It’s not just about the tax returns!
A good Accountant can be a great asset to a small to medium sized business and is important in all stages of your business life from start up through growing and then selling. Now I’m sure you’re wondering why finding a great accountant is so important, I mean they just do taxes right? Wrong, an Accountant does so much more than that!
There’s a very good reason why large corporations hire their very own in-house accountants and that’s because they understand their value
What Does An Accountant Do Anyway?
The old school thinking of an accountant was that they generally just did the following –
- Prepared financial statements including profit & loss sheets
- Prepared Business Activity Statements
- Prepared and lodged tax returns
- Acting as an intermediary between clients and the ATO
- Providing tax advice to clients as well as recommendations on business structure and set up
- Setting up businesses, partnerships, trusts etc for clients
- Create cash flow reports
- Answering financial and taxation advice
While it’s true an Accountant does do all of that, a good Accountant can also offer a business advisory role as they have all of your business’ financial data as well as the ability to analyse and interpret it for you.
A good Accountant can provide services such as forecasting cashflow which is essential to help you with your business planning and strategies.
We all know that running a business isn’t simple, so why wouldn’t you want someone on your side who can help you to prepare for the future and interpret the financial side of your company into information you can understand and use effectively.
At Frederiks Accountants we can offer extra services for our business clients including –
- Cash flow forecasting
- Strategic planning
- Risk management
- Business development
- Management consulting
Did you know that according to a report by the NAB in 2018 they found that Accountants were the most important professional service provider for the performance of small to medium size business.