As a small business owner, you wear many hats. You're the CEO, the marketing manager, the product developer, and often, the customer service representative. It's no surprise that managing your finances can easily fall by the wayside. But neglecting your financial health can have serious consequences for your business. This is where a business accounting for small business comes in.
What is a small business accountant?
A small business accountant is a financial professional who specializes in the unique needs of small businesses. They can provide a variety of services, including:
Bookkeeping: This involves recording your business's financial transactions, such as income and expenses. Accurate bookkeeping is essential for understanding your financial performance and making informed business decisions.
Tax preparation and filing: Accountants can help you prepare and file your business taxes accurately and efficiently. They can also advise you on tax-saving strategies.
Financial reporting: Accountants can generate financial reports, such as profit and loss statements and balance sheets, which provide you with a snapshot of your business's financial health.
Financial planning and analysis: Accountants can help you develop financial plans for your business, such as budgets and forecasts. They can also analyze your financial data to identify trends and opportunities.
Benefits of using a small business accountant
There are many benefits to using a small business accountant, including:
Save time and money: By outsourcing your bookkeeping and tax tasks to an accountant, you can free up your time to focus on running your business. Accountants can also help you save money by identifying tax deductions and credits that you may not be aware of.
Improve your financial accuracy: Accountants have the knowledge and experience to ensure that your financial records are accurate and up-to-date. This is essential for making sound business decisions.
Gain peace of mind: Knowing that your finances are in good hands can give you peace of mind and allow you to focus on growing your business.
How to choose a small business accountant
When choosing a small business accountant, it's important to consider your specific needs and budget. You should also look for an accountant who has experience working with businesses in your industry. Here are some tips for choosing a small business accountant:
Get referrals: Ask other business owners for recommendations.
Interview potential accountants: Discuss your needs and budget with each accountant and ask about their experience and qualifications.
Check their credentials: Make sure the accountant is licensed and insured.
Investing in a small business accountant is an investment in the future of your business. By having a qualified professional manage your finances, you can free up your time, improve your financial accuracy, and gain peace of mind.
Invoice Office is a free accounting software for small business that manages all your accounting tasks.
Our small business accounting software is easy to use and sends invoices, tracks time and expenses accurately.
AJ Accounting Solutions Pty LtdSingle Touch Payroll – for employersThe ATO has released a guidance note on the payroll reporting requirements that will come into effect for employers with 20 or less employers from 1 July 2019.Understanding the rulesSingle Touch Payroll is the next step in streamlining your payroll reporting.
It will change the way you report your employees’ payroll information to the ATO.
It starts from 1 July 2018 for employers with 20 or more employees.You will report payments such as salaries and wages, pay as you go (PAYG) withholding and super information to the ATO when you pay your employees.You can do this through your existing payroll software (such as accounting software) as long as it is updated to offer Single Touch Payroll reporting.
Payroll software providers are updating their products now.
Talk to your provider to find out how and when your product will be ready.When do I need to get ready?If you have 20 or more employees you will need to report through Single Touch Payroll from 1 July 2018.
The first year will be a transition period and penalties may not apply.If you have 19 or less employees, you will need to report through Single Touch Payroll from 1 July 2019, subject to legislation being passed in parliament.Here at AJ Accounting Solutions Pty Ltd, we are more than happy to help you with your Payroll and meeting you Tax requirements.
