Why appointing an Accountant is a step in the right direction for your Business
Many do not realise that more than 60 per cent of small businesses in Australia close within their first three years according to the Australian Bureau of Statistics. An accountant is experienced in the latest taxation laws that may affect your business. Therefore, they know what taxation offsets and expenses you can claim for your business.
Seeking assistance and advice from an Accountant before starting up your business can be beneficial in the running and success of your business. An accountant can assist you with matters such as the following:
- Advising you on which business structure would be best suited to your individual situation
As there are various business structures out there, and a number of tax obligations that comes with each, consulting an experienced accountant and tax agent for advice as to which structure would best suit your needs and circumstances can ensure your on the best path to securing your business and expenditures.
- Provide ongoing support and assistance to help you understand your business better
Forming an ongoing relationship with your accountant could be beneficial as they can provide ongoing advice and support whilst your running your business and with any queries you may have. Having a long-term accountant also means that you as a business owner can focus on the daily duties of running your business, whilst your chosen accountant deals with your accounting needs and can promptly pick up on any errors by analysing business records and ensuring the business is run in a compliant manner.
- Assist you in managing your business cash flow more effectively and in growing your business at a steady ongoing rate
If you wish to expand or improve your business. An accountant with knowledge of how your business operates can guide you into the right direction on how to move forward and areas that can be improved ensuring business growth is achieved. Once your business expands, your accountant can assist in restructuring and forming your business to suit bigger and broader clientele.
- Ensure that you are aware of your taxation obligations
When a lot of people think of accountants, they think TAX! An accountant can advise you on your tax obligations and rules that apply to your specific structure. All the relevant rules that are applicable may seem like gibberish, although, an experienced accountant can elaborate and explain these in a manner that’s much simpler to understand.
For instance, if you are a business owner and you receive a letter from the Australian Taxation Office (ATO) you may find it difficult you comprehend on what is required on your behalf. A tax agent/ accountant can correspond with the ATO where required authority to act is given ensuring you are not caught up dealing with the ATO about tax matters and will aim to get the best outcome for you as possible.
- Ensure everything is up to date:
Accountants can take care and ensure that all your PAYG Withholding, BAS and Tax returns are done correctly and by the due dates. Allowing you to run your business efficiently and effectively without worrying about ATO deadlines and possibly incurring any penalties and fines.
Approaching and having a long-term relationship with an accountant can save you a whole heap of time, money and patience allowing you to focus solely on running your business. Our office specialises in providing legal and tax services; therefore, we are an experienced and convenient one stop shop. If you are in need of an accountant do not hesitate to contact us on (03) 9942 7790 or email nick@karolidis.com.au .