small business accountant

Ask these questions when looking for a small business accountant

Published On: June 23, 2023Categories: Accounting, Financial Planning

Frustrated by the seemingly endless roles you as a small or start-up business owner need to fill every day?

Running a business involves wearing many hats, and it’s understandable if managing your accounting responsibilities feels overwhelming or simply beyond your area of expertise.

If you’re looking for ways to alleviate the stress and free up your time to focus on other parts of your business’s operations, why not consider outsourcing your accounting?

Accounting is a critical aspect of any business, and entrusting it to professionals can offer numerous benefits.

In this blog post, we explore the advantages of outsourcing your accounting needs and the questions you should ask when it comes to making this decision. 

Searching for an accountant in Melbourne to support your business?

Our small business accountants are dedicated to helping you streamline operations, enhance financial management, and provide you with the peace of mind to concentrate on what you do best: growing your business!

Get in touch with our accounting firm in Melbourne to book an appointment and discover how we can work together to help your business.

Why should small business owners outsource their accounting?

So, why avoid DIY accounting as a small business

There are three core advantages of outsourcing your business accounting:

1) Gain access to expertise

You can take advantage of a wealth of knowledge, experience, and skill from your accountant. Your accountant becomes an extension of your business. Their specialist skills can provide invaluable guidance and insight into your business and its growth.

2) Regain time and focus

By delegating accounting tasks to skilled professionals, you can dedicate your time and energy to other crucial aspects of your business.

We’re not all accounting experts – and that’s OK! By removing the stress and workload associated with accounting, you can confidently focus on effectively managing and growing your business. 

3) Enjoy tangible cost savings

Outsourcing your accounting can be a hugely cost-effective solution that gives you back your time without the expense of having to hire a full-time, in-house accountant.

What are the key roles of an accountant for my small business?

The key roles of an accountant for your small business are crucial in providing support and guidance in managing your financial matters. 

Financial analysis & reporting

An accountant can analyse your financial data and provide insightful reports that help you understand the financial health of your business.

They can generate financial statements, which can include income statements, balance sheets, and cash flow statements. These offer a comprehensive overview of your business’s performance and profitability.

Budgeting and forecasting

Our small business accounting services can help you create realistic budgets and forecasts. They can analyse your financial data, identify trends, and provide insights that enable you to make informed decisions regarding resource allocation, cost management, and growth strategies.

Tax preparation

An accountant can help you develop effective tax strategies that maximise deductions whilst still ensuring compliance is maintained.

 With a deep understanding of the latest tax regulations, we can make sure that you are claiming all the deductions, credits, and incentives that you are entitled to, ultimately saving you money and avoiding potential penalties. 

Bookkeeping

In addition to accounting, we can also liaise closely with your bookkeeper, who is generally responsible for the day-to-day record-keeping of your business. Bruce Edmunds & Associates is closely affiliated with Maximum Business Solutions, bookkeepers in Melbourne who deliver a range of services to all kinds of businesses.

How can an accountant help with tax planning and compliance?

We understand the immense pressure and challenges that small business owners face, particularly as the financial year draws to a close.

Our role is to be your trusted partner during this often hectic time of the year. We aim to alleviate your pain points by leveraging our expertise in tax regulations and laws, and developing effective tax strategies tailored to support your business’s needs. 

small business accounting

How can an accountant help with budgeting, forecasting, and business growth?

With their expertise, you can make informed decisions, identify potential risks and opportunities, and implement effective financial strategies.

Having an experienced accountant by your side can be a game-changer for your business’s financial success and long-term growth.

What are the cost considerations when hiring a small business accountant?

Comparing outsourcing to hiring an in-house accountant is essential, as outsourcing often offers cost advantages.

When hiring a small business accountant, it’s crucial to consider the associated costs. The pricing structure can vary, with accountants charging either hourly rates or fixed fees for their services. The specific services needed and the complexity of your business will also impact the cost. 

While cost is a significant consideration, it’s equally important to assess the value that our Melbourne accounting services bring to your business!

Get in touch with Bruce Edmunds & Associates today

Outsourcing your accounting is an important investment that impacts the long-term success and financial health of your business. If you’re ready to explore the benefits, we encourage you to get in touch with our team to book a consultation.

Our dedicated professionals are here to understand your unique needs and provide tailored solutions that will drive your business forward. 

Contact us online or give our team a call on (03) 9589 5488.

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