If you are a small business holder, a trader, investor or a company, the services of an experienced accountant is crucial for the health of your business. Your time is valuable and you need an expert advisor to resolve your complex taxation and financial issues.
There are many areas of a business that should be handled by your accountant. They include the preparation of accounts for sole traders. Sole traders often work long hours and face heavy physical demands, so that accounting and taxation concerns are not given the time they deserve. When this is the case, traders pay more tax than they actually need to, often submitting their tax returns late and missing legislative obligations, (such as not lodging their BAS and charging incorrect GST amounts.) When this happens, they are subject to hefty fines, setting their business back even further.
A qualified accountant in Sydney will be abreast of all legislative requirements and will be able to help the trader fulfill his responsibilities. He will endeavor to minimize the liabilities and maximize the returns for the business, leaving the trader free to do what he does best, responding to his customers and developing his products and services.
Keeping up with bookkeeping is very difficult for any business owner. Not only must he record all financial transactions such as purchases, sales, receipts and payments, he must also create reports from this information. This is necessary so he has an understanding of the position of his business and is able to forecast future growth. The accountant will be able to relieve the trader of these onerous tasks by providing prompt and accurate bookkeeping and compiling current comprehensive reports detailing the overall profit or loss made by the company. These will be invaluable for future planning.
An accountant is also able to provide sound business advice regarding a strategy for your business, an analysis of budgeting and cash flow, key performance and ratio analysis and graphs of the current marketing situation so you can successfully compete with other marketers in your field. If you are a sole trader, or owner of a small or medium sized business, you would do well to avail yourself of the services of a competent accountant as soon as you are able.