If you are planning to initiate a small business and you have limited resources, then you are probably thinking to cut short the cost of doing business as much as possible. You will be willing to use your limited resources more constructively.
Might be you will consider doing the accounting work yourself rather than hiring a professional as this will save your cost of hiring a professional. This thing will definitely work if you will have a professional degree and a better understanding of business finances. But if you don’t possess a proper experience in accounting field then you have to think twice before taking this step. Because incorrect bookkeeping will definitely create a mess in your book of accounts and you will face serious consequences in the short and long turn.
Under-mentioned are some of the facilities that small business accountants can provide you. Go through these points thoroughly so that you will understand the significance of small business accountant malvern.
The Preliminary Phase
In the initial phase of business, you need to fulfill so many compliance procedures by regulatory bodies for the smooth flow of business. An accountant can assist you in the following procedures;
- He will design a business structure for you according to your needs.
- Making financial analysis of your business plan.
- A professional accountant will definitely assist you in selection of software that will be suitable for your business.
- Assistance will be given to you in opening of bank account.
- He/she will ensure that accounting standards are in compliance with international standards and according to local government prescribed rules.
- He will manage separately your business expenses and personal expenses as both have separate identity.
After completion of 1st stage the 2nd stage will be to follow the accounting system that your accountant has designed for your business. A professional accountant will take some steps that will be helpful for the even flow of business activities:
- Proper elaborations of your financial statement that will make you understand well about the inflows and outflows of your business.
- Managing aging reports of your payables and receivables so that you will have a complete understanding of your debtors and creditors.
- He/she will arrange your tax accounts so that it will be helpful for you in the calculation of tax liability.
- Proper closure of financial year by completion and closure of books properly.
- Timely submission of your books to the government departments.
Your small business accountant melbourne will also assist you in your growth phase. When you will be planning to expand your business in different localities then definitely you will need a help of a professional accountant for all the estimates. In the growth phase of your business you will definitely need financing and the strong resort that will help you in this will be the banks in your area which will ask for your financial. He will provide you with all the account books that lending bodies will demand from you.