Partnering with an accountant to handle your business’s financial and tax affairs is the first step towards ensuring you remain compliant and profitable for years to come. It isn’t just a matter of simply handing over control to them. You will still need to remain involved and up to date on the services they’re providing to you, and whether or not their efforts are being successful. The best way you can accomplish this is setting aside regular time to meet with them. However, many clients aren’t sure exactly how often these meetings need to take place. The answer will depend on your specific accounting needs.
For personal finances: AT LEAST TWICE A YEAR
If you’re visiting an accountant in a private capacity, you only need to see them twice every year. Most people see their personal accountants when tax season comes around, but you also need to see them at the beginning of each year. This initial meeting allows you to take control of your financial position, as well as any changes that need to be made. Your accountant will also be able to proactively assist you in securing better deductions or rates this way.
For business finances: AT LEAST FOUR TIMES A YEAR
Every quarter you should meet with your business accountant to ensure that you’re compliant with the relevant laws regarding taxation, documentation submissions and your finances in general. This is something savvy businesses have come to realise prevents the annual tax season from becoming too overwhelming and time-consuming. Of course, any major business decision with a financial aspect to it will require a meeting over and above these quarterly sessions.
For bookkeeping: EVERY PAY CYCLE
It’s generally recommended that you meet with your company accountant every pay cycle should you have several employees on your payroll requiring management.
Do I need a bookkeeper or accountant? I manage my finances myself…
It’s common for smaller businesses in Melbourne to feel like having an accountant or bookkeeper isn’t necessary. However, it would benefit your business to get started on structuring itself with help from an independent and skilled financial expert. This means that when you do expand your operations, you already have a way forward in terms of how you’ll manage your bookkeeping, tax obligations and payroll duties – and with less stress than ever.
If you would like more information about what a business accountant can do for your business, feel free to contact us anytime.