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Can I Do My Own Small Business Accounting?

“Am I capable of doing my own small business accounting?” This is a very common question amongst small business owners when they first get their business running. More often than not, we see that people, especially when their business is small, will avoid spending at any cost to prevent experiencing a financial loss. Unfortunately, when it comes to avoiding increasing their expenses, hiring an accountant is one of them - until they are in desperate need of one.

Why Is Accounting Important?
There is no doubt in our minds that if you own a business, you will encounter accounting, it’s one of the very first things you’ll need to learn (if you haven’t already) as accounting starts from the very minute there is a transition made. So if you are leaning towards doing your own accounting for your small business, you will need to learn how to do that prior to operating your business. Don’t let it pile up because then it’ll get very complicated tracking the cash flow of money when it's time to prepare your income or financial statements.

How Will You Be Doing Your Accounting?
This may sound like an odd question to ask but it’ll show how much time you’ll be putting aside purely to do your business’ accounting. If you are saying you’ll pen and paper every transaction then we recommend you either hire a professional or seek another alternative. When it comes to accounting, you’re looking at every little translation - even delivery fees if products are being delivered to you. So if this is your approach to accounting, it’ll be a very tedious, long, and strenuous process for you, and trust us, it’ll get amplified when your business starts growing and transactions are made with every breath.

Don’t Undermine A Professional Accountant’s Help
As Australia’s original small business accounting firm, we, at M.A.S Partners, have seen so many business owners running to us because they are in a pickle. So if there is nothing you can take from this, we ask you to take our one piece of advice: seek professional help before it is too late. It’s harder to work when you’re trying to financially recover than when you’re trying to prevent it before it happens. We’re not saying you should hire a small business accountant all year round either, all we are saying is it will be good to have a professional look into how your business is doing every now and then. This method is a great way to see if you are on the right track and heading in the right direction with your business.

If you’re looking for a small business accountant in Sydney or Zetland, M.A.S Partners is here for you. M.A.S Partners is dedicated to giving you a little time for yourself. If you would like to speak with our team about the services we offer and what we can do for you, call us on (02) 9211 5000 or visit our website at https://www.masaccountants.com.au/