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 share the hidden financial pitfalls I’ve seen repeatedly, along with the small changes that can make a significant difference.

In the last post, we examined the distinction between merely getting by and growing with purpose. Today, we’re diving into a trap that far too many small business owners fall into without even realising it, the set-and-forget approach to accounting.

The ‘set and forget’ approach to accounting

If your accountant only shows up at tax time, or you only check in when it’s time to lodge, chances are, your business is missing out on the financial clarity, insight, and direction it truly needs to thrive.

What Is ‘Set and Forget’ Accounting?

It’s when you:

• Send your numbers to your accountant once a year

• Hope they’ve got everything covered

• Don’t look too closely at the reports

• Rarely review your numbers between lodgements

• Only ask questions when something goes wrong

While this might feel like a time-saver, it often leads to surprises, missed opportunities, and costly mistakes.

What This Approach Costs You:

1. No real-time visibility: You're flying blind for most of the year. If something’s going off track, you won’t know until it’s too late to fix it.

2. Missed deductions and compliance gaps: Without regular checks, essential details can be overlooked, especially if your bookkeeping isn’t always accurate.

3. Inaccurate or outdated reports: If no one’s reviewing your numbers regularly, decisions are based on guesswork, not data.

4. No strategy, no direction: Tax accountants are focused on compliance rather than forward planning. That leaves you without a clear financial strategy.

What You Need Instead:

1. Ongoing financial oversight: Someone in your corner all year, not just at the end of the financial year.

2. Monthly or quarterly reviews: So you can catch issues early, improve accuracy, and plan ahead.

3. Insights you can act on: Not just reports, but clear guidance that helps you understand what’s working and what needs attention.

4. A strategic partner: Someone who can help you set goals, track progress, and build long-term financial strength.

Don’t Just Meet Your Obligations, Maximise Your Opportunities

At Gold Coast Virtual CFO, I work alongside business owners to ensure you’re not just compliant, but also confident. Because your accountant might lodge your Income Tax and BAS, but they’re not necessarily helping you plan for growth, optimise cash flow, or improve profitability.

And that’s where many small businesses often fall short.

You Deserve More Than a Lodgement Service

If you’re ready to move beyond ‘set and forget’ and finally get the financial support your business deserves, let’s talk.

It’s time to stop just ticking boxes and start building a business that works for you.