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Why Do I Need an Accountant For My Small Business?

November 18, 2021

Whether you’re starting a brand new business or have been running a small business for years, you’ve probably asked yourself at some point, ‘why do I need an accountant for my small business?’. While every business is different, there are a number of key ways that a small business accountant can save you time and money while increasing profit. 

Discover why small business accountants in Melbourne are a good overall investment, no matter what stage of business you’re in.

Why Do I Need An Accountant for My Small Business?

Ensure Your Tax Needs Are Met

The obvious benefit of having small business accountants in Melbourne is that your tax needs will be met. An accountant will complete and file the legal and compliance documents required of your business, both accurately and on time. You can be certain that your business is up to date with all the most recent tax laws and changes, keeping you and your business out of trouble with the ATO.

Payroll Assistance

If your business has multiple employees, having a reliable and accurate payroll method is crucial. An accountant will be able to handle payroll matters for you. Ensure that every payment is recorded correctly and assigned to the right employee to avoid potential complications arising down the line.

Keep Detailed Records

One benefit of having small business accountants in Melbourne that business owners can often overlook is the value of record keeping. When running a business it’s good practice to keep detailed records of all essential business information. 

This includes annual statements of accounts, records of your employees and administrative personnel, records of share and or stock allocation if applicable, and many other details that you may need to look back to. An accountant will keep these records for you, allowing you to not only track growth but access the history of your business for whatever reason may arise.

Grants & Saving Opportunities

Being a business owner, you simply don’t have the time to stay up to date with all the latest government grants and opportunities. An accountant is a great source of knowledge in this area. They will be able to advise you on any upcoming grants that could benefit your business and potentially assist you with the grant application process. This takes the stress off you as a small business owner so that you can focus on growing your small business while your accountant secures key savings.

Business Growth

Finally, an accountant can help you achieve business growth. Your accountant can give you advice and analysis on where your business is doing well, where it could do better, and where you need to make urgent changes. They will have the perspective and experience to see where and how improvements could be made that will increase profitability.

This outside perspective is oftentimes essential for business growth. It allows you to see beyond any blind spots you have regarding your own business or industry and understand your business model in a broader sense. 

Interested in bringing in an accountant for your small business? Contact us to book a free consultation.

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