You probably have dreams and goals for your business. We’re pretty sure that going broke isn’t one of them. But according to Xero’s Small Business Insights research, only 50% of Australian businesses have a positive cash flow. Clearly, something is going wrong.
It might be buying the business without doing the homework. It might be poor record-keeping or not keeping on top of debt. Whatever the reason, it usually comes down to financial mismanagement and not enough cash flow.
Not having enough money means your finances are tight. You might not want to spend precious dollars on an accountant. But here’s why you should:
Most people would rather spend their time growing their business instead of keeping on top of tax law, trawling through the ATO website and learning what the rules and regulations mean. The same thing goes for trying to figure out record-keeping systems and financial management packages. Hiring and managing employees can be hard work too. Then there’s the bookkeeping.
Accountants can help you with all of that. They can recommend financial management systems and help you install them. They can take care of time-consuming tasks that keep you away from the business work you need to do. The list of services accountants provide may surprise you – check ours out.
You can certainly save money by avoiding fines for incorrect tax payments. But there are other ways an accountant can save your hard-won cash. These include setting up efficient financial management systems and getting your payroll right. We can even train your staff so they know how to use your software properly. All of these will save your HR bill.
Accountants can also help you do your research if you’re thinking of buying a business. Or support you through the valuation process if you’re selling one. And if you’re just starting up? We’ll get solid foundations in place that save you money and heartache later on.
An experienced accountant has worked with lots of businesses and knows the tax rules inside out. They will advise you on what you can claim and what you can’t. They’ll show you how to manage your payroll, claim Fringe Benefits (or not), keep on top of BAS statements and estimate tax liabilities.
This doesn’t just happen at tax time. Accountants will help you stay on track all year round so you can relax in the knowledge that no nasty surprises await. And if you are unfortunate enough to be audited? They can support you through the process and advocate for you.
Most of us have had a sleepless night or three, worrying about a big decision and what the consequences of making it will be. Don’t wake up cranky and tired. Go to a professional and get accurate information to ease your mind. You’ll get good advice from people who spend their whole lives researching the information you need to know.
There’s a lot to know and do when it comes to growing a business. You should have a sound business plan and the knowledge to implement and monitor it. A solid understanding of your business numbers is vital. For example, there could be seasonal factors that impact your cash flow and you must plan for that. You may want advice on the right company structure and how it can work for you. And let’s not forget risk – every business should have a risk management plan.
Some businesses grow, only to fall victim to their success. They fail because they don’t manage their expansion effectively. What seems like a golden opportunity turns out to have a sting in the tail.
An accountant can advise you on all of these factors, and many more. They’ll help you chart a path and guide you along it so your business can grow and you can manage the process.
Don’t be one of those Australian businesses that struggle along with no cash, wondering if they’re going to survive.
Don’t waste time wondering if an accountant can help.
Make an appointment and let us show you.
"When I was working in Australia I had no idea what I was doing when it came to my taxes or finance, Brock and his team helped me so much, after a while i understood what I needed to do and they even did it for me, they explained everything in a no nonsense manner." David Dixon-Angélil
Phone: 1300 427 526
Address: 15 Melway Crescent
HARRISTOWN QLD 4350,
If you buy an asset by 30 June and it costs less than $20,000, you can write off the business portion in your 2018 tax return.
Are you running behind on employee superannuation payments?
If so, you’re in luck.
Kelly O’Dwyer, Minister for Revenue and Financial Services, has just announced a Superannuation Guarantee Amnesty.
You have 12 months to get your unpaid super in order.