The Danger of ‘Set and Forget’ Accounting: Why Relying Solely on Your Tax Accountant Could Be Costing You More Than You Realise.

This is the fifth post in my Championing Small Business series, where I unpack the financial blind spots that quietly hold business owners back and the small shifts that lead to big improvements.

Are You Running Your Business in the Dark?

If you only speak to your accountant at tax time, and your numbers are more of a “checklist item” than a business tool, you’re not alone.

But here’s the problem: this Set and Forget Accounting approach is quietly costing small business owners more than they realise.

I see it over and over again. Good businesses unknowingly miss opportunities, lose control of their cash flow, and make reactive decisions based on outdated numbers.

Let’s change that.

What Is ‘Set and Forget’ Accounting?

It’s the approach where you:

• Send your figures to your accountant once a year.

• Assume everything is being taken care of.

• Don’t delve into reports (or don’t receive any!)

• Rarely check your numbers until something goes wrong.

• Only think about your finances when it’s time to lodge your tax return.

Sound familiar?

On the surface, it feels like you’re saving time and avoiding stress. But underneath, it’s exposing your business to risk and holding you back from real financial control.

The Hidden Costs of Set and Forget Accounting

Let’s break down what this approach is really costing your business:

1. No real-time visibility: You’re essentially flying blind. If cash flow tightens or costs blow out, you might not know until it’s too late to respond.

2. Missed deductions & compliance gaps: Without regular checks, you risk overlooking tax-saving opportunities or falling behind on your obligations, especially if your bookkeeping isn’t consistently accurate.

3. Decisions based on guesswork: When your reports are outdated (or nonexistent), you’re making big decisions without solid financial insight.

4. No forward strategy: A tax accountant’s role is compliance, not helping you grow, forecast, or plan for the future. That leaves a big gap between surviving and thriving.

What Your Business Really Needs Instead

If you’ve outgrown set-and-forget accounting, here’s what a healthier approach looks like:

1. Ongoing financial oversight: Someone is keeping an eye on your numbers year-round, not just at tax time.

2. Monthly or quarterly check-ins: So you can catch issues early, correct errors, and make timely decisions.

3. Clear insights (not just reports): You deserve more than spreadsheets. You need guidance that’s easy to understand, and even easier to act on.

4. A strategic partner: Someone who helps you set financial goals, track your progress, and support your long-term vision.

Don’t Just Be Compliant - Be in Control

At Gold Coast Virtual CFO, I don’t just lodge reports. I work side-by-side with business owners to take the guesswork out of financial management. Whether it’s forecasting cash flow, setting up monthly reviews, or providing financial clarity, I’m here to equip you with the tools and confidence to grow.

Because you deserve more than a once-a-year service.

Ready to Break Free from Set and Forget Accounting?

If you're tired of ticking boxes and wondering how your business is really going, now’s the time to get the financial support you’ve been missing.

Let’s turn your numbers into something meaningful and build a business that works for you.

Reach out for a free discovery call today.