How hiring an accountant can improve business workflow

You’re thinking about hiring an accountant for your small business – but you’re unsure exactly what they can do for you and wondering if it’s really worth it.

Small business accountants offer more than just the obvious service of managing your accounts.

Accountants are a crucial component of any successful business, big or small; acting as a financial indicator that can assess anything related to finance, from payroll through to tax, wealth, and succession planning.

Business owners can remove the burden of self-managed accounting, freeing up their time to focus on what they’re best at – running a business!

Assessing finances can be complex, and as such should only be conducted by experienced accountants who can handle them in the most efficient and effective way.

Does every business need an accountant?

Most big businesses will have an accountant or at least a bookkeeper employed for them working full time or part time.

But small businesses generally don’t need services to this extent.

That’s why outsourcing an accountant from an accounting services company to overlook your accounts, help with tax, sort superannuation payments, and organise business structure as well as much more, can really improve your business workflow.

This is because when you outsource tasks to someone more knowledgeable in the area, it gives you more time to focus on your strengths; let your accountant handle the numbers.

How often should I see an accountant?

Some small business owners may speak with an accountant once a week and others might only do so every other month.

How often you speak with your accountant depends on:

• How many people work for your business
• If you have a bookkeeper
• How knowledgeable you are with taxes, super, and payroll
• BAS and IAS lodgment requirements
• If you’re required to charge GST for your products or services
• Your current financial health and future business goals

How can an accountant help with a small business?

A better question is, what should an accountant do for a small business?

After all, you’ll need to find an accountant who can help your specific business needs, and with whom you simply gel with.

Accountants can assist you with anything related to revenue, taxes, accounts, super, and more.

An accountant can help you with financial issues about paying super, minimum wage, BAS statements or taxes. Not only will they give you advice on these regulations, but they can help you with the process of lodging and paying them to ensure that you and your business remains compliant.

Additionally, if you need help with financial planning, including your trajectory and budget, and need advice in order to sustain your business throughout the next financial year, your accountant can be extremely useful.

Accountants can help businesses with some of the following:

• Advice on where you should be investing
• Applying for grants and loans you’re eligible for
• Lodging tax returns for your business and its employees
• What deductions you may be able to claim
• BAS and IAS lodgements
• Superannuation payments

If you were to handle all these components yourself, you wouldn’t be able to clearly overlook other areas of your business and, importantly, may struggle to see an overview of your business’s financial health.

Accounting is a lot harder than just crunching numbers and assessing bills and assets. It’s an entire division of business operations most people cannot do on their own.

How does accounting help in decision making?

Running a business requires making major financial decisions that may absorb resources and money.

Before you officiate any large decisions, make sure a small business accounting service at least overlooks what you’ve written before you proceed with whatever your plan is.

Some of the major decisions accountants can help with include:

Financial planning

Generally at the start of each financial year, business owners will overlook their previous financial plan and will start to write a new one for the financial year.

To do this, one needs to know the difference between a financial plan, a budget, and a business plan.

Although all tied together, they differ in a lot of areas.

A financial plan encompasses the budget as well as many other aspects, the budget alone describes how much money you should spend in each area of your business.

Other components of a financial plan include how you are going to get funds, the capital you’re predicted to make, and employment configuration/hiring process.

A business plan on the other hand is a step up from this which outlines marketing, products, services, locations, and everything else you need to plan for your business which can all relate back to your financial plan.

Taxes

Taxes are something you will be thinking about all year round as well as through every stage of your business.

From thinking of what tax structure you need when starting out, to organising your business tax return in Melbourne once a year. There’s a lot to think about.

Accountants can help you to know what other lodgments are required throughout the year and can make sure that you’re writing group certificates correctly for your staff to lodge their own tax returns.

Liaising with your bookkeeper

Many businesses may also engage a bookkeeper to help them stay on top of daily, weekly, and monthly transactions.

When you outsource your accountant, they will liaise with your bookkeeper on your behalf to ensure each facet of your businesses books and finances are managed.

A successful relationship between both bookkeeper and accountant ensures we can paint a clear and accurate picture of your business, and help you maximise your businesses success.

Searching for a new business accountant in Melbourne?

Get in touch with Bruce Edmunds’ small business accountants in Melbourne

Bruce Edmunds & Associates is composed of CAs and CPAs in Melbourne offering specialised tax advice and financial planning for both small businesses and individuals alike.

So if you’re searching for the best CPA accountant near you, look no further than Bruce Edmunds. We are an experienced and devoted accounting team that can assist you with your business finances so that you can maintain workflow in every other sector.

Contact us today on (03) 9589 5488 or fill in this form and we’ll get back to you soon!