Talking Cents

Is a Small Business Accountant Essential for Your Business' Success?

A small business may seem very manageable. It has a small team of people working towards its growth and sustenance. Also, it has other entities in play, such as suppliers, a marketing firm, vendors, etc. But as you go along, you will realise how much more you take on if you do not have an accountant. You are making decisions on a daily basis that need your expertise.

At the same time, you are budgeting, making cuts, figuring out the cash flow and ways to improve company performance without expert supervision.

An accountant can handle taxes and help you with bookkeeping. But he or she has much more to offer than availing you of various tax benefits. An excellent accountant can help you reach your financial goals by analysing your key performance indicators and how you can improve them, cash flow analysis and how to streamline your finances and suggesting the most suitable business structure.

Here are three reasons you should consider a small business accountant for reasons other than taxation services.

Key Performance Indicators and Analysis

Key performance indicators are areas of a company or organisation such as financial performance index, customer satisfaction, internal process optimisation, etc. These are a reflection of which areas are performing well and which need improvement. An accountant presents the key performance indicators with a thorough analysis and suggests possible solutions. This is one of the primary reasons to hire an accountant. An expert can help you enhance your business performance immensely. Moreover, this will also take the load off other company personnel.

Cash Flow Analysis

Cash flow analysis is the accounting of the money coming in and the expenses going out of the company. This is essential in understanding where your cash is held up and where should a budget cut help with the cash flow without affecting the outcome. And most importantly, which area is responsible for the wastage of resources. Sometimes, a cash flow analysis can also determine if someone is syphoning money out of the cash flow without being noticed.

Suggesting Business structure and Bookkeeping Software

Each business is different and needs to have a different business model for its optimum functioning. An accountant's job also entails suggesting the most suitable business structure. Moreover, a good accountant can simplify bookkeeping for the company's employees and the employer by suggesting software that works for them. All transactions can be recorded corresponding to their receipts and the purpose of the expenses. This is very useful during taxation as well.

Consider M.A.S. for your small business accounting needs.

Whether you want your taxes handled efficiently or your company goals met, we have it all covered. At M.A.S., we bring you the most proficient and experienced small business accountants in Sydney for specific needs.To know more about our services, click here.