What is small business accounting?

“If you’re going to run a small business, you need to know what everyone is doing, be the first one in and the last one out, and work weekends.”

Glen Mazzara

While this might ring true to some extent for small business owners, it can get pretty overwhelming.

And while the idea of being able to master all aspects of your business is laudable, there are instances when you might need a bit of external help, particularly when it comes to financial and accounting management.

If you are thinking of doing just that, let a small business accountant take care of your business accounting.

What can Bruce Edmunds & Associates offer?

Let’s start with the basics. At Bruce Edmunds & Associates, we cover a range of services that can help manage and grow the finances of your business.  

Accounting and bookkeeping

Basic bookkeeping and accounting is an essential part to the day-to-day running of any business, no matter how big or small it is. And for small business owners who wear so many hats, you might want to leave your bookkeeping in the hands of experts.

Our bookkeeping service will ensure that you will be getting a clear picture of your business’s financial health.  We will make sure that all transactions are recorded and reported, and cash flow is managed in a timely, manageable, and streamlined way.

Business tax returns

Just like in other countries, Australia has various business-related taxes that need to be collected by the Australian Taxation Office (ATO).

If you are planning to start your small business, you need to know the 4 key taxes you must register for.

Given that there are different types of taxes, Bruce Edmunds can help small business owners in planning, auditing, and preparing for the following taxes:

• Company tax
• Capital Gains Tax (CGT)
• Goods and Services Tax (GST)
• Payroll Taxes
• Income Taxes
• Other government taxes

It’s important to let a taxation expert take care of these as they need to be accurate and error-free at all times.

Additionally, it’s critical these types of taxes are paid on time based on the elected payment schedule – monthly, quarterly or annually to avoid incurring any penalties.

Wondering if your small business can get a tax refund? You can check out the ultimate guide to tax deductions for small business owners.

Financial reporting

With all the various financial obligations, transactions, and movements that happen in a business, you need something to serve as the basis for making the right sort of decisions.

This is where financial reporting comes in. In any business organisation, financial reporting is very important as this discloses the financial performance and position over a certain period of time.

Our team of professional accountants can create comprehensive financial reports for your business focused on the following:

• Balance sheets
• Profit and loss statements
• Cash flow statements

Superannuation

Every employer in the country has obligation to pay super contributions for eligible employees, whether they are full-time, part-time, or casual workers.  

Working with a business accountant ensures you fulfil all superannuation requirements as dictated by the ATO. Complete obligatory contributions with accuracy and diligence with Bruce Edmunds.

Bruce Edmunds can also help manage the following reports, due before specific deadlines set every quarter:

• Super guarantee reporting requirements
• Super guarantee records
• Choice of super fund records

Searching for small business accounting in Melbourne?

Learn the basics of small business accounting with Bruce Edmunds!

For some business owners, accounting is not their cup of tea.

Some might think it’s a time consuming and complex process that they can’t run away from.

If you’re a business owner who needs all the help he can get when it comes to financial and accounting requirements of your business Bruce Edmunds is here to make things easier for you.

Since 1966, we have been helping small business owners manage various finance-related concerns and obligations.

If you wish to learn more about how Bruce Edmunds can take care of the accounting needs and add financial value to your small business, call us on (03) 9589 5488. Alternatively, you can fill in this form and we will be in touch.

Please note that this blog post has been created to provide general information, not advice. For accounting advice, please contact Bruce Edmunds & Associates today.