Is my business ready for an accountant?

You may believe your business is not yet established enough to need an accountant. Many businesses make this mistake, and unless you’re an expert in accounting and tax, you may find a steep learning curve awaits.

Working with an accountant can provide your new business with essential advice and ongoing support that guide and drive through that tough first year and beyond.

A good accountant will help you set up an online bookkeeping system, which will keep track of your invoices and receipts.

More importantly, you may need your accountant to help with ABN registration and GST, not to mention PAYG Withholding and fuel credits.

Your accountant can provide the service of being an additional business adviser. Ahead of any funding applications, an accountant will be able to give advice on a business plan and the tax considerations when registering a new business.

An accountant can discuss the benefits and tax implications of operating as a sole trader, partnership, trust or company. They can also go through what is right for your circumstances, needs and plans.

You may need to consider additional finance without putting your business at risk. An accountant’s advice on adequate working capital, good stock control, invoicing and so on will be invaluable in such matters.

The tax bill is an important element and this would be covered by the business and an accountant will review and look to optimise your tax position and make sure you’re operating as tax-efficiently as possible. An accountant can also help you plan to put aside any possible tax, so that a large tax bill doesn’t arrive out of the blue, putting your business at risk.

At TaxAssist Accountants, we enjoy helping new businesses get their tax affairs and records in order so you can do what you do best, run your business. We offer a free meeting to discuss your business needs at any one of our shops and offices across the East Coast.

We can provide you with a, no obligation, fixed fee quote and we also offer flexible monthly payment options to help with cashflow. Contact us today either by clicking here or calling 1300 448 303 and get your business off on the right foot.

Date published 1 Sep 2017

This article is intended to inform rather than advise and is based on legislation and practice at the time. Taxpayer’s circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this article, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.