Small business taxes are due each quarter, which speeds by in the blink of an eye. Having a go-to accountant ensures your taxes are compliant and filed on time. However, there is much more your accountant can do for you. Here are 5 tips for selecting a good small business accountant in Melbourne.
1. Identify a Good Match for Small Business Accountant in Melbourne
The small business requires an accountant who needs to be certified and a good match for you in Melbourne. They must be professional, personable, and knowledgeable. Look for someone who answers your tax and financial questions with ease. Also, someone who explains your financials to you in a manner you can easily comprehend. That may require a bit of homework on your part to gain proficiency in financial reporting. Overall, your small business accountant should feel like an extended member of your in-house team.
2. Ensure They Provide Cloud Accounting
Time is money, and your time should be invested in managing your team and growing your business. So, ensure that your small business carries the accountant in Melbourne who make it to your shortlist and optimizes your time by providing cloud accounting services.
Cloud accounting ensures that anything you, your team, bookkeeper, or accountant update in your software uploads in real-time. It eliminates double entry, minimizes manual entry, and provides a variety of perks—such as integrating with your online payment processor.
3. Inquire About Small Business Accountants In Melbourne and Their SMSF Services
Not all accountants in Melbourne provide SMSF services, so be sure to ask. Having the same specialist manage both your business taxes and super ensures your st
accountant in Melbourne
rategies are aligned.
Establishing your super entails:
- Setting up a trustee structure
- Appointing trustees
- Creating a trust & trust deed
- Applying for an ABN
- Registering the fund
- Creating the fund’s bank account
- And more to Select a Good Small Business Accountant In Melbourne?
They may also assist with your SMSF investment strategy, perform annual administration, and create a fund tax strategy.
4. Discuss Their Additional Financial Services
Even if you have a solid understanding of how to read and analyze your financials, there are a variety of ways that your accountant can optimize your outcomes. It’s always best to have a fresh set of eyes to minimize blind spots.
A few areas they can optimize include:
- Reading through your monthly PNL in search of areas of opportunity.
- Budgeting for payroll, taxes, and expansion investments.
- Gaining a better understanding of your cash flow and profitability.
5. Full-Service Business Consulting
To leverage your accountant to their full potential, identify someone who is enthusiastic about business consulting. This goes beyond crunching numbers to helping you grow and scale your business. Also, helping you navigate times of change—including rapid growth, rapid decline in business, and stagnation. They will challenge you to think outside of the box by creating meaningful and profitable strategies.
This includes:
- Initial & ongoing business planning
- Initial & ongoing business structuring
- Having a go-to accountant ensures your taxes are compliant and filed on time
- Identifying KPIs & benchmarks
- Curating sales & marketing strategies
- Business growth strategies
- Building great teams
- Helping you achieve your objectives faster
- Looking For a Good Small Business Accountant in Melbourne?
Forefront Business Solutions is a tenured team of Accounting Professionals and Business Consultants in Victoria. We are as passionate about helping your business thrive as you are. Reach out today for your free consultation!
