The bottom line on business accountants

Of all the advisers you're likely to use when running a company, business accountants are the most crucial to your success. After all, when your financial and tax affairs are in order, you can concentrate on what you do best - building your business.

So how exactly can business accountants help? Stephen Moskowitz of Stephen Moskowitz Public Accountants explains the key services that are of most use to small and medium enterprises. 

Accounting services

Most small businesses don't need a full-time accountant - just someone to crunch the numbers on a monthly or quarterly basis. Business accountants can set up your books, prepare financial statements and oversee payroll services, invoicing and reporting.

This is particularly handy if your personal record-keeping style leans more toward a shoebox filing system. Some business accountants even use an online bank statement service to keep track of your expenditure, code regular items and provide you with regular reports. 

Tax returns 

In particular, the end of the financial year can be a stressful time for business owners, says Stephen.

"Your accountant should be able to help you with your tax planning and review your situation before the end of the year so that you are not faced with any nasty surprises," he says.

Accountants can also help identify ways and means of possibly reducing your tax bill and increasing your cash flow.

Business planning

It's never too soon to start thinking about the future, and an accountant can help with all sorts of issues that may impact on the performance and profitability of your business. Depending on your circumstances and the accountant's areas of expertise, issues handled may include: 

• succession planning
• key person insurance
• business expense insurance
• buy/sell agreements
• business loans - for expansion, acquisition, working capital
• restructuring of existing borrowings
• equipment financing - preapproved credit limits, leasing assets, maximising depreciation.

Business structuring

How you structure your business is one of the most important decisions you will make. Will you be a sole trader, in a partnership, a company or a trust? There are advantages and disadvantages to consider for each option. 

"It's a decision with long-term consequences," Stephen explains. "We guide our clients through the choices, explaining in plain English the cost of setting up each structure, admin expenses, taxation implications and personal financial liabilities."

Financial planning

Some business accountants also offer financial planning services and can advise on issues such as superannuation.

"Many business owners are used to running their own show, so when it comes to super, they like the idea of a self-managed fund that they can control," says Stephen.

Other possible issues that your accountant may help you with include:

• financial planning
• personal insurance
• investment reviews.

The bottom line? The right accounting assistance can lift a tremendous burden off your shoulders, so contact a local business accountant today to find out how they can help you.