Hiring a business accountant is one of the smartest investments you, a business owner, can make.
Maybe you’ve been managing your business’ finances on your own, or are even in the process of starting a business. Regardless, it’s important to have a highly skilled accountant looking after your finances (aka your business’ future).
Still don’t believe us? Check out some of our top reasons your business needs to hire one.
Save time, money and stress
When time is money, you as a business owner must ensure that your time is spent wisely. That means shifting your focus back to solving your customer’s problems and running your business – not investing yourself into time-consuming finance-related work.
And let’s be honest – compiling, analysing, verifying, and preparing your business’ financial records takes a lot of time and can be a complete headache. Working with a professional business accountant takes that stress off your plate.
Doing it right (and the first time around)
When business owners start managing the unfamiliar accounting territory, chances are, mistakes will be made – and that’s to be expected. The only problem is that sometimes these mistakes can do more harm than good, such as forgetting to take into account small transactions (which do add up over time!) and throwing off the entire reporting.
Plus, if an innocent error has been made, the last thing any business owner wants is to be accused of malpractice.
Expert business accounting specialists repeat certain processes (such as filing a business tax return), hundreds, even thousands of times a year! They could do it with their eyes closed, but more importantly, they are able to complete these processes error-free.
It’s worth having something done once, and done right.
Making sure your business ticks all of the required compliance boxes is the foundation of a well-run business. After all, before you can grow, you need to first make sure you’re keeping on top of your tax and statutory reporting requirements.
Working with a professional accountant ensures your business is abiding by the specific ATO and ASIC requirements. These tax codes are being updated and amended regularly, which your accountant keeps on top of.
Some specific government compliance requirements include:
- preparation of financial statements and tax returns,
- Self-Managed Superannuation Fund compliance,
- Business Activity Statements (BAS),
- ASIC compliance, and
- industry-specific compliance.
What business doesn’t enjoy (legitimately) paying less tax? Fortunately, business accounting services do just that. In fact, tax minimisation is step 2 of our carefully crafted The 6-Step Service Plan.
So how does it work? First, your business needs to be set up properly in the systems. Then, your accountant needs to know the ins and outs of your business: How you and your team operate, your investment structures, and so on.
Finally, your accountant strategically considers what laws apply to your business and finds legal ways to minimise your tax, including:
- reviewing your structure,
- pre-June 30 tax planning,
- implement the best tax strategy at the end of the year,
- preparing taxation payment projections,
- looking at staff incentive and bonus calculations,
- tax-effective exit strategies,
- depreciation and capital works expenditure, and
- correct utilisation of small business capital gains tax concessions
They help in more ways than one
Accounting business services can help during different stages of your business growth, and sort of act as a business “financial all-rounder”.
Yes, Business accountants are able to complete your end of financial year tax returns, but they’re also able to manage your book-keeping, day-to-day accounts, payroll, collect data, set budgets within different departments, analyse cash flow reports, and more.
Receive the support (and advice) you deserve
Let’s be honest – running a business is a full time job, so having a little bit (or a lot!) of extra support goes a long way. Fortunately, business accounting services are here to help, serving as your strategic financial guru’s that help you save money and operate smarter.
With many people really starting to feel the effects of rising cost and inflation, finding ways to save money has never sounded so appealing.
Business accountants can provide:
- Helping with your overall strategy
- Excellent insight into your industry
- Legal advice to perfect operations and profits
- Advice on tax incentives
- Answer to your questions (E.g. claimable employee gift expenses)
- Recommendations for planning next year’s taxes
- Evaluating and predicting business performance
- And more!
At the end of the day, the business-accountant relationship really becomes a strong partnership that has your business’s best interests at heart.
Securing your business
In a world of a lot of uncertainties, protecting your business is one of the top priorities for business owners – and that includes cybersecurity. Although business accounting firms are not ‘cyber security specialists’, a large part of their job is to find and utilise secure accounting tools and programs that manage all of your sensitive financial information.
This gives you a peace of mind that your sensitive information is kept private, but also that your client’s financial information is being kept safe and secure.
Business accountants have such an important role, where their work heavily contributes to your company’s growth and overall success.
With 25+ years’ experience in public practice, we’re confident in what we do (and how we do it!). To get you started, we offer a free 15-minute discovery session call which is a great time to understand your business, answer any questions, and decide if and how our professional services can help you. Book in today to get started!