Ep 151: Don’t trust your accountant

Send us Fan Mail

In this episode, Stuart and Mena unpack the provocative, but crucial message behind the title “Don’t Trust Your Accountant.” It’s not about questioning your accountant’s integrity, but recognising the limits of what they can (and should) do for your business. Stuart explains why business owners must take full ownership of their financial understanding, because while accountants report the history, it’s up to you to fly the plane.

Mena highlights that accountants are compliance-driven, often focused on tax returns and financial statements after the fact, not strategy or real-time insights. Stuart delves into the core financial concepts every owner must grasp, including the difference between profit and cash flow, understanding unit economics, and knowing your break-even point. Mena then outlines why forecasting your tax position is vital and how to plan around different structures like trusts and companies.

They also discuss how growth consumes cash and why forward planning is essential for confident decision-making. Most importantly, they encourage business owners to treat their accountant as a partner, not a crutch.

If you're running a business and relying too heavily on your accountant to interpret your numbers, this episode is your wake-up call. Financial literacy isn’t optional; it’s your most powerful leadership tool.

If this episode resonated with you, please leave a rating on your favourite podcast platform. It helps us reach more incredible listeners like you. Thank you for being a part of the journey!

Click here to subscribe to our weekly email.

SPECIAL OFFER: Buy a one of Stuart's books for ONLY $20 including delivery. Use the discount code blog here.

Work with Mena & Stuart's team: At ProSolution Private Clients we encourage clients to adopt a holistic and evidence-based approach when making financial decisions. Visit our website.

Follow us: Stuart: Twitter/X and LinkedIn.  Mena: LinkedIn

IMPORTANT: This podcast provides general information about finance, taxes, and credit. This means that the content does not consider your specific objectives, financial situation, or needs. It is crucial for you to assess whether the information is suitable for your circumstances before taking any actions based on it. If you find yourself uncertain about the relevance or your specific needs, it is advisable to seek advice from a licensed and trustworthy professional.