11 Reasons to Hire an Accountant for your Small Business in Melbourne

Many start-ups face survival and growth challenges especially in the first years since their inception. Financial management or the lack of determines the success of a business. Hiring professionals is an important investment for your business, especially for its survival and growth. An account is among such professionals, and their role is considered pivotal in the smooth running of your company. The following explain the reason having an accountant in your company is a good investment.

1) Getting Your Finances in Order

A great task you may face is separating your finances with the business finances. With the help of an accountant, you will identify the company finances and hence separate them from your finances. You will, therefore, be able to determine your revenue margins and develop better strategies to grow the firm’s revenues.

2) Dealing with the Government and Managing Your Business’ Legal Monetary Obligations

Taxation and other legal fees are often overlooked if a business is devoid of professional accounting services. A small business accountant in Melbourne has duties that border around filling, submitting, and maintaining the necessary tax documents, paying the required legal fees, managing the employee payroll that contains details of their tax codes and obligations, preparing annual statements of accounts, recording, and maintaining the shareholder’s register among other duties. Their responsibilities also include informing you, the owner, of any changes made in the laws that affect your business, how it affects the business and what measures should be taken.

3) Assisting you in developing a Business Plan

Your business may be on an upward trajectory and the growth prospects may attract investors keen on financing the growth. A business plan will be a key consideration that will need to be met. Developing one may be a challenge and accountants are best suited to complete this task. Owing to their knowledge in the field, they can incorporate financial projections and other reports, thus producing a realistic and professional business plan that should get you that financing.

4) Enhancing a Deeper Understanding of the Legal Business Structures

Accountants have more knowledge on the operations of a business. If you run a sole proprietorship, the legal obligations and structure of operations are different from that of a limited liability company. Any unsettled financial obligations accrued by the sole proprietorship may be paid off using your assets. Your assets are safe if you operate as a limited liability company.

A small business accountant from Melbourne will help break this information down for you and recommend the best actions to take for you to safeguard your assets as well as maximise your business potential within the provisions of the law.

5) Accountants and Business Growth

Most entrepreneurs are risk takers and they pay attention to their gut feelings. This is good considering that most of the successful ventures globally are a result of intuition responses. However, your intuition may be in the right place but your finances are not. An accountant will help guide your business growth strategy with financially sound decisions. As assets to your business, their input help minimises the risks and the financial burden you would otherwise have to deal with.

6) Audit Obligations

As an entrepreneur, you may want an assessment of the health of your business and whether the investment made in the project is progressing towards your desired goals. One such assessment is an internal audit. Owing to their knowledge in the field, they are best suited to conduct one. Their services will also prove invaluable when your business grows and investors, the government, and other stakeholders require an audit of the establishment.


7) Upcoming Technologies and Best Accounting practices

Certain accounting procedures may be developed to best improve financial management in businesses. Software and gadgets that offer business solutions may be available in the market but their importance may be overlooked. An accountant fills in the gap and thus you will be aware of such developments and thus making prudent choices for your business.

8) Buying, Selling or Merging Decisions

Your business may get to a point where it could make choices of buying other companies, merging with others to maximise on the market share or it could be a choice to sell your enterprise to start on a new project. Whatever the options are, an account’s evaluation on the viability of the undertaking is invaluable in your decision making.

9) Opportunity to Focus On Important Tasks

In your capacity as a business owner, your responsibilities may at times become overwhelming. Handling various tasks decreases your productivity. Delegating the financial duties to an accountant frees up your work schedule and thus you can concentrate more on the managerial tasks.

10) New Perspective to The Business

Accountants attend forums that bring together minds to offer solutions to challenges in the financial world. During these forums, certain business trends are put into perspective and may be what your business needs to revamp itself. Such information may not be known to you and having an investment in form of an accountant may not be an expense after all.

11) Securing a Bank Loan or an Overdraft

A time may come that you need a loan. Your odds may improve if the bank deals with you business’ accountant. Some questions the bank may raise border on your company’s ability to pay back the loan and financial figures maintained by your accountant will be of great help. Your accountant will help select a favourable loan package for you.

As evidenced, an accountant’s service at every stage of your business’ development is critical in achieving your set goals and objectives.