You might have it in your head that accountants are just number crunchers who help you be a bit more financially accurate, but nowadays, accountants take on a much more holistic role as strategic advisors who provide all the insights and guidance your business needs to succeed, regardless of your size – this means you’ll not only stay compliant with all the laws and regulations here in Australia but are actually thriving in what’s otherwise a highly competitive market.
Strategic Financial Planning
Accountants can help your business develop a comprehensive plan that aligns properly with whichever goals and objectives you’ve set – after analysing all your financial data, they’ll be able to:
- Forecast future trends
- Identify potential risks
- Uncover any opportunities for growth you might not currently be taking advantage of
Naturally, this means your business is able to make far more informed decisions, whether you’ve been thinking about entering a new market or generally just expanding your business operations.
Taxation and Compliance
Now it goes without saying that the Australian taxation system is not something your average business owner has a flawless grasp of, but guess who does? Any kind of non-compliance with all the various tax laws and regulations in the country will result not only in legal fees but pretty costly penalties, too, and when you’re only running a SME, that’s going to have a major impact on your business’s financial wellbeing.
Aside from this, though, an accountant is also going to help you optimise your current tax strategies, which will give you a chance to minimise your overall tax liabilities – definitely something you’re going to want to look into if you’re trying to maximise your profitability.
Business Advisory Services
As touched on earlier, it’s a fairly outdated stance to think that accountants are only good for basic financial accuracy – these days, your modern accountant is able to help with a whole host of services that help improve multiple facets of your business, including:
- Budgeting
- Financial modelling
- Performance analysis
- Actionable insights by interpreting your financial statements and KPIs
- Advice on mergers/acquisitions
- Business restructuring (making sure they’re handled both efficiently and effectively)