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Why Do Small Businesses Need Business Accountants?

For many small businesses, a question that you will start wondering is: do I need a business accountant? There isn’t a set-in-stone answer because ultimately, you know your business better than anyone else. But, determining whether you need to hire a small business accountant can be hard. So here are different things you should consider before making the decision:

For small start-up businesses
If you’re a small start-up business, business accountants can help you write a business plan. They can offer insights into your business’ goals and vision from a professional financial perspective. Having an accountant from the get-go allows you to get a realistic view of how your business can perform given the resources that you have. Most businesses make the mistake of hiring a business accountant after they are in a pickle so that they can help recover from the loss, but it is much wiser if you have an accountant before that even happens. Especially for a start-up business, accountants can look at your business structure and see if it's feasible. Trust us, it is a lot easier to prevent mistakes than to recover from them.

Taxation
Just like bigger firms, small businesses are also required to lodge their tax returns. So if big businesses are going to accountants for this, why aren’t small ones? We understand that with smaller businesses, there may not be as complex transactions as you will see in big businesses. However, when it comes to taxation you must be accurately and correctly detailing your business’ finances so it can get technical. If you are not too familiar with taxes it is better to seek professional help from business accountants. They can further look at your payrolls and reporting requirements to make sure that every transaction is done on time.

Should I outsource an accountant?
Some businesses will outsource their accountant, some will do it themselves and others may find an employee that can do it for them. The decision for this is completely up to you depending on what you think your team or your capabilities are.

Going about it on your own
If you think you’re more than capable of doing your accounting then that is fine. But, you must familiarise yourself with all the accounting terms that are frequently tossed around. If this is the case, we would suggest seeking professional advice from a business accountant occasionally just to see if you’re on the right track.


Trust business accountants
Even though you may be a small business, you most definitely shouldn’t be handling everything on your own. Having a business accountant to handle your financial tasks is a wise investment as it means you can focus on running your business to the best of your ability. M.A.S Partners is a specific accounting firm for small businesses in Sydney dedicated to helping you and your business. So if you are a local business and 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/

 

 
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