07 3124 0244 07 3124 0244

Are you a mum in business?

Posted 24 Jan

Running a business while being a mother is a unique journey filled with challenges and triumphs. It requires a delicate balance between nurturing your family and nurturing your business. Having an accountant who understands this balance of being a mum in business can be a game-changer. In this blog post, we'll explore why it's essential for your accountant to comprehend the experiences of motherhood in business and discuss the ways they can provide valuable support.

Understanding the Juggling Act & Mental Load

Being a mum in business often involves a constant juggling act – managing schedules, attending to family needs, and completing household chores, all whilst steering the ship of your business. An accountant who understands the daily challenges mothers face because they are going through it themselves can better appreciate the complexities of this balancing act. From unexpected family emergencies to the demanding nature of entrepreneurial endeavours, a compassionate and understanding accountant becomes a vital partner.

Understanding your needs vs wants

Partnering with an Accountant who will not only take the time to fully understand your business and what it needs to be profitable but also hold equal importance to your family lifestyle and what goals you want to achieve at home is paramount.   Perhaps it’s working together to develop budgets that allow you to take more time off over school holidays or ensuring you have business contingencies in place so on days when you have sick children, your team at work can cover for you as to not impact your clients. Being a mother does mean that some days you want to work but you need to be home. Having an Accountant that gets this and can work with you to develop this is paramount to having a happy business life and a happy home life.

Tax Planning Tailored to Family Needs

Tax time can be particularly stressful for mothers in business. An accountant who appreciates the unique financial considerations of a family-oriented business can provide valuable guidance. From understanding your tax positions to giving you the information you need for child care subsidies or Centrelink. Proactive tax planning allows for awareness of your results to help ensure you don’t overclaim your government entitlements.

Time Management Strategies

For all mums, time is your most precious commodity. Balancing the demands of children and the business requires effective time management. An Accountant who understands this dynamic can contribute by streamlining financial processes, offering time-saving tools, and providing advice on how to optimize time spent on bookkeeping and accounting tasks. This allows the mum in business to focus on growing the business without sacrificing the quality time needed for their family.

Emotional Support and Collaboration

Running a business as a mum can be emotionally challenging and sometimes really lonely. A compassionate accountant serves not only as your trusted advisor but also as a supportive collaborator. They can act as a sounding board for business ideas, offering valuable insights and encouragement. These ideas can and will take into account your home life so they are practical and achievable solutions at play.  Meeting regularly with your Accountant who is invested in your success will ultimately help you to reach your full potential without sacrificing your family goals.

In the intricate balance of motherhood and business ownership, having an accountant who understands the unique challenges faced by mums in business is invaluable. From flexible financial planning to emotional support, an empathetic accountant can be the key to unlocking the full potential of a business while maintaining a healthy work and home balance. As mothers continue to thrive in the business world, the role of the empathetic accountant becomes increasingly crucial in ensuring their success.

Empire Accountants Managing Partner, Beth Gozzard, had her first son in 2022 and Aiko Miyake is a mother of two school aged children.  Each at different cycles of their motherhood journey but both here and ready to support you with your business. To learn more about how we support mums in business and book a complimentary consultation visit our page here.

Related News

Empire Partner in Business Feature: Boost IT

Boost IT works with small businesses as an extension of their own team delivering an IT department on demand. Client’s use our IT solutions and expertise to enhance capability and cyber security, as well as drive innovation and efficiency.

How Running a Small Business Prepared Me for Motherhood

Running a small business and motherhood may seem worlds apart but as I’ve spent the last 18 months adapting to the role of mum and I've realised the surprising similarities between these two roles. Both require unwavering dedication, resilience, and the ability to juggle multiple responsibilities. In this blog, I'll share the invaluable lessons I've learned from running a small business that has uniquely prepared me for the journey of motherhood.

Empire Partner in Business Feature: Cornerstone Advice

Cornerstone Advice provides financial planning and mortgage broking services.  They specialise in working with busy families and professionals to establish a financial roadmap that maximises their financial opportunities alongside establishing a backup plan to protect against the unexpected.