When a newbie entrepreneur enters the market, he has to compete with the big sharks (established businesses). In addition to skills and ideas, small business owners need to manage finances accurately. That’s where professional accountants serve as saviours and help startups stay afloat while maximizing profits.
Different Ways an Accountant Helps a Small Business
Managing core business chores and finances simultaneously is difficult, especially for startup owners. However, hiring an accountant can you offload some burdens related to financial jobs such as:
- Financial reporting
- Tax audits
- Budgeting
- Bookkeeping services
- Corporate tax returns
- Financial statements
- Batch statements
- IAS lodgments
- ATO lodgments
- Superannuation
- BAS lodgments
An Accountant’s Role in Budgeting
A budget pre-defines the financial status of a business and the way those finances will be spent in the future. This covers all the areas of spending such as bills, investments, loans, assets, staff, contractors, equipment, and cash flow versus profit.
Creating a Business Plan
When the budget extends to include the strategy for future business growth, it converts to a plan. Since this is going to impact all the divisions and sectors of the business, managers work alongside the accountant to write a feasible business plan.
Increasing Profitability
In addition to having a budget and business plan in place, an accountant can help businesses with regular auditing and compliance. While this ensures the firm stays on track, managing all the records helps file the most favourable taxes. Moreover, an accountant can suggest and rework a business plan according to changing market trends and statistics to ensure the best possible returns.
In short, having a Toongabbie accountant working for your business can multiply the growth rate and make success appear faster.