3 Reasons to Partner Your SMB with a Business Accountant

Small business owner discussing their finances with their business accountant

3 Reasons to Partner Your SMB with a Business Accountant

Small to medium-sized business (SMB) owners wear many hats. They are responsible for sales, marketing, product development, customer service, human resources, and accounting. While some of these tasks are essential to the core of the business, others, such as accounting, can be outsourced to specialists.

Managing your business’s finances is a critical task that requires specialised knowledge, experience, and attention to detail. An experienced business accountant, like those within our team at Agilis CA, can provide invaluable assistance in managing your business’s finances and ensuring that your financial statements are accurate, compliant, and up to date.

In this blog, we will delve deeper into the reasons why partnering with a business accountant is an excellent decision for SMBs.

Small business owner discussing their finances with their business accountant

#1: Financial Management and Planning

Managing your business’s finances requires more than just balancing the books. It involves creating a financial plan that aligns with your business goals and objectives. Your accountant can help you develop a budget, analyse cash flow, identify areas of potential savings, and provide recommendations for increasing profitability.

A financial plan provides a roadmap for your business’s success. With your accountant’s help, you can establish clear financial goals and objectives and develop a plan to achieve them. Your accountant can also help you monitor your financial progress, review your financial statements, and provide recommendations for adjustments to your plan.

Keep Reading: Accounting & GST for Small Businesses: What You Need to Know

#2: Business Tax Compliance

Business tax compliance is a crucial aspect of running a successful SMB. The Australian Taxation Office (ATO) has strict requirements for businesses when it comes to tax obligations. Business owners are required to keep accurate records, lodge tax returns on time, and pay all taxes owed.

Compliance with tax laws can be a challenge for SMBs, as tax laws are complex and constantly changing. Many Australian business owners may not have the knowledge or expertise required to stay up to date with the latest tax regulations. This is where a business accountant can be incredibly valuable.

Our business accountants are specialists in tax laws and regulations, and we can provide invaluable assistance to SMBs when it comes to business tax compliance. We can help businesses understand their tax obligations and ensure that they meet their tax obligations on time.

Keep Reading: 5 Tips for Tax Time 2023

One of the primary roles of a business accountant is to assist SMBs in preparing and lodging their tax returns. They can provide guidance on the information that needs to be included in the tax return, such as income, expenses, and deductions, to ensure that the tax return is accurate and complete. Business accountants can also provide advice on tax planning strategies to help minimise tax liabilities. They can review a business’s financial situation and provide guidance on how to structure transactions and expenses to reduce tax liabilities. By doing so, SMBs can maximise their after-tax income and improve their financial position.

In addition to preparing tax returns and providing tax planning advice, our business accountants can also assist SMBs in the event of an ATO audit. An ATO audit can be a stressful and time-consuming process for SMBs, but with the assistance of a business accountant, SMBs can navigate the audit process with greater ease and confidence.

Keep Reading: Tax Tips for Small Businesses

SMB owner looking through their finances

#3: Specialist Business Advice and Guidance

An experienced business accountant can provide you with specialist advice and guidance that can help you make informed business decisions. We can analyse your financial statements, identify trends, and provide recommendations for improving profitability. We can also provide guidance and support during critical periods of growth, such as when expanding into new markets or acquiring another business.

Your accountant can help you prepare financial projections and perform sensitivity analysis to determine how changes in key assumptions will impact your business’s financial health. We can also provide advice on financing options, debt management, and investment opportunities. By partnering with an accountant, you can make informed decisions that align with your business goals and objectives.

Bonus Reason! Saving Time and Money

Perhaps one of the most significant reasons to align your business with a dedicated business accountant is that, by doing so, you can save time and money! Managing your business’s finances can be time-consuming, and if you are not experienced in accounting, it can take much longer. An accountant can handle many of the tasks associated with managing your finances, freeing up your time to focus on other critical areas of your business.

In addition, an accountant can help you identify areas of potential savings, such as reducing expenses or taking advantage of tax credits and deductions. We can also provide advice on managing your cash flow and optimising your financial operations, which can result in cost savings over time.

SMB owner reviewing their business's finances

Work with an Experienced Business Accountant Today

Partnering with an experienced business accountant can provide significant benefits to SMBs. Financial management and planning, regulatory tax compliance, specialist financial advice and guidance, and saving time and money are just a few of the many benefits that an accountant can provide. By outsourcing your accounting tasks to an experienced business accountant, you can focus on growing your business while ensuring that your finances are managed effectively and efficiently.

At Agilis CA, we understand the unique needs of SMBs and offer a range of accounting services to meet those needs. Our experienced accountants can help you develop a financial plan, ensure regulatory compliance, provide specialist financial advice and guidance, and assist with business tax compliance. We are committed to helping SMBs achieve their financial goals and improve their bottom line.

If you’re looking for a reliable and experienced business accountant to partner with, look no further than Agilis CA. Contact us today to learn more about how we can help you take your SMB to the next level with our accounting services.

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Agilis Chartered Accountants

Agilis Chartered Accountants provides tailored accounting services, offering clients a high level of personalised advice and support - from individual tax to business consultancy. With a commitment to driving success, we provide comprehensive accounting and advice solutions that ensure every stage of your journey is met with the utmost efficiency. From startup through expansion and growth, our services make it easier for you to achieve business objectives – ultimately leading towards greater financial stability.