Can an accounting firm give me financial advice?

You may wonder if an accounting firm can do more than just manage your numbers. Can they offer financial advice too?

The short answer is yes. But there are some things to consider.

What Accountants Do

Accountants handle tasks like bookkeeping, taxes, and audits. They make sure your money is recorded correctly. They do so using accounting software like Xero. Business owners have accountants. But it’s still important to learn Xero. All business owners need to be financial literate to make plans for their business.

Financial Advice

Some accountants are trained to give financial advice. They can help you plan for the future, save money, and make smart investments. They can guide you on how to grow your business or personal wealth.

Specialization Matters

Not all accountants offer financial advice. Some focus only on specific tasks like tax filing. If you want financial advice, look for a firm that offers this service. For example, some accounting firms only work with healthcare clients. This means that they are more familiar with laws and accounting regulations around the Singapore healthcare industry.

It’s also useful to find an accredited accounting firm. For example, WLP Group is a Xero Gold Partner. WLP Group even has podcasts with Xero where they talk about automation in the financial industry and how automation can help business owners in Singapore!

Credibility is Key

Make sure the accountant has the right credentials. A Certified Public Accountant (CPA) with extra training in financial planning is a good choice.

Limitations

Accountants are not financial planners. They may not offer a full range of financial services like retirement or estate planning.

Yes, an accounting firm can offer financial advice. But, make sure they have the right skills and credentials. Always ask what services they provide before you hire them.

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