Running a small business in Australia demands careful consideration of multiple factors, and one of the most critical aspects is bookkeeping and record management. Small business owners often find themselves in a stressful situation when deciding whether to handle their bookkeeping in-house or seek professional assistance from bookkeepers and accountants. In this blog, we will review the logical and rational reasons why engaging the services of professional bookkeepers and accountants is a wise choice for small to medium size business owners in Australia.
Professional Expertise and Accuracy
Professional bookkeepers and accountants are knowledgeable in the complex accounting and tax regulations of ATO compliance and obligations. Their expert knowledge ensures that your business adheres to strict compliance with all relevant legal and accounting standard requirements. Bookkeeper and Accountant’s attention to detail in record-keeping are instrumental in preventing costly errors and facilitating informed business decisions.
According to the Australian Taxation Office (ATO), small business owners benefit from professional assistance in navigating the intricacies of tax compliance and financial regulations. [1]
Effective Resource Allocation
The role of a small business owner is complex, and time is a limited resource. Managing accounting books, tracking expenses, and preparing cashflow, balance sheet and profit & loss reports can be time-consuming and may distract attention from core business activities. Trusting these tasks to professional bookkeepers and accountants allows small business owners to allocate their time and efforts to growth-oriented activities, such as expanding business, improving products or services, and overall business development. The result is a more effective use of resources and a better focus on strategic business priorities.
A report by the Small Business and Family Enterprise Ombudsman highlights the importance of delegating financial responsibilities to professionals, allowing business owners to focus on core activities. [2]
Cashflow Management Over the Long Term
Professional accountant and bookkeepers’ costs are not cheaper, but it is essential to adopt a long-term perspective. Professional bookkeepers and accountants with their expert eyes and attention to details can identify cost-saving opportunities, ensure tax compliance, and streamline business financial processes. These savings, over time, often exceed the fees associated with professional bookkeeping services, resulting in a cost-effective investment.
According to Xero, a prominent online accounting software provider, professional accountants can help businesses identify and capitalize on cost-saving opportunities, thereby justifying their fees. [3]
Informed Financial Decision
Professional accountants provide invaluable insights into your business’s financial health. They can help you devise long-term business plans, set achievable financial goals, and offer guidance on sound business strategies. This informed business planning empowers small businesses to not only survive but thrive in the highly competitive Australian small business market.
Utilization of Accounting & Bookkeeping Tools and Technology
Staying current with the latest accounting software and technology can be overwhelming for small business owners in their day-to-day business activities. Professional bookkeepers and accountants have the knowledge of cutting-edge tools and software, streamlining bookkeeping and accounting processes and enhancing accuracy. Leveraging the technology ensures that your business remains competitive and at the forefront of innovations.
Delegate more and Reduce Stress
The responsibilities associated with managing a business’s finances can be stressful. Professional bookkeepers and accountants can alleviate this hassle, reducing your stress levels. This in turn, can contribute to improved mental well-being and a more focused approach to managing your business. By delegating your bookkeeping and accounting matters to SEED PLUS will enable you to focus more on your business and have less stress about your books.
Scalability and Growth of your business
When your business expands, so do its record keeping and accounting complexities. Professional bookkeeper’s and accountants are well-equipped to manage the particulars that come with growth, such as expanding operations, increasing staff, or seeking additional business funding. Accountants’ expertise ensures that your financial health can scale alongside your business expansion, supporting further growth and success.
Overall, there are greater advantages of hiring the services of professional bookkeepers and accountants for small businesses in Australia. Their specialized knowledge and accuracy, efficient resource allocation, long-term cost-effectiveness, informed financial decision, access to advanced accounting and bookkeeping tools, stress reduction, and support for scalability and growth make them indispensable partner for small business owners. By hiring professional services in your business books management, small business owners can channel their energy into what they excel best at – nurturing and expanding their enterprises in the competitive Australian business market. At SEED PLUS, we take pride in supporting small to medium Australian business and offering them wide range of accounting and bookkeeping services. Do not delay and contact us today at www.seedplus.com.au or info@seedplus.com.au
References:
- Australian Taxation Office (ATO). (n.d.). Small business benchmarks. https://www.ato.gov.au/business/small-business-benchmarks/
- Small Business and Family Enterprise Ombudsman. (2021). Bookkeepers and tax professionals. https://www.asbfeo.gov.au/bookkeepers-and-tax-professionals
- Xero. (2023). The benefits of using online accounting software. https://www.xero.com/au/resources/small-business-guides/accounting/benefits-of-online-accounting-software/
