April 17, 2020

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WHY AN ACCOUNTANT IS IMPORTANT FOR YOUR BUSINESS

 

Preparing end of year accounts is what most people use an Accountant for, but lodging your taxes and preparing your year-end reports is not all we are about. A good Accountant knows what needs to be done to ensure you comply with all your tax obligations, but beyond tax we can be your most valuable assets and most trusted advisors, able to assist you in all aspects of your business.

 

To make the most of your relationship you should take the time to choose wisely. Not only will you need an experienced and capable accountant who can prepare a thorough and accurate tax return, you will also want someone who takes the time to understand both you and your industry and will be able to add real value to your business throughout the year.

 

Technology is the way forward and finding the right system for your business is the key, working together to find an online system that works best for you and your business and having the expertise to help you set up the system correctly and assist with training where needed is important. Most accounting software integrates with other providers to make paying invoices, receiving payments and managing receipts easier for you, ask your accountant to help you choose the software and add ons that are right for your business.

 

June 30 comes only once a year and you’re not looking for a one-off service. What you need from your accountant is someone you can build a long-term professional relationship, someone you can approach throughout the year to provide advice, schedule cashflow reviews and give you easy to understand reporting so that you can see where your business is at and help you plan for the future.

 

Preparing your taxes is important, as is helping you to minimise the amount of tax your business may have to pay. Your accountant will be able to recommend tax strategies that comply with the law while also minimising taxes, saving you and your business money as a result. This can mean the difference between paying too much or too little tax.

 

The ability to offer advisory services to clients is key. Your accountant can offer advice on tax deductions, separating personal and business expenses, depreciation, goodwill or an extra opinion on leasing versus buying. If you own a business, your accountant is your best asset.

 

Our tips to selecting the right accountant for your business:

 

1. Look for someone who is experienced in small business and has a vested interest and passion in seeing their clients succeed.

 

2. Ask friends and colleagues - word of mouth is one of the best methods.

 

3. Qualifications - always check that your accountant is recognised with an accounting certification body.

 

4. If you have more than one accountant in mind - interview them, you will want to make sure they are the right fit for your business.

 

Good luck!

 

 

Natalie Lennon

Founder & Director

Two Sides Accounting

02 9030 0269

www.twosides.com.au

@twosidesHQ

natalie@twosides.com.au 

https://twitter.com/nat_lennon

https://au.linkedin.com/in/natalielennon

 

 

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