clients show.

Consider:

Scheduling regular meetings
Preparing questions in advance
Sharing major business developments early
Updating them on your goals

Fi strongly recommends meeting before the end of the financial year, ideally in May or early June, so proactive tax planning can occur.

Many strategies only work if implemented before June 30.

Good Money Club

Are you a female or LGBTQIA+ business owner who wants to make more money and create meaningful change? My 6-month program, Good Money Club, is designed to help you do exactly that.

We work on your pricing, positioning, business model, and mindset — so you can build your bank account and your impact. Read more about Good Money Club.

Understand That Higher Support Costs More

If you’re paying for basic compliance work, you’ll receive basic compliance service.

More intensive support — quarterly planning, strategic advice, detailed analysis — requires additional time and expertise.

And therefore higher fees.

Align your expectations with your investment.

When You Should Be Talking to Your Accountant More Often

Certain situations benefit from closer collaboration:

Planning major purchases (home, investment property)
Applying for loans or funding
Expanding your business
Restructuring
Significant revenue changes
Preparing for parental leave or retirement

Your accountant needs accurate, up-to-date information to support these decisions.

Three Powerful Questions to Ask Your Accountant

Many business owners simply don’t know what to ask.

Fi suggests starting with these:

1. How Was My Tax Return Prepared?

Ask:

“Can you explain how you put this tax return together?
Did you take steps to minimise my tax or maximise my income?”

This reveals the strategy behind the numbers — not just the outcome.

2. Is My Business Structure Still Right?

Business structures have major tax and legal implications.

Ask annually:

“Is my current structure still appropriate?
Should I consider changing it in the future?”

Structures typically include:

Sole trader
Company
Family trust

What worked at startup may not suit a growing business.

3. Have You Noticed Anything Significant?

Your accountant sees patterns in your financial data that you may miss.

Ask:

“Is there anything in my books that stands out — good or bad?”

This can uncover:

Profit trends
Cost issues
Risk exposures
Opportunities for improvement

Why Your Personal Goals Matter

One of the most important insights in this episode:

Your accountant cannot align strategy with your life goals unless you share them.

For example, if you plan to apply for a mortgage soon, minimising taxable income may actually work against you.

Lenders typically prefer higher declared income, even if it results in more tax.

Different goals require different tax approaches.

Your Accountant Doesn’t Have to Do Everything

Tax accountants are one part of a broader professional ecosystem.

Other specialists may include:

Money coaches
Business strategists
Financial planners
Marketing consultants
Industry experts

Fi describes her role as filling the gap between compliance accounting and strategic financial decision-making.

You don’t need one person to handle everything.

Final Thoughts

A great relationship with your tax accountant isn’t about finding the “perfect” accountant.

It’s about collaboration.

When expectations are clear, communication is proactive, and goals are shared, the relationship becomes far more valuable.

Your accountant wants your business to succeed.

But they can only help with the information you provide and the services you request.

Ask questions.
Stay engaged.
Treat the relationship as a partnership — not a once-a-year transaction.

Because when your financial team is aligned, your business decisions become stronger, clearer, and more confident.

Outro

Thank you for listening to Money Secrets. If you loved this episode, please subscribe, share it with a friend, or leave a review. Your support helps us get these conversations into the hands of more good people who deserve to thrive in business.

We’ve come so far as a society in many ways, but money is one of the areas where progress hasn’t been enough. If we want to tip the scales in favour of marginalised people, it starts with understanding the secret: money in small business.

In this podcast, Money Secrets, host Fiona (Fi) Johnston—Chartered Accountant, small business advocate, and impact enthusiast—dives into the conversations we need to have about money. The secrets that once stayed behind closed doors (or on the golf course) are finally out in the open.

Fi’s mission? To get more money into the hands of good people, like you. She believes small businesses have the power to change the world, and the key to making a bigger impact is to make—and manage—more money.

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Thank you to everyone involved for bringing this podcast together. We are excited to hear from you with any questions, feedback or suggestions for future episodes that you might have. Send a Direct Message to @peach.business

If you are excited for what’s to come, please like this episode, follow the podcast and share it with your friends. We are thrilled you're here.

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