Is your accountant working hard enough to reduce your taxable income?
Does your accountant plan ahead and give advice?
Are you starting out in business and looking for an accountant?
Natasha at ND Accounting and Taxation Service started her own accounting and taxation practice in Warrawong in 2009 and say’s some individuals and businesses find it hard to choose an accountant when starting out in business or they have an accountant but have a misconception that a new accountant will find it difficult and not know enough about their business and tax affairs.
Nothing could be further from the truth. A good accountant should, in only a very short space of time, using the financial statements and tax returns prepared by your previous accountant, get a very clear picture of how a business operates and what the tax and financial issues are.
Because you accountant should be a dependable business advisor, Natasha advises you need an accountant that you can trust and that you get along with.
An independent or small accounting firm can generally provide a more personalised service.
Small business accounting in Warrawong, Wollongong, Illawarra
The basic services of an accountant is keeping track of how much a business owes and how much it is owed, creating financial statements (such as balance sheets, PAYG, BAS, income statements, GST and cash flow statements), and reconciling bank statements.
Natasha at ND Accounting and Taxation Services include:
- Assistance with Business Plans A business plan should question the validity of your ideas, the product/service target markets and so on and then be regularly reviewed and updated.
- Advice on the correct Business Structure Your business structure will define the success of your business in Australia since each module has its own per-requisites and impacts upon the business itself.
- ABN’s If you are running a business you will need an ABN.
- Implementing financial management systems
- Handling Taxes: A good accountant can potentially save your business thousands of dollars through proper tax planning
- Managing Payroll: Payroll is often outsourced to Natasha by small businesses
- Bookkeeping: One of the main reasons small businesses struggle is because there isn’t a good bookkeeping system in place so this is often outsourced also to Natasha
How do I choose the best accountant?
Here are some questions or information that you need when changing an accountant or selecting an accountant.
What is their experience? You want someone that deals with small businesses, especially those in your field.
Is timely service delivered? Numbers are constantly coming in from your business so make sure you are getting reports at least monthly.
Who will be servicing the account? Will it be the person you are meeting with or someone else that you don’t know?
What services can you expect beyond reporting? Will the accountant handle your taxes, payroll?
Will you get business consulting as well? A good accountant should become a valuable member of your team, helping you with the financial of your business so you can get on with what you are good at.
If you are in business or thinking of going into business and need accounting, taxation or bookkeeping services contact ND Accounting and taxation on 4272 3048. Natasha services Warrawong, Shellharbour, Wollongong, in fact all of the Illawarra and works alongside businesses to develop business plans, manage the bookkeeping, identify risks and the structure for taxation as well as implementing financial management systems.
You can view other Wollongong tax tips for small businesses here.