Hiring a professional accountant can help you through various stages during the growth of your business. They can handle payroll, tax returns and much more. So when is the right time to hire an accounting firm in Melbourne for your small business?
Situation #1: When you have to deal with the government
When you run your business, dealing with government paperwork can be a daunting task. And that is why many small businesses in Australia prefer to hire an accounting firm when their first tax filing is due.
In addition to tax filing, an accountant can help your company deal with the government in following ways:
- Completing and filing the necessary compliant document of the business
- Keeping the company up to date with latest changes in tax laws
- Preparing annual statements of the company
- Maintaining the records of directors and other top management members
- Keeping your company’s status updated in the company register of government
- Handling company’s payroll and books of account
An accountant will provide you suggestions such as raising capital for expansion for the growth of your business. He can also suggest some tax minimization strategies to save your money.
Situation #2: When your company is growing
There is no hard and fast rule that companies will grow at steady pace. A big client or project can give an unexpected growth to your business. An accountant is a person who can efficiently handle your business’s growth transitions. Your accounting firm can take care of payroll, tax management, utility payments, leaving you free to focus on other important aspects of the business.
Situation #3: Hire an accountant in case you’re audited
Many people think that their company will not get audited as there are so many small businesses in the country and very fewer government auditors. However, this can lead to an expensive, stressful and time-consuming situation, if the audit takes place and you don’t have proper books of accounts.
Situation #4: When you buy a business
Some business persons prefer to start a new business from scratch while others buy an existing business. If you are planning to buy an existing business, then you must hire an accountant. They can check company’s accounts in detail and help you find out if anything looks wrong.
Situation #5: Accountants can help you every step of the way
As you can see, accountants can make your life easier and help your business grow in the right direction. Hence, it is always a good idea to hire a reputed and reliable accounting firm. Your forte is running a business. So, leave the financial details on your accounting firm.