Accounting for Business: Why it’s valuable and how to streamline yours

Accountants provide financial analysis that ensures the profitability of your business

We’ve all heard the ominous factoid that over half of new Australian businesses fail in their first year. An experienced accountant can highlight for you all the hidden costs that have slipped your notice, providing invaluable financial analysis that ensures the ongoing profitability of your business.

New business incentives and grants can be surprisingly valuable, but the rules and applications processes tend to change every few years. Good accountants stay abreast of changes to regulation and policy, and advise you of the changes and benefits you should know about.

What accountants can do for your business

Some businesses only use accountants to lodge tax returns, but there is so much more that accountants can do to help. Talk to your accountancy firm to see what areas they specialize in.

Tax returns

Registered tax agent accountantsParramatta are qualified to lodge your tax returns. Unless your only source of income is employment in a single job, it’s recommended that you visit an accountant. Even if you think your returns are relatively simple, it’s worth visiting an accountant at least once to see how much more you could be able to get back.

Don’t forget that you can usually claim the expenses of tax accountants back on next year’s return.

Complex tax challenges

Accountants are able to provide advice on specific tax situations, including late returns, investment issues, payroll, and changes to how your business is incorporated.

Streamline your business bookkeeping

Do you have a good grasp on all the different records that businesses are legally required to keep? Most businesses find it much more efficient to engage a professional accountant to handle the books. Most accounting firms-offer consultancy services as well as per-project or ongoing rates. Your accountant will ensure that your business jumps through all the hoops on time, avoiding penalties and confusion. Your accountant will brief you on the easiest, quickest way to collect whatever information they need from you.

Two thirds of Australian accountants now use cloud accounting software: the uptake of cloud accounting is faster in Australia and New Zealand than in any other market, and is helping accountants to offer quicker, simpler, and more transparent services.

Effortlessly lodge accurate information

As an SME business owner or sole trader, it’s easy to get swamped by day-to-day work and put off vital accounting tasks. Lodging inaccurate or incomplete returns is serious stuff, but with the help of an accountant you can avoid the stress of figuring out whether you’ve ticked all the right boxes and reported figures accurately.

Ensure taxes are paid on time, every time

Failing to submit an accurate return come October results in more paperwork, more stress, and can lead to fines of up to $8000+ or imprisonment. When EOFY rolls around, you want to know that all the necessary work has already been done to ensure a smooth return process, and the best outcome for your business.