Excellent bookkeeping requires an element that is quite rare on this planet – the time to do it properly. If you operate a busy financial advisory service, then time will be as valuable as the knowledgeable financial information that your firm provides.
Financial advisors are in the people business first, and the financial advisory business next. With ‘people driven’ businesses, the lines can often blur as to what are accepted expenses and what will be disallowed. Not all mileage, oil changes, and vehicle repairs can be deducted. Not all dinners and client gifts can be deducted. Many financial advisors run into problems at tax time because they literally can’t divide what were personal expenses and what was spent pursuing business.
In the financial industry, new regulations also bring new accounting challenges. New technologies like A.I. and cloud-based services are promising tools that will help streamline financial services accounting. At Deeth & Co. our job is to stay ahead of these regulatory requirements and prepare strategies for when they come into force.