How a good accountant can help your business thrive

It’s no secret there are big opportunities across many industries at the moment to cash-in. But with the big bucks comes bigger responsibilities to take control of your business and finances to ensure you can maximise these opportunities.

Looking after the business can be a burden, but with the right advice and assistance, the hassle can be taken away, and your business will be able to reach its potential.

The following are key areas that having the right advice can help you maximise your business’s potential and ensure you “get it right”.

Business Structuring

Whether you’re operating your business as a sole trader, partnership, company or through a trust structure, it’s important to get this right advice as soon as possible. Getting advice from your accountant around implementing the right business structure can provide numerous benefits including improving your asset protection, and the ability to minimise your tax obligations.

Accounting Systems

Having the right accounting software can be key to reducing the burden of bookwork. The increasing development of smart cloud-based software offerings like Xero and MYOB, which offer the ability to streamline, and automate parts of the bookkeeping function have dramatically reduced the amount of time business owners need to spend on the boring bookkeeping tasks. As accountants, we deal with these packages every day, and can provide assistance with selecting the right package for your business.

Budgeting

As your business grows, budgeting can be a key tool for goal setting and tracking your businesses performance. Meeting with your accountant to develop a budget, will give you the ability to set performance targets for the business, which can be tracked throughout the year. The budget can also provide crucial insights into how business performance can affect the cash flow of the business. By having this information, you will be able make better, more informed decisions about your business.

Management Reporting

Now that you have the right structure, have implemented the right accounting software and have set a budget, it’s time to track the businesses performance throughout the year.

By meeting with your accountant on a regular basis to discuss the businesses past performance and future outlook using the reliable information sourced from your accounting software, you will be able to have good discussions around decisions that can be made to help improve the performance of the business and reach your goals.

If you would like to discuss anything mentioned above, please feel free to contact our team.  

- By Benjamin Demery