How can an accounting for small business service help my business?

Time is one of the scarcest resources for owners of small to medium businesses, but there is a cost-effective way of putting hours back in your day - by using an accounting for small business service.

Accounting for small business service

The days of a bookkeeper just tallying receipts and paying staff are gone. Today, bookkeepers are there to help you run your business more efficiently. The information accounting for small business services produce is an invaluable management tool. 

Accounting for small business services can: 

• establish your accounting system
• ensure compliance with superannuation and payroll obligations
• ensure compliance with tax law, including maximising allowable deductions and keeping good records
• monitor cash flow
• produce weekly, monthly, quarterly and annual reports
• produce debtor and creditor reports, giving you control over payment of money
• produce reports for business lenders. 

Going it alone

"It's no big deal writing cheques and producing invoices," says Michael Johnson, Managing Director of Australian Master Bookkeepers. "But good accounting for small business is about capturing the information in a system that meets your compliance obligations and provides you with management information."

While Michael says that's something a business owner can do, it will add hours to their day, and that's time not spent managing the business, meeting clients, negotiating with suppliers, teaching staff, or at home with family.

Professional expertise 

"Unless they have a lot of time available, the average businessperson won't be able to get up to speed on compliance matters," Michael says.

Saving you the time of researching and implementing your obligations, a professional accounting for small business service can offer expertise in:

• fundamentals of GST and business activity statements (BAS)
• payroll tax
• employee entitlements, such as superannuation
• PAYG and withholding tax from staff
• tax arrangements for different business structures (companies, partnerships, trusts, individuals)
• specialist tax requirements for subcontractors. 

The devil in the details 

The GST legislation runs to thousands of pages, making it easy for small business to get it wrong. Employing an acounting for small business service will ensure you get it right and save you time researching something an expert already knows.

For example, do you know if bank fees attract GST?

"Banks are one of the industries that have anomalies in how they are treated for GST," Michael says. "Some fees have GST and some don't. If a small business owner wants to research banks fees, they can, but a bookkeeper has that information right at their fingertips."

How much is your time worth?

As the business owner or manager, hiring a professional accounting for small business service lets you focus on what's important - growing your business.

Phone an accounting for small business service today to find out how they can help you streamline your account keeping, better manage your finances and deliver timely, accurate management information.