Are you ready to hit the ground running in 2020 with a successful business and a positive cash flow? Then you’re going to need an exceptional small business accountant that has the experience and know-how to help get your business firing on all cylinders.

Engaging a quality accountant that understands small business owners is the key to your success. Whether you need one to help with tax returns, cash flow, accounts, business tax, BAS, or a wide range of accounting services, having a great accountant up your sleeve is the secret to long-term business growth.

Want to find an accountant in Sydney, Melbourne, Brisbane, Adelaide or Perth?

What should I look for in a small business accountant?

Your chartered accountant should offer a wide range of benefits to your business. They should help with your BAS, taxes, financial records, setting up accounting software, bookkeeping, business loans, planning and staffing costs.

Accountants are helpful too if you are investing in an office or a company car. They make sure your expenses and line items are correctly applied, so you get the most value out of your business.

A small business accountant should be available, interested, and up-to-date on accounting issues. An added bonus: if they visit your work and run through any of your accounting needs. At the end of the day, running your own business means there are never enough hours in the day. Having an accountant can help run you run your business effectively so it can flourish.

What will it cost to engage a quality small business accounting specialist?

The costs really depend on your business needs and what sort of industry you are in. As a guide, the fees could be anything from $1000 to $5000 per year.

Premium accountants charge themselves out between $150 and $400 an hour, so keep this in mind when you are searching for a high-end accountant that can help in the day-to-day running of your company.

While some tasks will be carried out using associates or bookkeepers at a lower rate, your accountant will charge for any of their time working on your business.

Can I hire an accountant on an hourly rate for my small business?

It’s really up to you – you can either hire them on an hourly basis or on a task basis.

Your accountant has to be transparent with the costs involved and provide a detailed overview of the expected costs for your business accounting.

As your business grows, you will start to move on from a new startup to an established small business. With this growth, you may notice you are spending more time doing your BAS and taxes; less time working on your core business tasks.

In addition to this, as you start to take on more staff and increase your growth, more and more emphasis is placed on the bookkeeping and accounting side of things. If this isn’t your forte, you could wind up with a time-consuming accounting job on your hands.

Want to find an accountant in Sydney, Melbourne, Brisbane, Adelaide or Perth?

Tips for small business accounting

• Choose your accounting software wisely –

whatever software you use, be sure to check with your accountant to see if the system is suitable for your business needs. You also need to see if it will help make your quarterly BAS and annual tax return a smoother process.

• Follow-up accounts –

overdue payments can be a challenge and you should also ensure you have regular payments from clients and overdue accounts are followed up.

• Be aware of your business expenses –

the cost for subscriptions and general expenses can wind up eating into your business profits, regularly do an audit of business expenses to make sure you are spending wisely, and enough money is staying in the business.

• Set goals and targets for income each month –

as a small business, it is important to set your sights on profit for the business. Monthly goal setting is a great way to increase your income and ensure you are meeting your expenses.

Whatever small business accountant you use, it is important to ensure you have an open and honest dialogue.

Running a business is a challenge and your small business accounting expert is on hand to ensure the process is a smooth one. With that, you have the support and guidance you need to kick your financial goals and gain the success you desire.