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Can An Accountant Help Me Manage My Governmental Obligations?

The government – without it, we'd be in dire straits, but their oversight on businesses can quickly become a problem for anyone unfamiliar with how best to navigate the required red tape. Thankfully, when it comes to keeping your business afloat, a good business accountant can do more than count the money passing through your business; on top of the myriad of advanced accounting services they can provide, they can also help keep the government satisfied with your business.

What Exactly Is Accounting?

For many people, accounting is nothing more than the process of managing money, which isn't always entirely inaccurate. It can be the management of taxation, payroll, or record keeping, all of which are solely the process of keeping track of how money is being made or spent. However, all of these examples alone have governmental aspects to them, and the process of maintaining the accounting of a business can even begin to seep into other administerial tasks, such as maintaining the status of your business on the government's company register. When it comes to accounting, you're going to need to be able to do more than just tally a spreadsheet.

Red Tape And You: A Beginners Guide

In the olden times, a business was just a building with a cash register. These days, the process of starting a business is a lot more complicated, with ABNs, ACNs, and other governmental records and obligations to consider. Thankfully, times have changed for accounting, too. Where once accountants were simply mathematicians with a knack for money, today's accounting experts are able to deftly navigate the legal requirements the government sets out for your business, making them an excellent choice for anyone not fluent in legalese.

Step Two: Cut The Tape

So what exactly can an accountant help you navigate? Every year, taxation laws change, and while these changes are generally subtle, the government has been known to impose sweeping changes from time to time. An accountant can help make sure you pay the minimum. Your business needs to maintain its registration status with the government, be it via an ABN or ACN. An accountant can help maintain those records. Paying employees is a mess of awards and taxation, and a single misstep on your behalf can lead to extreme financial penalties. An accountant can help you avoid fines and penalties, too.

Step One: Contact A Professional

Of course, to get to this stage, you need to have reached out to a professional accountant in the first place. Fortunately, the team here at the M.A.S Partners are experts in what we do, since we have years of experience in our field. No matter what you need an accountant for, be it recording your cash flow or stopping the government from destroying your business, you can depend on our team to get it done. To speak with our team of small business accountants in Sydney about what we can do for you, call us on (02) 9211 5000.

 
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