One of the most important aspects of successful business operations is the efficient management of finances. However, oftentimes, neither you nor your employees may be familiar with the typical accounting duties required for your business. As a result, it may be most beneficial to work with an independent accountant to help manage the financial side of your business operations.
If you are looking to invest in an accountant to better manage your business’ finances, keep reading to learn more about how exactly they can help your business!
Take care of your taxes
Managing your business’ taxes yourself can be quite time-consuming as well as confusing at times (especially if you have no prior experience working out your taxes). As such, working with a tax accountant can help you save time and also ensure that you learn more about your business’ circumstances in the tax space.
Your accountant may take care of many different forms of tax applicable to your business including:
- Company tax returns
- GST registrations and payments
- Partnership tax returns
- Sole trader returns.
In addition to filing your taxes for you, accountants can also plan your business’ finances around your expected tax payments, to help you budget better and improve your tax planning.
Organise your business with bookkeeping
Recording your business’ financial transactions is almost a legal responsibility for your business, due to the fact that such records will be required when submitting your Business Activity Statement (BAS) and handling other legal responsibilities. Instead of recording all of your business’ credits and debits yourself, you can work with a bookkeeping accountant who uses customised software to ensure all of your transactions are recorded accurately.
Common bookkeeping tasks accountants can help your business with include:
- Bank reconciliations
- Accounts payable
- Accounts rece
- Inventory management
- Payroll responsibilities
- Managing your receipts and source document filing.
By employing accountants for their bookkeeping services, you are effectively offloading one of your most time-consuming business responsibilities, and freeing up time for yourself to focus on developing your business.
Provide you with financial advice
Experienced accountants may also provide you with financial advice to better grow your business. Based on the data gathered from your bookkeeping records, accountants can predict your business’ future financial circumstances and plan your business development around such predictions. You can also use the financial advice provided to your business by your accountant to help organise your personal finances as well.
Help with your business’ legal responsibilities
In some cases, accountants may also assist your business with fulfilling its legal responsibilities. For example, your accountant can help you register your company with the Australian Securities and Investments Commission (ASIC) and make sure you do not set up your business incorrectly.
Your accountant may help you by registering your business name and declaring your company structure based on the information you have provided to them. Working with an accountant to meet your business’ legal responsibilities may help you avoid any long-term problems and unnecessary costs.
Interested in working with an accountant now that you know how they can help with your business’ operations? Contact the team at POP Business for your first consultation now!