Use a certified accountant to keep your business cashflow on track

If you thought an accountant was responsible for nothing more than banking cheques and paying invoices, think again. A good accountant offers a full range of financial services, from bookkeeping to advice on tax, investment strategies and business development.

Perhaps most importantly for small-business owners, employing an accountant can deliver significant financial benefits. Here’s how.

The accountant’s role

More than a glorified bookkeeper, an accountant prepares, analyses and presents detailed financial reports for a business. They identify tax-deductible expenses and advise on a range of business issues, such as debt refinancing, financial benchmarking and budgeting.

With poor financial management still the main cause of small-business failure, advice from an accountant is important, as it can help your business: 

• understand where you stand financially
• control costs and improve cash flow
• make informed decisions that can boost revenue and improve profitability.

Accountant qualifications

Accountants should have a tertiary qualification such as a bachelor’s degree in finance, accounting or business.

A Certified Practising Accountant, or CPA, has an undergraduate degree accredited by CPA Australia and has also completed a postgraduate study program and three years of mentored experience in a finance, accounting or business environment. 

Experience counts

Like other professionals, CPAs often specialise. You should look for an accountant who understands your particular industry and type of business.

Finding an accountant with industry-based expertise means his or her skills will match your accounting needs. This is important because:

• knowing the intricacies of tax law for your industry can deliver tax-minimisation benefits
• industry experience provides a viewpoint beyond your business, boosting your competitiveness.

A range of services

The services offered by a certified accountant can include:

• compliance with tax laws and reporting, such as GST and PAYE
• tax-minimisation strategies
• establishment of business-specific, quality-assured bookkeeping systems
• better cash flow management
• professional preparation of financial statements and budgets
• advice on restructuring a growing business
• management of Australian Tax Office (ATO) reviews and audits.

Saving you money

A CPA is trained to manage money efficiently and save your business money by:

• paying bills on time to eliminate interest charges
• chasing up invoices to keep revenue flowing
• filing accurate documents with the ATO to avoid fines
• advising on tax implications of business decisions
• identifying eligible tax deductions and depreciation opportunities
• negotiating lower costs with suppliers or financiers. 

It’s your money

The question is not “Can I afford a certified accountant?” it is “How can I afford not to employ one, even if only in a consulting role?” 

Phone a certified accountant today to ask how they can save you money and boost your cash flow.