Sydney is the economic hub of Australia. Its economy is strong, judging by the number of people employed there in small and medium sized businesses. As the most populous city, it boasts almost ninety banks and the headquarters of more than five hundred multinational companies. Among these, there are nine foreign banks. This all means that there is important work here for accountants.
Every business needs financial consultancy on a regular basis and without competent financial advice, a business owner may potentially suffer huge losses. There will always be a finite amount of money to run a business. An accountant can help manage your funds, assist you in stretching your dollar further and will ensure that you fulfill you legal tax obligations.
It is crucial to find a highly qualified, trained and experienced accountant who is ready to help you run your company so that it is financially viable. He can enable you to identify any weak spots within your organization and will point out any areas that waste money. Because he has at hand the financial data pertaining to your company’s profit and loss, he can compile useful reports which help you pinpoint sections where costs may be reduced.
Your business accountant will be able to advise you on minimizing the amount of tax you pay and maximizing your return. You certainly don’t want to pay any more tax than you are required to. Small businesses are entitled to certain deductions that you may not be aware of.
For example, you should conduct a stocktake before the end of the financial year. You can then identify any obsolete sock and write this off, as this will reduce your tax liability. Maximizing superannuation payments and making prepayments on rent or interest on borrowings, if you have the available cash, can also entitle you to a deduction. You are also able to claim your income protection insurance on your tax. An experienced accountant will be aware of all these deductions and will be able to claim them on your behalf. No company can afford to be without the services of a good accountant.