What Can an Accountant Do for Your Business
Some entrepreneurs think that they only need a business accountant when it’s time to file their business tax return. While it’s true that it’s probably the busiest time for accountants, taxes are not all they do.
There is an array of accounting services that these professionals offer and your business can benefit from. If you are considering getting the services of accountants but you want to know exactly what they do, this post is for you as New Wave Accounting talks about what accounting pros actually do besides handle taxes:
Give You an Idea of Where You’re Business Is At
You might think that you of all people would know where your business stands, but in truth, an accountant can give you helpful insight, especially when it comes to things like:
Any historical patterns that you might have missed
An accountant can provide you with reports like balance sheets and statements regarding your profits and losses. With such reports you can better figure out the best decisions for you.
Handle Account Cleanups and Reconciliations
If you’ve ever tried DIYing your accounting, you know how harder it is than what most people might think. Others who have tried handling their accounting themselves ended up with a mess – erroneous calculations, incomplete records, imbalances, and more. All of these can affect your future reports and cause complicated problems.
Do Your BAS and IAS Statements
Annual business tax return is just one of the types of taxes that you need to handle properly. You need to file reports for GST every quarter, both what’s collected and owed, and prepare payroll taxes, too.
While these things are pretty straightforward, the preparation process is a tedious one and it’s definitely time-consuming. Having an accountant who can do it all for you will certainly free up your time to do other important tasks. You’ll also have the peace of mind knowing that all tax-related tasks are done properly and accurately.
Do Business Planning
Whether you are planning to expand your business, launch a new product, get some new equipment for production, you know that it needs careful consideration. You need to think about the financial ramifications of every decision you make. A business accountant can help you with these difficult decisions by laying out to you the possible scenarios in the future. They can help you with budgeting, making expenditure predictions, and help you achieve your goals.
Help You with Your Monthly Compliance
As you know, Australian laws about business finance reporting can be strict and there are several monthly report and statements that you need to submit. When you are busy with other responsibilities, it’s easy to overlook these reports. You may be able to do all of them but that probably means giving up some of your precious time. An accountant can help ensure that you are able to submit all the monthly reports you are expected to submit.
As you can see, preparing taxes is not the only thing that a business accountant does. There is a reason that so many businesses trust accountants to handle some of the most important tasks for them. As long as you find a reliable accounting firm in your area that you can trust, there’s no reason why you shouldn’t benefit from the services they offer.
New Wave Accounting can provide you with the best accountant in Gold Coast that can take care of the tedious tasks so you won’t have to deal with them. Contact us today to know more about our services!