Professional accounting help is easy to find, yet many small businesses go without it to save money. That saving can cost them later, especially when they need finance from a bank or another lender.
A business that neglects its reporting, bookkeeping and day-to-day accounting risks falling foul of tax law and falling behind with its bank.
The help every small business needs
Bookkeeping, accounting and tax planning are best done by a qualified professional. Fees vary, so compare a few accountants who work with businesses your size.
Four reasons to use a professional
1. They know the rules
A trained accountant knows more than an office manager searching the ATO website. Hand the tax work to a professional and spare yourself the questions.
2. They are qualified and registered
Professional accountants keep up with changes in tax law. Anyone you pay to prepare and lodge your tax return must be a registered tax agent: check on the Tax Practitioners Board register at tpb.gov.au.
3. The fee is agreed
Many accountants offer fixed fees for set work, so you know the cost in advance.
4. They help you get finance
Lenders want accurate financial statements and tax returns. A professional prepares them to the standard lenders expect.
Talk to your accountant about the accounting help your business needs.