May 15, 2024
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Starting and managing a small business is not without its challenges, especially if you have never done it before. Not only do you have the stress of running a business, but you also have to ensure that your accounts are correct and up to standard, and that your taxes are submitted correctly and on time. This can be a minefield for anyone, leaving you confused and overwhelmed, unsure where to turn or who to trust. Many small businesses would benefit from the expertise of a trained accountant, who can help manage their finances and provide guidance when needed. Today, we break down the 5 accounting services you need to help your small business run smoothly, especially at tax season!
Many accountants offer business advisory services, an umbrella term for a variety of services that small businesses can benefit from. Whether you are a new small business or have been established for years, these services can be helpful, where an experienced business advisor can offer tailored advice to help improve your business. These services can include:
When choosing an accountant or business advisor to provide these services, you will want to check whether they have helped businesses similar to yours before. This will show you whether they have experience in your industry and whether you can trust their expertise.
Tax and accounting services are one of the most vital services a small business will need, especially if you have not filed a tax return before. An accountant can handle all of your tax and accounting matters for you, ensuring that your taxes are filed correctly to reduce the chance of any surprise fees. You want to choose an accountant who understands the Australian Taxation Office (ATO), their deadlines, and the information that small businesses need to provide.
Accountants will be aware of all deadlines and can help you better manage your finances, ensuring you apply for the necessary tax relief and structure your finances to get the most from your money while paying all legally required taxes.
If your small business has employees, it's worth using an accountant to help set up or manage your payroll. Accountants can help you set up your payroll and recommend the best software for your business. They can also manage your payroll for you, ensuring that all employees are paid on time and that the correct deductions are put in place for tax, pensions, etc.
Accountants can also adjust your payroll when needed and guide any bonuses or shares that you might want to pay your employees, while offering the best advice for the correct tax adjustments to make.
Superannuation needs to be taken seriously for you and any employees in your small business, to ensure you are preparing for retirement and meeting the legal superannuation requirements for your employees. Accountants can help you set up your superannuation fund as a business owner, make recommendations for the amount you should pay in, and ensure that you have budgeted for the superannuation payments of your employees. Accountants can regularly review your superannuation payments and make recommendations or adjustments where necessary.
Bookkeeping services are also an excellent option for small businesses, especially if you are transferring from paper to digital bookkeeping. Digital bookkeeping makes it easier for accountants to access your information when it comes to tax season, and it also ensures you have a permanent record of your finances, making it easier to assess the success of the business. Moving to a digital bookkeeping service can be tricky, and many accountants offer services designed to transfer all of your current and past bookkeeping to a digital service.
An accountant will then take over your bookkeeping, monitoring it, and make recommendations or adjustments where needed to ensure everything runs smoothly. With access to digital bookkeeping, accountants can ensure all your taxes are submitted on time to the ATO, avoiding any fines.
These 5 services are among the best for small businesses and let you focus on growing your business rather than stressing about tax deadlines. When looking for an accountant, make sure you choose one with experience working with small businesses, as their skills and expertise can benefit you. Companies like Walker Hill have a dedicated team of small-business experts who can help overhaul your accounting with minimal effort on your part. Check out their accounting services for small businesses to see how they can help you.
Business advisory services are a type of support offered by experienced accountants to help you improve your company. This can include strategic business planning, advice on how to increase profits, and support with pricing your products or services effectively.
Professional tax help is vital to ensure your taxes are filed correctly and on schedule, helping you avoid any surprise penalties. An accountant understands tax laws and can help you structure your finances to claim necessary reliefs while meeting all legal obligations.
An accountant can manage your payroll services. This means they will ensure your employees are paid accurately and on time, with all the correct deductions for tax and pensions. They can also advise on handling bonuses or other employee payments.
A bookkeeping service helps you maintain accurate and organised financial records, often by helping you switch to a digital system. This makes it easier to track your business's performance and simplifies the process for your accountant during tax season, preventing potential fines.
You should look for an accountant or a firm with proven experience working with small businesses, ideally within your sector. This ensures they have the specific knowledge to provide the most relevant and beneficial guidance for your company's needs.
