There are many misconceptions about what outsourced accountants can do for businesses.
Many business owners lose out on opportunities and advice because they don’t think business accountants in Melbourne are worth hiring or that their business finances are simple enough to manage on their own.
Before making these rash decisions, you should at least do your research to know exactly how accountants can help your business.
We cover the skills and qualities that accountants have, to help your business to grow and expand.
What do business owners want from their accountant?
According to this survey from LinkedIn, business owners have different ideas on what accountants can do for them.
They found that most commonly, 32% of business owners want accountants to help with their personal business strategy.
24% – almost one quarter – of business owners said they speak to an accountant when they need help with budgeting.
And in smaller fractions, 14% see accountants for payroll-related assistance, 9% for business services, 10% for general inquiries.
As you can see, there’s a lot more on offer from your business accountants than just tax!
This supports the notion that business owners need to do prior research at the very least, to explore all the ways in which an accountant can help them and their business.
How does accounting help in business decision making?
You shouldn’t manage finances on your own, especially if you run your own business.
It also pays to talk to a small business accountant in Bayside when:
- Evaluating your progress
- Setting short- and long-term goals
- Writing a business plan, financial plan, or yearly/quarterly budget
In addition to crunching numbers, accountants can help you plan for your financial future and make the right decisions accordingly.
Using extensive experience, accountants can help you plan a path towards your financial goals.
Bruce Edmunds & Associates has built a strong network of professional connections over the years to help clients like you achieve their financial goals.
Our team doesn’t just include accountants – it also includes a team of financial advisors who are licenced in business decision making.
Our financial planning team work together with our accounting team to help clients with more advanced services like:
- Investment strategies
- Portfolio management
What questions should I ask an accountant?
While you might only see your accountant when making big financial business decisions, there are plenty of other times when your accountant’s knowledge and experience can be beneficial.
For instance, when you:
- Are formulating a business plan
- Need help with accounting tax audits
- Are creating budgets and forecasts
- Submit BAS and IAS lodgements
- Need to meet your monthly compliant requirements
- Need help with anything related to taxation, including your tax return and deductibles
- Want to know what loans and grants you’re eligible for
These are just some of the services a small business accountant can offer. Depending on your circumstances, you might only need a couple of these services or all of them. It all comes down to your business’ needs.
These are some specific areas you should always ask about, no matter what business you run, no matter how big or small
Ask about taxes
If you want to ensure that your business tax return in Melbourne receives the maximum deduction possible, and you want to make sure you aren’t paying more tax than you need to, you’ll need the help of someone who:
- Knows which tax structure can benefit your business the most
- Help you with GST requirements
- Help your employees with their tax return
- Help you with group certificates
- Specialises in business tax
- Keeps up with the latest changes to the tax code
There are a wide range of different exemptions, allowances, and rebates that small businesses can enjoy when it comes to tax season.
Ask them about financial health
Accountants have the ability to look at all your accounts and are able to see trends that you might not see straight away.
Accountants can help you to budget and write up financial/business plans accordingly to help you save money if you find yourself losing capital in some areas.
Ask them about bookkeeping data
Accountants can work alongside your bookkeepers and can review all of your receipts, invoices, bills, statements, and transactions you’ve processed in the past financial year.
How can an accountant help a business succeed?
The importance of corporate accounting comes from the fact that they can determine whether you’re currently sustainable enough to maintain your business.
They can do things to determine this, such as:
- Long-term planning
- Business strategy
Only an accountant can provide the data you need to make such important decisions, as well as any qualified advice that you need to make sure that you’re choosing the optimal path when it comes to something as important as your business.
How do I choose a good accountant?
When it comes to finding an accountant to help you establish, grow, or manage your business, there are a couple of things you to need to keep an eye out for:
- Professional competence and due care
- Honesty and transparency
- Their ability to make recommendations free of personal bias and external influence
- Professional behaviour
- Advanced, secure, cloud-based technology
Contact Bruce Edmunds’ accounting firm in Beaumaris
Bruce Edmunds are business and personal accountants in Melbourne who can help any small business owner to plan and save money.
We can help you with all aspects of both personal and business finances, so if you need a new accountant or are seeking better business accounting, contact Bruce Edmunds on (03) 9589 5488 or fill in this form today!