A skilled accountant in Brisbane can be a game-changer for your small business – from making sure you’re compliant with tax laws to offering strategic insights that you might not have considered before. 60% of Australian-based small businesses fail within the first three years, and of those who fail, 50% are profitable. Failure can come whether you’re profitable or not – which is why working with an accountant is so important to avoid this at all costs.
Choosing the right accountant can give you the tools to drive growth, improve profitability, and prepare your business for long-term success. If you’re considering hiring an accountant for your small business, today we’re looking at seven ways they can help you grow.
1. An Accountant Can Establish A Strong Financial Foundation
Right from the start of your business’s journey, an accountant can help you choose the appropriate business structure – whether that be a sole trader, partnership, company, or trust. Each of these has distinct tax and legal implications, which your accountant can help you navigate, too. They can set up scalable accounting systems and implement effective bookkeeping practices, making sure your records are all accurate and easy to read throughout the growth of your business.
2. They Can Enhance Your Cash Flow Management
Small businesses require effective cash flow management so you can see what’s working and what needs improving, but this is easier said than done. Accountants can help monitor income and expenses, forecast the future, and implement strategies to maintain liquidity. A proactive approach helps owners navigate financial challenges and grab as many growth opportunities as possible, which can be instrumental in the success of a small business.
3. Some Provide Strategic Business Advisory Services
A common misconception is that accountants offer only number-crunching services, which is very misleading. They can also provide you with plenty of strategic advice tailored to your business goals, including budgeting, financial forecasting, and performance analysis. A good accountant will help you in whatever way you need them to, giving you the tools to make informed decisions that align with your business goals and objectives.
4. Accountants Can Facilitate Access To Funding And Investment
Small business owners often need external funding, so an accountant can prepare comprehensive financial reports and projections designed to instil confidence in investors and lenders. The right accountant can use their expertise to make sure your business presents as a compelling case for investment, giving you a much-needed boost in the right direction. Without this, you might find it harder to secure the investment necessary for expansion.
5. They Improve Your Tax Planning Strategies To Make Them More Effective
When you plan your taxes correctly, you might be able to enjoy some significant savings. Accountants know how to do this best, looking for and identifying applicable deductions, credits, incentives, and more. They’ll also make sure you’re complying with tax laws while still minimising the liabilities your company faces, freeing up resources to invest in your business. Again, this will hopefully give you the best chance possible at succeeding.
6. An Accountant Can Leverage Technology To Boost Efficiency
These days, accountants are utilising cloud-based accounting software to provide real-time financial data access. This technology can encourage and further collaboration, as well as streamlining processes and offering insights for quick decision-making. In today’s fast-paced environment, leveraging technology for your gain is often seen as crucial – so make sure your accountant is up to date with modern processes!
7. They Prepare You For Succession And Long-Term Forecasting
Accountants can assist in developing succession plans and exit strategies, making sure your business grows at a steady rate and preserves its value. They can help you structure your finances to protect your assets, facilitating smooth transitions and safeguarding your business’s future. This means that, whether you plan on franchising or selling your company in the future, your goals should be much closer and easier to reach when you eventually get to them. A common pitfall small business owners make is not accurately planning their future, so an accountant can help you realistically set goals and implement strategies to work towards them.
Find a Trusted Small Business Accountant in Brisbane Today!
Working with a professional accountant in Brisbane gives your business the financial support and tools to grow sustainably and reliably. Their services often extend beyond compliance, positioning them as integral partners in your business’s success story. Choosing the right one is essential, so we recommend shopping around before choosing who to work with. If you’re interested in learning more about what accountants can do for you, check out small business accountants in Brisbane. We’re happy to answer any questions you may have, so get in contact with us today!
