If you have tried to maintain your books and accounts yourself during your formative growth years, you may not have worked with an accountant before. You may have thought that you could get by and that an accountant would only help you with your end-of-year returns. However, this could be a shortsighted approach if you want your business to grow and prosper while keeping costs in check. How can an accountant help you with your general business management needs as well?
Tax Savings and Programs
As a business becomes more complicated, so bookkeeping can also get a lot more involved. At the same time, it can be difficult to keep records and ensure that everything is as accurate as possible when it is time to submit a tax return. Many people in your situation may be tempted to round down their expenses to be on the safe side, and so that they do not get into trouble with the ATO. This may be a shrewd move, but it'll mean that you pay more tax than you need to. If you bring in an accountant, they can calculate all your deductions more accurately, avoid mistakes and cut liability. They may also be able to help you save tax in other areas as they will certainly be up-to-date with the relevant laws and strategies.
System Accuracy and Cash Flow
Some people in your situation may, occasionally, run into issues with cash flow. They may not keep accurate forecasts and may not chase outstanding bills when they should. Again, an accountant can certainly keep a closer eye on revenues and expenditures and avoid any cash crunches at the bank. They'll set up a system to invoice promptly and follow up as soon as anything becomes overdue.
As you grow, you may feel the need for additional funding to buy new stock, machinery or take on extra staff. Do you know where to turn for this type of investment? An accountant can undoubtedly get that ball rolling and will know who to contact to line up various options.
Audit and Advice
This professional can also be a second pair of eyes and provide you with advice as and when needed. They can carry out an internal audit and compare everything to your general business goals.
These are just some of the areas that an accountant can help with business management. If your plan calls for further expansion, reach out to an experienced professional now for their advice.Share
5 November 2021
Hi, everyone. Nancy here. I am currently studying for my degree in mathematics. As part of the “maths in the workplace” component of my degree, I am doing an internship with an auditing firm. Of course, getting to apply maths in a practical setting has been an absolute joy, but there have been a number of frustrations too. It has been a real eye-opener to see how many businesses have a haphazard approach to accounting and book-keeping. One of the jobs the auditing firm undertakes is to recommend improved accounting practices. A number of businesses which have hired professional accountants since the last audit have definitely thrived! I hope this blog captures the beauty of applying mathematical principles to business and using tried and true accounting methods. I trust my entries add up properly to give you an equal share of information and inspiration. Thank you.