5 reasons why you get confused by your accountant

Have you ever had a meeting with your accountant and as the meeting goes on you get more and more confused about they are talking about? Maybe you ask a question or two at the start, but then you start nodding along and pretending you know what’s going on.

In today’s episode I share how you can step from overwhelm to confident when it comes to your account meetings and finances.

In this Episode:

03.21: Getting overwhelmed with the basics of accounting
05.58: Understanding the accounting lingo
07.13: Reduce your anxiety around spreadsheets and finance programs
08.23: Avoiding the helpless feeling when talking to your accountant
10.13: Underestimating the importance of knowing your numbers in business

Links:

Transcript

Have you ever had a meeting with your accountant, and as the meeting goes on you get more and more confused as to what the hell they are actually talking about?  Maybe it seems like they are talking a different language, and you might ask a question or two.. then you get too embarrassed and so you just start nodding and pretend you know what is going on then leave the meeting with no idea what just happened?

 

Or maybe you don’t even meet with your accountant because the whole idea of it is just too overwhelming?

 

If that sounds familiar to you… this episode is for you.  I’ll be sharing why you feel like this and how you can step from overwhelmed to confident when it comes to your finances!

 

 

Before I dive into the episode, I am SO excited to share that Doors are now open to The Profit Academy Foundations! 

 

This has been my most long-awaited program that I feel like I’ve been talking about for FOREVER, but trust me… it’s worth the wait!

 

This course is the course that EVERY business owner needs to become money masters in their business.  As you may know, I’m a qualified accountant a CPA in fact, and inside this program, I show you all the finance terms and processes you need to know to be confident in your finances and grow your most profitable business!

 

Inside I teach how to create a money plan, how to do forecasting, how to track your performance, how to build the dream money team, what metrics to track inside your business and much more!  

 

If you are on my waitlist, you will already have access to JOIN now (and get a MASSIVE earlybird discount – lesson learned for anyone that doesn’t jump on a waitlist!).  If you aren’t on the waitlist, there is still an incredible earlybird bonus waiting for you.  Make sure you check it out via the link in the shownotes!

 

So diving into today’s episode about why your accountant confuses you.

 

Getting overwhelmed with the basics of accounting

 

The first reason why you feel overwhelmed is that you don’t understand the basics of accounting.  There is absolutely NO shame in this.

 

After all, I spent 6 years at university studying accounting and sometimes I have to ask a tonne of questions to understand what is going on!

 

I have a friend of mine who is a Cardiologist, and she was telling me about a patient of hers and how they didn’t know that there are two sides of the heart that pump in and out.  She was mind blown that someone didn’t know that and I said “yeah I think I sort of knew that but I studied biology at high school and to be honest I wouldn’t have remembered that if you hadn’t told me.  I would imagine that most people wouldn’t know that”.  As an expert in hearts, to her, that is a super simple concept.  Whereas to other people, including someone intelligent like me, I still didn’t really make sense. 

 

Most people’s jobs are the same!  I imagine to a nurse putting a needle into someone’s arm would be an extremely basic job they wouldn’t think twice about, but if I had to do it I’d probably be a crying and nervous shaky mess!  If I had to drive a crane tomorrow it would probably be the most confusing and overwhelming thing ever.  If I had to build a fence, I’d be going in circles with no idea what wood to use or where to start and at best I’d end up with a splinter but likely losing a finger. 

 

Anything is a lot when it is new.  So be kind to yourself if it doesn’t make sense right away.

 

But a couple of things to say here:

  • If you want to learn a new skill, learn it from an expert. I would not learn how to put a needle in someone’s arm from a crane driver
  • Everyone starts somewhere. And it’s ok.
  • Small steps lead to big leaps in time

 

Understanding the accounting lingo

 

The second reason you feel overwhelmed, is likely the lingo or jagon your accountant is using. 

 

Your accountant will probably use the correct terminology.

 

They might talk about EBIT or NPAT and you think “what the hell are they talking about”?

 

But then if you are say a course launcher and you talk about evergreen courses or a social media manager and you talk about hashtags, I’m sure your accountant would have no idea what you are talking about!

 

One of the things I do inside my course The Profit Academy Foundations is use really simple concepts or ways of explaining.

 

So the reason you might feel confused is just the terms that they are using.

 

Reduce your anxiety around spreadsheets and finance programs

 

The third reason you might feel confused after a meeting with your accountant is that they are showing you things in your accounting program or a spreadsheet and you have no idea what they are showing you. 

 

If you are new to the world of numbers, or perhaps if this isn’t your training, I can imagine it would be a bit much.

 

Spreadsheeting doesn’t have to be overwhelming.  The thing is, you were probably just never taught now.

 

This is the reason I created a bonus module inside The Profit Academy Foundations which is called Quickstart guide: How to use my go-to money programs (intro to Excel and Xero 101)

 

When you have the basics down pat, you will not find it as confusing.  As before with the finance jargon, it’s just because you don’t know where to start…

 

Avoiding the helpless feeling when talking to your accountant 

 

The next reason you might get a little bit perplexed with a visit to the accountant’s office is a feeling of helplessness. 

 

Perhaps this sounds familiar to you:

 

I feel like I’m doing more work, but there isn’t any more in the bank account

 

I am constantly paying for things and playing lucky dip as to which card is going to work

 

I finally get ahead and then the accountant tells me I owe a tax bill or have to pay superannuation.  It feels like I take one step forward, then two steps back.  These bills seem to come out of nowhere.

 

You might end up being annoyed at your accountant for delivering you this crappy news, seemingly out of nowhere and you might be annoyed at yourself for not being across it and you might be annoyed and thinking “what’s the point? I work harder and harder and I don’t feel like I’m moving forward”.

 

It’s a real feeling of helplessness. 

 

The reason you feel like this is simply because you are not looking forward in your business.  Unfortunately, most bookkeepers and accountants are not strategic, and are not giving you this information and allowing you to forecast your expenses…

 

THIS is why you feel confused.  Because things seem to come out of nowhere.  This is why I’ve created my Profit Success Framework.  So that there are no (or at least less) surprises.  That you know what is coming up, and when, and that you have a plan for it.

 

Underestimating the importance of knowing your numbers in business

 

The final reason you might hate your accountant meetings or chats is that you don’t think it’s important or relevant.

 

I adore my hubby, but in our money meetings, I can see his eyes glaze over.  Why?  It’s not because he doesn’t care about money.  In fact, I know that most of his goals revolve around us creating more wealth as a family. 

 

 

But he doesn’t see how accounting meetings tie into that or are relevant. 

 

Here’s the unsexy truth. 

 

The money meetings ARE the key to your business growth and actual growth in the bank account.

 

My hubby is lucky to have me that is in the details of the dollars.  But I would never encourage ANYONE to outsource accountability around finances.  This is YOUR hard earned money.  And unless you are creating plans, monitoring your progress against plans and tracking HOW your money is coming in… you are throwing spaghetti at a wall I’m sorry to say.

 

It’s easy to play victim when it comes to finances.  My accountant is confusing.  It’s too overwhelming. 

 

But here’s a bit of tough love.  No-one is coming to save you. 

 

If you want to step from being confused, helpless and overwhelmed with your money YOU have to make a decision to change.

 

 

If you want my help to understand your dollars like a boss and make more profit, make sure you check out the Profit Academy Foundations! 

 

Inside I share my accounting expertise in a simple-to-understand way to help you become a master when it comes to your money.  If you have big dreams for your business, you need to be confident in your finances so that you can grow your most profitable business!

 

Inside I teach how to create a money plan, how to do forecasting, how to track your performance, how to build the dream money team, what metrics to track inside your business and much more!  

 

Make sure you check it out via the link in the shownotes!

 

TO sum up today, the 5 reasons you might feel confused by your accountant;

  • You don’t understand the basics of accounting
  • The finance jargon/ lingo they use
  • You don’t’ really understand spreadsheets or accounting programs
  • You have a feeling of helplessness that no matter how hard you work, you can’t get ahead
  • You don’t see the value or importance of numbers

 

If these apply to you, don’t stay stuck in your old stories of confusion. 

Make a decision to change!   

SHARE

Latest episodes

Most business owners who want to create EPIC growth think they need to just get the right strategy in place. In today's episode, I chat with Kelly, the founder of Skin Queen, about why mindset trumps strategy every time. This episode is packed with great advice and tips to help you transform your mindset in business.

If you are serious about scaling your business in a a big way, you are going to need some help getting there. In today's episode I share where to get started in bringing help into your business and how I get help both inside and outside of my business to give you ideas about what is possible when you invest in your team.

FREE Money Makeover Masterclass.

Re-think the way you think about money so you can make more profit in your business.