Adelaide business accountants.
So you’ve just started your business, and need some extra help managing the finances. Or maybe you have a brilliant business idea and want to know if you should hire an accountant from the get-go.
When you start your business, you may not need the help of an accountant immediately. But as your business grows, investing in an accountant becomes necessary to ensure that you are compliant and are fulfilling your obligations as a business. The complexities of your business finances can become harder to manage the bigger your company becomes.
At Pisani Group, we offer small business bookkeeping that provides a holistic approach. We use the latest and best software systems to manage every element of your small business bookkeeping needs, including:
- Payment of staff
- Taxes
- Superannuation
- Expenses
- Monitoring your cash flow
This allows us to provide complete, end-to-end accounting solutions for your small to medium enterprise.
From a business plan to company formation, loan application and a government audit, an accountant will ensure that your finances work just as hard as you. Read on to find out if your small business needs an accountant.
Can I do my own accounting for my small business?
Of course, many small business owners do their own accounting. There are many tools that can help, such as Xero – an online cloud accounting tool that helps small businesses get paid faster. Xero allows employers to store their information on the cloud, which is accessible anytime, anywhere. It holds all data securely online and encrypts it using industry-standard data encryption. And due to its easy-to-use functions and layout, Xero is super user-friendly.
However, as your business grows, you may find you have less time and energy to dedicate to your financial admin. The more you earn, the harder it becomes to manage the legalities around your finances, such as GST, BAS, and SUPER. What company tax should you be paying? When do I know if I am big enough to even be a company? The list goes on.
That’s why due diligence is so important – making sure your accountant has completed the appropriate certifications or education to dispatch financial advice will help you answer the question, ‘does my small business need an accountant?’
What can an Adelaide business accountant do for my small business?
Save time and reduce stress
For busy business owners, time is money. An owner can spend hours working on their own tax. And because they’re not a tax specialist, they risk making costly mistakes.
An accountant will take away the burden and give you time to do what you do best – grow your business or work towards your goal.
Our Pisani Group accountants will listen to your business goals because we know that getting the right professional advice can mean the difference between success and failure. Even at this early stage, it’s essential to be proactive and stay on top of it, so you don’t have any nasty tax surprises.
Give advice about your business’ legal structure
Not all businesses have the same legal structure. Some are referred to as limited companies, while others are called limited liability partnerships or corporations. You may have a sole trader or proprietor. Each structure has its own rules and regulations you must follow to avoid a hefty tax fine. But how do you know which one to choose?
A good accountant can explain which legal structure suits your business best and ensure that you abide by the correct guidelines. At Pisani Group, we can tailor a service package to suit your business size, industry and needs that takes the stress out of meeting your ATO compliance commitments – including a set monthly fee.
Keep your business tax compliant
Life’s busy, and you have a small business to run. You don’t have time to keep up with all the latest updates and guidelines regarding your tax. But your accountant does.
Staying up to date on government regulations means that your business follows industry standards. Your accountant will also help you take advantage of government payouts and schemes that can help fund your business.
Your accountant can also offer advice on other legalities surrounding your business activities – such as GST, BAS, insurance and SUPER.
All businesses must stay on top of their compliance obligations. That’s why Pisani Group helps you make more informed decisions by developing a solid understanding of your business goals and aspirations and providing proactive tax advice – answering the age-old question, ‘does my small business need an accountant?’
When does my small business need an accountant?
Your business thrives because you’re good at what you do. But no one can excel at everything. And if you don’t have great math literacy or financial acumen, then you need an accountant. Not only will it save you time and money in the long run, but it will also reduce stress and anxiety knowing that your finances are managed by a professional.
But what if you’ve been successfully managing your business finances yourself? How do you know it’s time to get an accountant?
When your business is growing
A new client or big project may mean that your small business needs to grow – and now.
An accountant will help you with your growth transitions, such as hiring more staff or renting more office space. Your accountant can also take care of the nitty-gritty details, such as:
- Payroll
- Employee tax management
- Property tax
- Utility payments
So all you need to think about is scaling your company. And while you’re busy working on that big project, your accountant can provide advice and insights on how to grow your business correctly through financial analysis.
When you apply for a business loan or overdraft
There may be times when you want to invest back into your business without dipping into your operational funds. Maybe you want to manage your cash flow or fund your growth. Perhaps you need to buy a vehicle or piece of equipment for your company. An accountant can make the process as stress-free as possible.
An accountant can significantly improve your chances of being approved for a loan. Not only does hiring an accountant show the bank that you’re serious about your business, but it can also predict how quickly you expect to pay the loan back. Using accounting software – such as Xero – your accountant can present statistics and figures to support your funding application.
Your accountant can also help you decide which loan to apply for and explain your bank’s terms and conditions.
When you need to delegate
One of the many perks of being a small business owner is having the final say in everything. You can choose your own hours, create your own business strategy and decide how you want your company to run.
But sometimes, this means that it’s hard to delegate – after all, no one knows the business as well as you do. But this can leave you overworked and stressed. And your small business can suffer as a result.
When it comes to learning to delegate, your business’ finances are a good place to start. Not only is an experienced accountant more efficient and knowledgeable when it comes to managing money, but it will give you more time and energy to focus on the essentials – like growing your business.
Managing your business’ taxes can be a time-consuming, risky process. Small mistakes now can lead to greater consequences down the track, meaning more time and expenses that your small to medium enterprise doesn’t need. Let a dedicated Pisani bookkeeper help you catch up today and help you stay on top of it. Contact us here to find out more.
