Talking Cents

When should you consider hiring a small business accountant?

Often, managing your finances is the first step in growing a successful business. Tasks such as accurately tracking your cash flow, creating a realistic budget, and reducing costs where possible, can go a long way when referring to your business’ profits. Hiring a small business accountant is obvious choice in helping you manage your finances, as it allows you as a business owner to better allocate your time- rather than have you managing tedious financial tasks- and gives you confidence that all accounting aspects of your business is effectively being handled by specialised experts. Despite this, you may think outsourcing your accounting may not always be right choice for your small business- either for cost purposes or having enough expertise to handle these matters on your own. We at M.A.S Partners, the leading small business accounting firm in Sydney Zetland, understand that there will come a time where your business will need a small business accountant, and have provided a list of moments your business may encounter, where you should consider hiring a business accountant.

Creating a business plan
Small business accountants do much more than just your taxes. They provide your business with expert advice in order to drive growth and profits. When creating a business plan, an accountant will help make financial projections- which allows your plan to be more realistic and accurate. In doing so, you are minimising potential variations from your plan, as such, minimising risks.

Business structure advice
When creating your business, it is important to understand the different types of business structures and picking one that would best suit you. These structures include sole traders, partnerships, corporations, and trusts. A small business accountant will provide you with advice on which business structure you should take to minimise risks and liabilities whilst maximising return. Choosing a business structure is the first step in starting a small business, and as such, hiring a small business accountant should be done within the early stages of your business.

Company growth
Company growth is not always linear. Sometimes there will be big spikes in revenue and other times there will be drastic declines in revenue. It is a small business accountant’s job to handle growth transitions, and to better prepare you for such situations. This could include, giving you a budget on new employment or on new office space. In addition, an accountant is able to effectively analyse your cash flow statement and inventory management to show you where and how your business is growing- to help with further development.

Consider M.A.S Partners
With over 60 years of small business accounting experience, we at M.A.S Partners aim to provide the greatest accounting service possible through our intimate interactions with our clients to better understand them as business owners. Managing your own finances and taxes can be quite tedious, where you may make a lot of mistakes in a growing business. By hiring a small business accountant, we ensure that these aspects will effectively be handled. For more information on our services, click here.