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Business Accountants

Accounting is one of the most essential components of running a successful business. It allows businesses to keep track of cash flow and ensures financial operations are compliant for tax purposes. 

Who needs business accountants?

Almost all businesses, regardless of their shape or size, can benefit from an accountant at some point on their journey. Accountants can help out at various stages of business growth. Here are just some of the reasons why businesses need an accountant:

• To write a business plan
• To get advice on the business’s legal structure
• Bookkeeping services
• Consultancy services
• Audit and assurance services

Do I need a business accountant?

Many business owners hire accountants to ensure that they are compliant with regulations. Some businesses choose to utilise bookkeepers throughout the financial year and only involve their accountant when it comes to tax return time, but other businesses see significant value in keeping their accountants closer. 

Do I need an accountant if I am self-employed? 

You are not required to hire an accountant when you are a self-employed sole trader. You can complete and lodge your own tax returns and prepare your own financial statements. However, hiring an accountant does offer many benefits, particularly if you use accountancy services on an ad hoc basis for more complicated matters.

What does a business accountant do?

The essence of an accountant’s role is to prepare, assess and examine your business’s financial records. Your accountant can help streamline your financial processes, minimise taxes and grow your business.

It’s useful to know about specialised accountants who may be a better fit for your needs.

What is a BAS agent?

A business activity statement (BAS) accountant deals specifically with completing and lodgings your BAS statement accurately and on time. BAS is a tax reporting obligation, and hiring an accountant will ensure it’s done correctly. 

What is the difference between a tax agent and a BAS agent? 

A BAS agent is a specialised type of tax agent that is qualified to report on your GST liabilities, prepare and lodge your BAS returns and provide advice on BAS-related items such as PAYG and business taxes.

What is a CPA accountant?

A Certified Practising Accountant (CPA) is a business accounting professional who has a degree or postgraduate qualification recognised by CPA Australia. A CPA qualification is the most credible accounting qualification in Australia.

Is a CPA better than an accountant?

A certified practising accountant has more credibility and experience than a regular accountant, but both types can offer excellent accountancy services. One of the key differences between CPAs and accountants is that CPAs can prepare audited financial statements, whereas an accountant cannot.

What is a tax accountant?

A tax accountant is responsible for assisting clients with financial and income tax statements and returns. Tax accountants have a thorough understanding of tax law and they can help businesses identify tax savings and analyse any potential tax issues.

What is a business services accountant?

A business services accountant is responsible for ensuring that organisations are compliant with tax requirements and assist with tax planning. They provide compliance support for a wide range of larger business clients and firms.

How do I minimise my business accounting expenses?

It’s important to keep good accounting practices to minimise the amount of time your accountant needs to spend to keep your business financially healthy and compliant. The most important things you can do are:

• Keep personal and business finances separate
  Do not mix up your business and personal records
• Record everything
  Keep records for things such as how much money is coming in, and how much is going out, along with where it’s coming from or going to. You should also record any petty cash withdrawals and keep receipts for purchases made with cash.
• Keep track of inventory and receipts
  Maintaining detailed records of all inventory, receipts and documents is vital come tax time.
• Meet your payroll obligations
  If you fail to pay your employees on time, neglect to pay their superannuation or withhold Pay As You Go (PAYG) tax instalments, you may face penalties from the ATO or from Fair Work.
• Prepare for the end of the financial year
  If you keep good records and follow the advice above, the end of the financial year should be simple, especially if you hire a bookkeeper to assist you in maintaining your records.

What can a business accountant do for your business?

Hiring a business accountant offers a wealth of benefits. Some of the things an accountant can do for your business include:

• Prepare, examine and balance your accounts
• Set up accounting or bookkeeping software 
• Devise tax strategies to claim appropriate tax deductions 
• Prepare your tax return and financial statements
• Ensure your business is complying with laws and regulations and deal with the ATO on your behalf 
• Provide auditing services and support during a government audit
• Improve financial practices and systems to increase efficiency 
• Provide accounting recommendations and best practices
• Set up a small business with the right business structure and accounts
• Incorporate companies and help with demerges, mergers and acquisitions
• Set up the legal structure of your business 
• Conduct due diligence for buying and selling a business

From this non-exhaustive list, you can see that accountants may be useful at various stages of a business’ development. When you choose to hire an accountant will depend on your business needs at the time. 

How do I hire an accountant?

You should hire an accounting firm with a decent track record, excellent reviews and experience handling businesses like yours. Your accountant should be easy to work with, credible to give you the best advice and trustworthy in handling sensitive information of your business.

How can I check if someone is a chartered accountant? 

If you want to check whether someone is a chartered accountant in Australia, you will require their Chartered Accountant (CA) number and date of birth. You can enter this information into the database on the Chartered Accountants Australia and New Zealand (CAANZ) website to get a detailed account of their current job status and other details. 

How do I find top accounting firms near me?

Maintaining good accounting and top finances is at the heart of your business's longevity, which is why finding and hiring the right accounting firm is imperative. Check out our guide on how to hire an account for your business.

Here on SavvySME, you can find top accounting firms near you and talk to trusted experts about your business accounting needs.