What does a Business Accountant do?
Business accountants don’t just have a knack for numbers. Gone are the days when they would just be suits sitting behind a massive desk in a skyscraper. They just don’t file taxes and handle your balance sheets but can help you with a variety of work which you might not have even thought about.
So what do business accountants do and how can they help you? Keep on reading to learn more about the role of business accountants.
What do business accountants do?
Business accountants can help your business comply with ATO regulations, maintain your financial records, file tax returns, and provide risk management. Many business accountants choose to specialise in different industries like agriculture, healthcare, manufacturing and more.
The different areas of accounting are:
- Public - Deal with accounting, taxation and consulting.
- Cost or Management Accountant - Deal with financial information of the clients and the data is used internally.
- Government - Deal with government agencies, and audit individuals or businesses according to the government tax regulations.
- Internal Auditor - Help in identifying and managing risk for companies
How can a business accountant help you?
Launch your Startup
- Business accountants can help you in launching your business, create a business plan, forecast operating expenses and revenue.
- Prepare loan applications and secure investments from angel investors.
Transform your business
- Help develop a business strategy
- Setting Key Performance Indicators (KPIs)
- Predict your cash flow
- Deal with unpaid invoices and manage your debt
- Accurate budgeting - keeping track of expenses and building cash reserves for emergencies
- Help make assessments around increasing your workforce within an achievable budget.
- Manage payroll, superannuation and PAYG tax for your staff
- Automating business by using efficient accounting software like Xero
- Increase profit
- Using technology for invoicing, payroll, employee time-sheets, payments to reduce administration requirements
- Improve the efficiency of your business by helping you manage costs such as on electricity, IT, rent and other operating costs
Help you comply with legal obligations
- Apply for ABN and Tax File Number
- Setting up the legal structure of your company
- Efficient financial management , recording and reporting
- Maintain your financial records, dealing with taxes so you comply with the laws
- Business Activity Statement preparation and lodgement
- ASIC Reporting
- Tax planning, tax filing and lodgement
- Compliance with ATO
Future proof your business
Business accountants can help you create a realistic long-term, future proof business plan to help your business grow. They can help in other aspects such as protecting your assets and creating a succession plan.
Business accountants are more than just number crunchers. They are committed to supporting your business through thick and thin and offer expert specialist guidance and support to help you achieve your goals.
Best accountants for your small business
A reliable small business accountants can help take your business to new heights. If you want to transform your small business and find out how we can make a difference, contact Bottom Line Control at 5471 7077. We provide small business accounting services in Sunshine Coast and would be happy to help you.
