Professional help with accounting and financial decisions is useful at every stage of business. Accountants can assist with a variety of tasks during different periods of operation within your business to improve strategies for long term stability. Having a dedicated accountant gives you more freedom to concentrate on running other aspects of the company.
There are many elements that need to be considered when first starting a business. Having an accountant on board can help you make big decisions and direct your focus to areas you want to establish first. Determining the best business structure for your situation and assisting with the financial analysis in your business plans are some of the first steps an accountant can advise you on. They can further provide advice on the type of accounting software you may need, how to track expenses during your daily business activities, explaining the importance of keeping personal and business expenses separate and assistance with opening a business bank account.
Day to day:
Once you have an established business, an accountant can assist with the maintenance of strategies implemented when first starting out. It can be simpler tasks such as explaining your financial statements or overseeing company payroll and payment processes, to bigger elements of business like closing out your books, creating financial reports at the end of the year, compiling and then submitting taxes and all necessary paperwork to the ATO. Having this support can ensure accurate accounts and let you focus on more day to day tasks.
Having a dedicated accountant on board can help you identify when there is an opportune time for growth. By first helping you determine areas for growth, an accountant can provide valuable insight on cash flow patterns, inventory management, pricing, and business financing. They can then create financial forecasts so you can make better decisions for the business going forward. An accountant will ultimately work with you to create a business budget and a plan that will best support your business goals.