If you’re a small business owner, chances are you’re an expert in your field. Whether it’s repairing laptops, installing gutters or selling vintage stuffed animals, you don’t need a lot of help when it comes to your company’s offerings. However, one topic that is elusive for many business owners is finances. That’s perfectly fine! You can’t know everything and you should work with professionals to handle your business finances.
With this in mind, what advice do you need from your accountant? Here are a few areas where they can help.
Tax and Compliance
The area of taxes can be especially tricky. Pay too little and the government will be knocking at your door. Pay too much and you’ll end up losing money. You need to make sure that you’re paying exactly what you need to and nothing more. Remaining compliant can be tricky and a visit to the Australian Taxation Office’s website will most likely leave you confused.
Ask your accountant how you can maximise your tax efficiency while remaining 100% within the tax laws applicable to you.
Where is your money going? Determining your company’s cash flow can be easier said than done. You might know that you’re losing money but can’t figure out where it’s exactly going. Your accountant can help you with this and come up with a solution to maximise your small business cash flow as well as forecast how to manage cash flow going forward.
If you aren’t accurately reporting your performance every quarter, you’ll never reach your goals. You need to track your progress to ensure that you’re on the right path but creating a successful reporting strategy is easier said than done. Ask your accountant how you can better report your business results.
Making more money and becoming a successful business doesn’t typically happen by chance and there is usually a strategy involved. Whether it is a marketing strategy or product strategy or financial strategy, you need a plan of action. Your accountant should be familiar with successful financial strategies and can recommend one for your specific situation.
Every business could be more efficient and improving your company’s financial efficiencies will save you time and money in the long run. Make your dollar go further for improved results with less investment. Talk to your accountant and have them find areas where you can improve efficiency in your business.
We Can Help
We’re ready to answer any and all questions you have about small business finances! Get in touch with us today to learn more.