Some small business owners only contact their accountant during tax time.
Larger corporations might go the other extreme, by having an accountant working for them in their office 9-5.
Most business owners who fit into the former category might see more success and benefits of working with an accountant when they find more of a comfortable middle ground.
If you’re a small or medium-sized business owner, we suggest talking to your business accountant in Melbourne on a more regular basis, as accountants are trained to do a lot more than just help you when tax season rolls around.
You shouldn’t have to consider whether you need an accountant, but instead – consider all the ways in which they can help you – and thus, how often you should see (or communicate with) them.
How can an accountant make your business run more efficiently?
All businesses need an expert during the set up of a business or when they need to file any business tax returns.
We highly recommend you also get an accountant throughout the year when you need to make financial decisions.
You make these decisions every single day, from hiring staff, to buying equipment, to applying for grants.
Accountants can help you make more sound financial judgments and can help you to remain compliant when it comes to a host of financial obligations, including:
- Individual tax returns for your employees
- Batch statements
- Financial statements and reports
- Budgeting and financial plans
- ATO lodgments
- Superannuation related forms
- BAS and IAS lodgments
- Tax audits
Many business owners who attempt DIY accounting eventually find that it’s a lot harder than they assumed, and end up with incorrect formatting and a messy filing cabinet or a sloppy online filing system.
Or even worse, if you do DIY accounting and your calculations and record-keeping are inaccurate, then there can be a detrimental domino effect, affecting your funds.
This could even get you audited or flagged during tax time for not having accurate ATO data matching.
What should you expect from your accountant?
If you feel like you are far beyond seeing a tax return accountant in Melbourne and have a lot to catch up on, don’t stress: accountants can help you even if you think you’re at your worst!
Everything finance and tax related can take up your time, and can be done faster and more accurately when performed by a licensed professional.
Australian laws pertaining to finance reporting are quite specific. Different monthly reports and statements are required on an ongoing basis depending on what tax structure you have etc.
A financial advisor in Beaumaris can tell you about what documents you need to have lodged and remind you of when they are due. We’ll also help ensure they are accurate and correctly completed.
Accountants also offer expertise and provide in-depth analysis to help you create budgets, predictions, and plans to help you achieve your personal goals.
What is the most important trait an accountant should have?
Apart from what they physically do for you, you want to be able to get along with your accountant. When you call them, you want to be able to speak honestly and in confidence with them.
You also expect that they will do their job correctly and transparently.
Here are some traits to look for when hiring an accountant:
- Good communication skills
- Organised and efficient
- Thorough and meticulous
- Honest and transparent
- Available and easy to reach
How often should you meet with your accountant?
The amount of times you visit your accounting firm in Beaumaris every financial year depends on:
- The size of your business (including number of employees)
- What industry you work in
- What tax structure you have
- How long you’ve been operating
- How much your business is worth
While there is no “right” answer, many small businesses will meet with their accountant 3-6 times a year.
Why is it important to have a good accountant?
Often, you’ll need the help of a CPA accountant in Melbourne to help you determine your budget for the next quarter or year.
Either way, a good or bad accountant can make or break your business.
How will you know that you’re budgeting correctly or financially expanding unless an accountant tells you so?
Perhaps you think everything is going well but then an accountant tells you that you have more tax deductible items than you’ve been documenting.
Additionally, a good accountant should be able to clearly and confidently explain such positive trends, and also be able to explain what’s working, and what isn’t, and adjust their services as necessary.
Businesses need to deal with all sorts of different tax breaks, allowances, refunds, credits and more, ranging from things like GST credits to industry-specific allowances.
There’s a lot to take in, which is why you should put all your financial worries into the hands of a well-trained professional.
Should your accountant have access to your bank account?
Wondering what to bring to your accountant or what they need from you? Most banks should offer “read only access” and not exclusively transactional access.
With this type of access, accountants don’t have to read every single receipt and sale you’ve ever had individually and they can access all transactions and have direct and accurate information via accessing your account – saving you a lot of time.
Contact an accounting firm to hire an accountant today!
For more than 50 years, Bruce Edmunds & Associates has helped small business owners stay on track and helped them in times of need.
Your end of financial year tax return isn’t the only thing an accountant can help with. Every quarter, you’ll also need to file reports for GST collected and owed, as well as payroll tax and more.
If you’re not speaking with your current accountant as often as you’d like, give Bruce Edmunds a call today: contact an accounting firm you can trust by calling (03) 9589 5488 or filling out this form.