There is a common misconception that small businesses neither need an accountant nor are able to afford one. However, there are several reasons why calling on the services of an accounting firm can be extremely beneficial for your organisation.
During your business’ growth, from organisational planning to company formation, as well as loan applications and auditing, having an accountant on board will alleviate the stress associated with these tasks and give you the time to focus on more important aspects of your business. There is no need, however, to hire an accountant full-time, as partnering with an external firm will provide you with all the services you need.
Provide tools and advice to manage finances
When your small business accounting becomes overwhelming and complex, you’ll begin to feel the stressful effects of business management. A certified accountant can help by providing assistance with your bookkeeping and payroll, offering you advice to assess your company’s growth. A good accountant also comes with the best software available – including the likes of Xero, Quickbooks and MYOB –making your business streamlined, professional and organised using up-to-date technology.
Can assist in business planning
There is a great advantage when you include an accountant in your business planning.With up-to-date accounting software and extensive experience, they will be able to help you develop your business plan with thorough precision. From the start, by partnering with external business accountants, you will receive the best advice.
Often business owners start feeling the pressures of being overworked, more often than not, due to their own unwillingness to delegate because they believe that nobody will able to do things as well as they can. However, using a professional accountant to help keep the financial affairs in good order may be a start in offering the business owner the confidence to delegate. Moreover, having the finances of the business managed by an expert will already take away strain on the business owner.
Finally, remember that although small businesses imagine accounting costs to be rather high, spending hours and hours doing the simpler tasks such as company tax returns are time-consuming and can end up costing you more than if you partner with a certified business accountant in the first place. They will no doubt provide you with an even better and more efficient way to submit your taxes, for instance.
Should you feel that your business does indeed need more structure and efficiency, or if you have any further questions about your financial situation, contact experienced Melbourne accounting firm Stones Sharp.
FCPA & CA
Shane is a Fellow of the Australian Society of Certified Practicing Accountants and a Chartered Accountant.
Shane’s passion is to consider the clients, the client’s business and taxation affairs with a holistic approach whilst providing business mentoring, business strategies, systems development, taxation advice and taxation planning in order to assist his clients and their business achieve their goals.