Benefits of Hiring an Accountant in Perth for Small Businesses

June 03, 2023

You can learn the benefits of hiring an accountant in Perth from this article. As a small business owner, you may be tempted to do your own accounting to save some money. However, this may not be the best decision for your business in the long run. Hiring an accountant can offer you many advantages that can help you grow your business and achieve your goals.

Top Benefits of Hiring an Accountant in Perth

Here are some of the main advantages of working with accountants in Perth.

Tax compliance and planning

As a small business owner, you have to deal with various taxes, such as income tax, GST, payroll tax, fringe benefits tax, and more. These taxes have different rules, rates, and deadlines that can be confusing and overwhelming. An accountant can help you understand your tax obligations, file your tax returns on time, claim all the deductions and credits you are eligible for, and avoid penalties and audits from the ATO. Accountants in Perth can also help you plan ahead and reduce your tax liability by advising you on the best business structure, accounting method, and investment strategies for your situation.

Help you with bookkeeping and payroll services

Keeping track of your income and expenses, invoicing your customers, paying your suppliers, managing your cash flow, preparing your financial statements, and processing your payroll are all essential tasks for running a small business. However, they could also be tiresome and time-consuming. An accountant can take care of these tasks for you, ensuring that your records are accurate, complete, and up-to-date. An accountant can also help you with budgeting, forecasting, and financial reporting.

Assist in business development and growth

An accountant can provide you with valuable insights and advice on how to improve your business performance, efficiency, and profitability. An accountant can analyze your financial data, identify your strengths and weaknesses, and suggest ways to optimize your operations, reduce costs, increase revenue, and expand your market share. An accountant can also help you with strategic planning, goal setting, risk management, and succession planning.

Help you with finance and funding

As a small business owner, you may need to raise capital or borrow money to start or grow your business. An accountant can help you with finance and funding by preparing a realistic and professional business plan, finding suitable sources of finance or funding, negotiating with lenders or investors, and securing the best terms and conditions for your business.

Assist you with asset protection and legal issues

As a small business owner, you have to protect your assets from potential threats such as lawsuits, creditors, competitors, or fraudsters. An accountant can help you with asset protection and legal issues by advising you on the best business structure, insurance policies, contracts, agreements, trademarks, patents, and other legal matters that affect your business. An accountant can also help you with resolving disputes or conflicts with customers, suppliers, employees, partners, or regulators.