Most entrepreneurs, freelancers and small business owners prioritise cutting costs in terms of labour, and they usually accomplish this by multitasking. In a small clinic or new practice, for example, you might see a secretary working as a receptionist and dental assistant, too. It’s also not unusual to see business owners trying to handle human resources, payroll and other accounting tasks, mistakenly believing that hiring a Chartered Accountant is an expensive luxury.
This ultimately results in owners stretching their time and abilities thin, thinking that they’re saving themselves money by trying to do the necessary paperwork to keep accounting on track. But not hiring an accountant can be a risky move.
A chartered accountant does more than just fill out and file forms; they have the education, qualifications and practical experience, as well as the business and finance savvy to help new or small businesses operate and grow. They also maintain membership in a professional body (particularly, membership with the Chartered Accountants Australia and New Zealand or CAANZ).
They’ll prevent your business from running afoul with the Australian Taxation Office (ATO), save you thousands of dollars in taxes, and ensure your financial accounts are in order.
Both new and small businesses can benefit further from getting the services of chartered accountants in Australia even if just on an as-needed basis. This way, they get all the advantages of having one without having to hire someone for a full-time role.
What a Chartered Accountant does
Aside from easily navigating the mountains of paperwork and cutting through the red tape a lot of new businesses have to contend with, a capable accountant does more than keep the books balanced.
Below are additional advantages your business can gain from having a chartered accountant:
1. Save valuable time and money
Time is money, and this is especially true for businesses. You want to focus your energy on growing your business, building connections, and making sure your products and services are competitive. Also, as the business owner, you likely charge more by the hour. Is the best use of your time struggling to do all the accounting paperwork?
With an accountant charging a flat service fee per month, you’ll not only save money but also save valuable time, which you can then devote to doing other crucial tasks for your enterprise. You won’t need to stress about tax deadlines, fines or penalties either.
2. Have a trusted advisor on hand
A Chartered Accountant not only has the educational qualifications necessary to efficiently manage accounting and financial tasks. They also have the experience and expertise with regard to taxation laws. This allows your business to reap all the tax benefits available when you know how to take advantage of the tax code. It doesn’t matter if the laws change; a professional accountant will be updated on such changes and ensure business compliance at all times.
Your accountant will also review your accounts on a regular basis to ensure audit risk is reduced, tax bills are minimised, and your business performs better. Anytime an audit is required, you have the assurance that all of your accounts are in order.
3. Get expert business advice
Again, beyond simply balancing the books, a chartered accountant can provide objective business advice on the best ways to grow your company. They can help you with the task of business incorporation and take care of business deductions. They can also generate financial reports, monitor financial progress, and propose adjustments, where necessary. Of course, they can easily handle payroll, especially when your business reaches a stage when you need to hire more people.
Finding a chartered accountant you are comfortable with and can trust may take some time. However, once you’ve built a good relationship with your accountant, they’ll understand the specific needs of your business and help you thrive.