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10 Reasons a Specialised Business Accountant is a Must-Have Partner

By Ershad Ullah September 25, 2023 | Tags: , ,

In today’s business landscape, having a specialised small business accountant goes far beyond merely lodging an annual tax return. Small business owners now engage accountants for a myriad of reasons, each vital to the success and credibility of their ventures. Without a registered accountant, financial organizations may hesitate to place their trust in the business.

On the other hand, having a competent accountant by your side instills confidence not only in lenders but also in real estate agents and other key stakeholders. Beyond bolstering trust, a skilled tax accountant offers the added advantage of proactive tax planning and efficient structure planning for both your business and investments. In this article, we will explore the multifaceted benefits of having a specialised small business tax accountant and how they become an indispensable asset for business owners seeking growth and financial prosperity.

10 Reasons Why You Need a Specialised business Accountant

When starting a new business, understanding the advantages and disadvantages of various legal structures is crucial. Different types of enterprises exist, such as A Company, Trust, Partnership, and more, each with its own unique implications. For instance, operating as a sole trader may be easy to establish and operate, but it also means being personally liable for any business-related liabilities. On the other hand, a limited liability business structure protects your personal assets from business debts. Navigating these choices can be complex, which is where a specialised accountant comes in.

Understanding the advantages and disadvantages of various legal structures is crucial

A specialised business accountants can provide invaluable guidance, explaining the available legal business structures and helping you select the one that best aligns with your needs and goals. With their expertise and experience, you can confidently establish a strong foundation for your startup or small business, ensuring its success and protecting your interests in the process.

2.      To Help You Grow Small Business and Overcome Challenges.

Hiring a specialised accountant for your small business is a transformative decision that goes beyond mere tax return filing. While there may be many accountants in the market who can handle the basics, a specialised accountant offers much more than that. With their expertise, they become your trusted partner throughout the year, providing continuous support and guidance. From proactive tax planning to strategic financial advice, they ensure that your business thrives beyond just tax season.

Business Accountants can guide you through company formation, loan applications, and government audits

An accountant can simplify your life for you at every stage, from crafting a tailored business tax strategy to guiding you through company formation, loan applications, and even government audits. While some may feel hesitant due to budget concerns, ponder on the valuable resource of time. Imagine the hours saved by delegating taxing tasks like tax filing, BAS filing and STP to a skilled professional. With a specialised business accountant handling these complex responsibilities, you can focus on what truly matters—nurturing your business’s growth and prosperity.

3.      To Help You Create a Business Tax Strategy.

An experienced accountant plays a pivotal role in empowering business owners to create a comprehensive and effective business tax strategy. Through their expertise in tax planning and structure planning, they help optimize tax liabilities for both active and passive assets within the business. By carefully analyzing the financial landscape, they identify opportunities to maximize deductions, credits, and tax advantages, ensuring the business remains tax efficient.

NSW Government Small Business Support Package
You can optimize tax liabilities for both active and passive assets with professional help.

Whether it’s organizing expenses, capitalizing on investment deductions, or implementing tax-saving strategies, the accountant’s guidance is instrumental in creating a well-rounded tax strategy tailored to the specific needs and goals of the business. With their support, business owners can navigate the complexities of taxation with confidence and position their enterprise for financial success and sustainable growth.

4.      To Assist You with the Finances.

A specialised business accountant can be an invaluable asset in managing and optimizing your business finances. Their expertise extends beyond mere number-crunching; they provide strategic financial insights that can propel your business towards success. From budgeting and cash flow management to analyzing financial statements, they help you gain a clear understanding of your business’s financial health. With their guidance, you can make informed decisions that maximize profitability and efficiency.

Business Accountants can help you gain a clear understanding of your business’s financial health

Enlisting the expertise of an accountant can prove transformative if you find yourself losing track of outstanding debts and owed amounts, offering you the opportunity to regain financial control.

Additionally, they can skillfully track and analyze essential company metrics, providing you with valuable insights to guide your business decisions effectively. From managing payroll to ensuring compliance with various government organizations, their role is pivotal in maintaining the financial health of your business. With the recent introduction of Single Touch Payroll, staying informed and compliant is more critical than ever. A specialised accountant can safeguard you from the risk of losing valuable tax deductions due to insufficient knowledge or a challenging financial situation.

5.      To Assist You if You are Getting Audited.

A specialised business accountant can be a lifesaver when it comes to handling a business audit. Unlike a full audit, the Australian Taxation Office (ATO) may start with a review, which is where having an experienced accountant by your side becomes crucial. An accountant who has been diligently looking after your business for years is intimately familiar with your financial history, enabling them to provide accurate and comprehensive information during the review stage.

smsf tax accountant
A Business Accountant can be a lifesaver when it comes to handling a business audit

This deep understanding of your business safeguards against potential audit escalation, as they can address any concerns promptly and effectively. While clients may understandably feel nervous during such a process, a seasoned accountant remains composed, as ATO reviews are part of their day-to-day activity. Their expertise in handling such situations ensures they can navigate the review process with confidence, providing the ATO with the necessary information while preventing any miscommunication that could lead to incorrect outcomes. With a specialised business accountant on your side, you can face a business audit with assurance and peace of mind, knowing you have a knowledgeable advocate working to protect your business’s best interests.

6.      To Help You Deal with the Government Policies.

In the dynamic landscape of business ownership, staying updated on various government policies including the State and Federal can be overwhelming. However, with a specialised business accountant by your side, you gain a valuable source of information and guidance.

Navigating the complexities of government policies becomes more manageable

These experts keep their clients informed through various means, such as delivering weekly or fortnightly newsletters that highlight the latest government regulation updates. By receiving timely and relevant updates, business owners can proactively adapt their strategies and operations to remain compliant and seize potential opportunities. With a dedicated accountant keeping you informed, navigating the complexities of government policies becomes more manageable, allowing you to focus on running your business with confidence and staying ahead in an ever-changing regulatory environment.

7.      To Help You Apply for a Business Loan.

When seeking a business loan, accountants play a pivotal role in increasing your chances of approval. Financial statements prepared by a registered or qualified accountant are one of the key aspects that banks scrutinize when considering loan applications. Having these professionally prepared financial statements is crucial for business owners looking to secure both business and residential loans.

Single Touch Payroll
Business Accountants can be useful for a comprehensive and reliable financial picture of your business

The accuracy and credibility of a qualified accountant-approved financial statement provide reassurance to the bank, instilling confidence in your financial standing and repayment capacity. With an accountant’s expertise, you can present a comprehensive and reliable financial picture of your business, significantly enhancing your loan approval prospects and paving the way for your entrepreneurial aspirations to flourish.

8.      Assist You When Your Business is Expanding.

An accountant can assist you with growth transitions like expanding your office or employing staff. Payroll, employee tax management, property tax, utility payments, and other details will be handled by them, freeing you to focus on the overall direction of your company’s expansion.

Understanding your cash flow, inventory control, and pricing are very important

Accounting software can be used by an accountant to analyze your cash flow, inventory control, and pricing. Additionally, they can offer advice on how to appropriately expand your company through financial research. They might even assist in determining the ideal time.

9.      Assist You When Investing in a Franchise.

Getting a franchise is a common way to launch a business. With a franchise, you can still be your own boss while receiving support from the franchise firm in terms of brand marketing, sales, product supply, and other crucial areas in exchange for a cut of the profits or business ownership.

Business Accountants can assist you with investing in franchises

This can reduce some of the risks associated with launching a new company. But because a portion of your earnings will go to the franchise parent business, you will have less commercial freedom and more overheads.

Whether it is worthwhile to take on a specific franchise can be difficult for someone who is new to running a business to determine. An accountant can be of use here. They may review the franchise agreement to determine the fees and percentages charged, and after those expenses have been taken into account, they can assist you in estimating your likely income. The franchise is up to you to determine if you wish to take it on or not. However, you may make that choice with more assurance if you have a thorough understanding of the economics.

10.      Assist You When You Decide to Buy or Sell a Business.

Before buying an existing business, it is essential to seek advice from an accountant to ensure a smooth and informed decision. An accountant can thoroughly examine the company’s financial records and identify any potential issues, such as outstanding debts or ownership status of assets. Collaborating with a lawyer, the accountant can provide a comprehensive understanding of the business to ensure the buyer gets what they pay for, leading to peace of mind in the purchase process.

The accountant’s expertise can be instrumental in structuring the financial affairs

Likewise, when selling a business, involving an accountant is important to organize financial records and produce accurate statements for potential buyers. The accountant can utilize advanced accounting software to present the company favorably. Additionally, the accountant’s expertise can be instrumental in structuring the financial affairs to maximize the selling price and optimize tax efficiency, potentially resulting in a more substantial post-tax income from the sale.

In the ever-evolving world of business, a specialised small business tax accountant is an essential asset for a thriving venture. From providing valuable assistance in navigating the legal framework of your business to helping you overcome challenges and create an effective tax strategy; their expertise becomes an indispensable asset. Moreover, a specialised accountant’s role goes beyond tax season; they keep you informed about various government policies, enabling you to stay compliant and seize opportunities. When dealing with audits, their calm and experienced approach ensures a smooth process and accurate information presentation. Additionally, when seeking a business loan, the credibility of professionally prepared financial statements by a qualified accountant can significantly enhance approval prospects.

At Investax Group, we take pride in being a specialised Accounting Partner with years of experience in serving diverse business clients. If you are looking for a business accountant in sydney, we are here to help. Our team’s comprehensive knowledge and unwavering dedication go beyond traditional accounting services. We offer strategic financial insights and tailored solutions to optimize your business’s financial health and foster its growth. Entrusting your business’s financial matters to Investax Group allows you to focus on what truly matters—driving your business towards unprecedented success. With our expertise and support, you can confidently navigate the complexities of taxation and financial management, propelling your venture towards new heights of prosperity.

We offer a 15-minute free consultation to discuss your tax, property investment and business needs. Book your complimentary consultation now.
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