When it comes to running your own business, you will often be advised to work with an accountant for financial management purposes. However, contrary to popular belief, accountants can perform many other jobs in addition to simple financial management to further improve your business.
Keep reading to learn five more helpful services an accountant can provide to your business and how exactly these services can contribute to the growth of your business.
One of the more simple tasks an accountant can help you with is bookkeeping. Bookkeeping involves keeping records of all your business financial transactions – both internal and external – and securing such records for future uses such as business planning and tax duties. Although easy to do on paper, bookkeeping is much more difficult for large businesses due to the number of transactions occurring every single day.
As a result, if you are running a large business (or are expecting to grow your business into a relatively large one) it is best to leave your bookkeeping tasks with an experienced professional such as an accountant for the long term benefits.
Planning your business for the future is one of the most important things you need to do as a business owner – as not only are you planning for yourself as a business owner, you are also planning for the future of your employees. A key factor to consider when planning for the future of your business is your finances.
Considerations such as your profit margins, ongoing costs and product development endeavours need to be factored into your future-proof business plan. An accountant who is well-versed in financial management may help you create an effective business plan by providing you with financial forecasts.
Lodgements and Tax Advice
In addition to lodging your business activity statements and providing you with tax advice, your accountant may also help you with maintaining tax compliance. This means making sure that you register and pay for the right taxes so that you don’t have to face any penalties. An accountant’s tax compliance and advisory services can be of great help to you – especially if you are not familiar with managing your taxes but would like to make sure that you do everything correctly.
Legal Business Registration
If you are in the beginning stages of starting your business, you may be unaware of the legal duties you are obligated to complete – such as registering your business name with the Australian Government and settling on a business structure. As complicated as this may seem, working with an accountant will help clarify all your legal duties and allow you to focus on more pressing matters such as running your business. The technical and legal side of things such as business registration can be left up to your accountant.
In addition to financial management, your accountant can provide you with many helpful services, which can all contribute to your business growth. If you are looking to work with an accountant, be sure to understand all the services they offer so you can pick and choose the most suitable ones for your business.