Many small business owners try their hand at accounting when they start off, assuming that it will be simpler and less expensive than hiring a professional. This is often not the case. Accounting can be complex and time-consuming, and even the slightest mistake can have major consequences.
As your business grows, so do your accounting needs. At some point, it will become impractical for you to continue doing the accounting yourself. Leaving the numbers to a professional can actually save money and free up valuable time to focus on other aspects of running your business.
How Can a Tax Accountant Help Your Small Business?
As a small business owner, you have a lot on your plate. When, in addition to running your day-to-day operations, you also have to keep track of your finances and ensure that your taxes are up to date, it becomes a lot to handle, and it’s easy to make mistakes.
But apart from tax filings and bookkeeping, small business owners these days are relying on their accountants for a broader range of services. It’s more common for accountants to provide various financial and advisory services to help you improve profitability and scale your business.
Here are some ways in which a small business accountant can help your growing business:
- Choosing the correct business structure (such as sole proprietorship, property limited etc.) affects how much tax you pay, the paperwork you need to file and your personal liability.
- Budgeting, forecasting and cash flow management will lead you to success.
- Payroll is a complex and challenging part of running your business, as the costs can pile up if you get your calculations wrong.
- Tax planning strategies to lower your tax liabilities and save you money.
Finding the Right Small Business Accountant
When hiring a small business accountant, there are several things to consider.
- Make sure you are clear on your needs and determine what type of accounting services you require. Then find an accountant who has experience in providing those services.
- Ensure the accountant is familiar with the specific laws and regulations that apply to your business in Perth. Additionally, check whether they are properly licensed and insured. This will protect you in case of any mistakes or errors on his part.
- It is important to work with an accountant whom you can trust and who will be available when you need him. You can ask for references from past clients to get an idea of the quality of his work. You can also speak to friends or colleagues to recommend an accountant they have used or are using.
- Ask about the accountant’s fee upfront so there are no surprises down the road.
If you’re a small business owner in Perth, be proactive about your taxes and find an accountant who can help you stay organised and compliant. Perth Mobile Tax is here to help. We offer comprehensive tax accounting services tailored specifically for small businesses. Contact us at 1300 001 829 to learn more about our services or schedule a consultation. We look forward to working with you!