Talking Cents

Why Small Business Accounting is Essential for Growth

Small businesses start with simple accounting methods to keep track of transactions and cash flow, but often as businesses grow their customer base and take on employees, their accounting needs change which can be a complex process. The success of a business depends on the time dedicated to its growth. As our team at M.A.S Partners say, your time is too valuable, so to grow your business, expert small business accountancy advice can ensure you have the best insight.

Current Financial Records
Having a clear sense of your financial position can be the difference between growth and stagnation but keeping your financial records up to date can be complex when it involves payroll, accounts payable and receivable, and cash flow. Knowing where you stand financially gives a clear perspective on your expenses and what you can change to ensure your budget is being spent appropriately. A small business accountant can take the guesswork out of your financial records, especially when it comes to complex services like payroll where an in-depth knowledge of superannuation, awards and penalty rates is needed for accurate accounting. An accountant can also assist with invoicing to eliminate discrepancies and reconcile statements making sure your bills are in order. As every business is different, a small business accountant can tailor their services to your needs saving you time to focus on what really matters.

Ensuring Compliance
Growing a small business relies on adhering to tax compliance and knowing how to navigate your tax benefits. An often-overlooked part of financial success, tax compliance has a range of ways to help expand your business if you know how to navigate deductions to maximise payments. Deductions can be claimed for any costs involved in running your business, from travel expenses and marketing to employee wages along with other offsets that can be claimed for small businesses. However, tax laws can be complicated and change often meaning you can run into trouble quickly if you’re unaware of legislation changes. A business accountant can help guide you through the tax process, ensuring you receive the maximum benefits while adhering to legal requirements which can save you thousands of dollars.

Financial Strategy
A clear financial position can ensure business growth, but the right strategy is needed to move in the right direction. While having goals like increasing profitability is a great start, a small business accountant can look deeper into a financial strategy that benefits your business. An accountant can provide a KPI analysis with statistics that show competitor performance and a goal timeline, along with a budget analysis to ensure your goals are realistic and achievable. Setting goals and having a clear objective to get there is the only way to expand your business and with an expert on your side, you'll have time to focus on other areas of the business.

M.A.S Partners has 60 years in small business accountancy, ensuring a tailored experience so you have more time to focus on your business without the burden of complex financial accounting. To get in touch with our professional team about our services contact us here or call us on (02) 9211 5000.