As a small business owner you will be used to doing lots and lots and lots of tasks for your business. You are often the CEO, the financial controller, the head of operations, the warehouse manager, the receptionist, the delivery driver, the cleaner and every other role that is needed to keep a business running smoothly. But there are some tasks that are best left to the specialists. Finances are one of those tasks. If you get them wrong, you can land you and your business in hot water.

Why You Need an Accountant

Help In the Start-Up Phase

When you are just starting out, there are a lot of preparations to make in every area of your business. Setting up sound financial practices in the beginning will put you in good stead for further down the track.

An accountant can help you:

  • Choose the best structure for your business – whether that is a sole trader, a partnership, or a limited liability company
  • Assist with the financial aspects of your business plan
  • Give you advice on the most appropriate accounting software
  • Help you with opening a business bank account
  • Make sure your business practices are legal and comply with tax laws
  • Provide advice on how to track your regular expenses
  • Keep your personal and business expenses separate

Day To Day Runnings

Once you are up and running, you need to keep on top of your day to day runnings and maintain the accounting system that you set up in the beginning.

An accountant can help you:

  • Maintain your employees and contractors and respective taxes correctly
  • Make sense of your financial statements so you get a clear picture of your business
  • Oversee your payroll and payment processes
  • Provide estimates on your required tax payments
  • Create your end of year financial records
  • Compile and submit all of your tax and GST returns

During Business Growth

If it is time to grow your business, then your accountant is a key component to making it happen. They can provide hugely valuable advice and help you manage the process.

An accountant can help you:

  • Determine possible areas for growth based on your cash flow, trending sales and inventory management
  • Provide advice on asset purchases
  • Prevent the chance of on audit, or help you through one if it does occur
  • Create financial forecasts to help you make decisions in your business
  • Help you create a business budget that will serve your business goals
  • Give you advice and resources on how to sell your business

These aspects are by no means a comprehensive list of what your accountant can help you with in business. There are so many other ways they can help start, build and grow your business. One of the great things about working with an accountant is that you can go all in, or you can dabble. You can get them to do all of your financials from day to day, or you can just get help with the challenging parts like your end of year taxes.

Recognise when you need professional expertise, and call in the accountant!