business accountant in Melbourne

Here’s why an accountant is MANDATORY for your business’ success

Published On: April 9, 2021Categories: Accounting, Support

You’ve got a solid business plan. You’ve picked out an incredible location. And you’ve built up a good amount of buzz among your local community. Your small business is good to go, and you’re ready to take the world by storm – almost.

While it may not sound like a big issue, it’s absolutely crucial that you have a business accountant in Melbourne on your side.

No matter what industry you work in or what target market your products and services are geared towards, it’s crucial that you seek out assistance from an accounting professional.

In addition to crunching the numbers at the end of each quarter, your accountant can also help you a number of other ways…

When should I hire an accountant?

You’ve got a solid business plan. You’ve picked out an incredible location. And you’ve built up a good amount of buzz among your local community. Your small business is good to go, and you’re ready to take the world by storm – almost.

Before you get started, have you thought about your accounting situation?

If you ask us, it’s crucial that you start talking to a small business accountant from the very beginning.

And by that, we don’t just mean once you start operating – it’s crucial that you have an accountant by your side the moment you start seriously thinking about setting up your own business.

Getting the right advice during the set-up period of your business means you’ll be able to go over things like your break-even point, ownership structure and revenue projections among other things.

However, your accountant’s involvement with your small business doesn’t end once you open your doors for the first time!

How an accountant can help a business succeed? How an accountant help with small business after opening

“Do I really need an accountant? I’m pretty capable of recording transactions and tracking my budget…”

That may be true – however, those are bookkeeping tasks, not accounting tasks.

While bookkeeping is concerned with recordkeeping, accounting goes a step further, using all of the records to plot a course forwards.

That means things like:

  • Long-term planning
  • Projections
  • Business strategy

While it’s possible to do this stuff on your own, it’s best to get professional advice and reporting to make sure you’re doing it right, and not going off half-cocked.

Only an accountant can provide the data you need to make such important decisions, as well as the 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.

Not only that, but there are a number of important things that only an accounting firm in Melbourne with their specialised knowledge can help you out with.

Why do small businesses need an accountant?

Should I hire an accountant for my small business taxes?

While the process of filing your taxes has gotten much more streamlined in recent years, it’s still something you’ll want to consult with a professional. After all, business taxes (even for small businesses) are much more complex than your personal tax return.

Moreover, there are a wide range of different exemptions, allowances and rebates that small businesses can enjoy when it comes to tax season.

If you want to ensure that your business receives the maximum deduction possible and that you aren’t paying more tax than you need to, you’ll need the help of someone who:

  • Specialises in business tax
  • Keeps up with the latest changes to the tax code
  • Knows which ones apply to your business

In short, you’ll need a BAS/IAS accountants who specialises in business tax returns in Melbourne!

Long-term planning and big decisions

Thinking of expanding? Looking to make a substantial capital investment like a new van? Considering merging with another small business?

These are all big decisions to make – you’ll want to make sure that you have the right financial information to ensure that you make the right call at the right time.

An accountant can provide guidance with important decisions and long-term planning by providing accurate long-term forecasts, as well as bringing their professional experience to the table.

accountants in bayside

Making your small business more efficient

Every business, be it big or small, has its bottlenecks. The key is identifying these bottlenecks and taking steps to streamline them in order to run your business more efficiently and effectively.

Just one problem: doing so often involves going through a mountain of different financial reports and records.

Making sense of all these different documents can be hard – and that’s where your accountant comes into the picture. An accountant can analyse your business and identify areas where things aren’t as cost-effective as they could be, allowing you to devise solutions.

Of course, that isn’t the only way an accountant can make things more efficient…

Saving you time

As a business owner, you’re probably familiar with long nights where you take your work home with you, poring over financial records and trying to figure out what you need to do or trying to figure out how to compile reports on your own, often with a lot of trial-and-error.

We get it: you’re a small business owner, and you’re used to looking after everything on your own. It’s admirable – however, it can also lead to you wasting a lot more time than you need to!

By entrusting this complicated part of your business to a professional, you’ll be able to save a considerable amount of time, which you’ll then be able to spend doing what it is you do best (or just unwinding – you deserve it!)

Get expert advice on top

How good would it be if whenever you ran into a financial problem you could just pick up the phone or shoot off an email and have expert advice in a matter of minutes?

In addition to quarterly meetings, helping you out when it comes time to make a major investment or during tax time, your business accountant in Melbourne can also provide expert advice whenever you need  it.

You’ll gain an advisor who can help with:

  • General business budgeting
  • Analysis
  • Changes to tax laws

Whenever you have a question that needs answering, we’re more than happy to drop you a line and talk things through!

What type of accountant do I need for my business? How to find a trustworthy accountant

So now you know how an accountant can support your business even after you start operating. Now for the next step: finding an accountant to help out with all of your financial requirements.

When choosing an accountant, it’s important that you choose one that specialises in working with small businesses.

While the principles of accounting are the same no matter the specialisation, different types of accounting clients are affected differently by tax laws, and qualify for different exemptions and allowances.

Our team is focused primarily on helping individuals and small and medium businesses. As such, we’re more in-tune with the needs of smaller operations like yours, with a particular focus on how tax changes affect businesses like yours.

What do small businesses want from their accountants?

While we may not be able to speak for all business owners out there, we can pretty confidently say that you’d at least want an accountant who:

  • Understands the needs of small businesses
  • Listens to your concerns
  • Responds quickly when you try to contact them
  • Holds the appropriate certifications

Luckily, the team at Bruce Edmunds ticks each of these boxes.

Our accounting experts are focused on meeting the needs of small and medium businesses, with a range of different accounting services that are tailored to meeting your accounting needs.

Since 1966, our accountants in Bayside have helped individuals and businesses alike throughout Melbourne with a range of accounting services. Whether you need a small business accountant in Beaumaris or a personal accountant’s expertise to tackle your home budget, our team can help.

Find out what we can do for you today – give our accounting team a call on (03) 9589 5488, or click here to book an appointment online.

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