The right professional support for your business is, without a doubt, one of the most powerful tools a business owner can have in their arsenal. When you’re running your own business, you’ll almost certainly end up taking on a range of different roles within the business. Especially when operating on a limited budget, it’s understandable that some may opt to try to do their accounts themselves.
However, taking on a new business accountant is like choosing a new business partner. They will work with you to grow your business and achieve your business goals, all the while offering informed support, advice and guidance as your business grows and develops.
When it comes to selecting an accountant for your business, it’s worth taking the time to research thoroughly. Choosing a good one could not only save you time and money, but it can also take a huge weight off your shoulders, knowing that one of the most important areas of your business – your finances – are being handled by an experienced, capable expert.
Fundamental Business Accounting Services
An accountancy practice should provide a variety of services to you and your business. You may not necessarily need them all straight away (e.g. cash flow and budgeting), but it’s useful to know that they have the capacity to handle your growing needs over time.
Accounting, Bookkeeping, Tax Returns, Payroll
These services ensure you can monitor expenses and make sure you are adhering to ATO requirements (known as “compliance”). A business accountant can help you
get set up on accounting software, saving you time, money and hassle when it comes to producing financial statements and tax returns. They’ll also be able to advise on any tax benefits available to you.
Tax is always going to be an inevitable outgoing, but if you run a small business, there are plenty of ways that you can save some money on your tax bill legally. An accountant can help you plan effectively to make the most of legal tax benefits, reduce your overall tax burden, while still ensuring you are compliant with our tax laws.
Auditing is the process of reviewing a business in-depth in its entirety, and is usually reserved for more established or larger businesses. This is unlikely to be needed during the early stages, so is not covered in-depth in this article – however again, depending on what your business aspirations are, it’s good to know that an accountant has the capacity and skill-set to cope if needed.
Arguably one of the most important factors. Given their perspective over your finances, business and market conditions, accountants can offer a high level of insight across the board, for everything from business and marketing plans to retirement planning.
A quality business accounting practice offers more than just financial records, reports and compliance. Once all that is sorted, the fun stuff really begins. Having worked with hundreds of businesses, they have the expertise and experience to offer valuable insights and realistic advice on what a business needs to do to develop and grow.
The best kind of business accounting firms also offer access to business advisers who aren’t necessarily accountants, but are experienced business experts themselves. This gives you the benefit of not only the adviser’s knowledge and skills, but they can give you direction with actual figures and informed projections.
A good business advisory team answers questions you didn’t know you needed to ask. They can help you with:
Whatever business stage you’re in, professional advice is invaluable. Even before the business starts, an independent, qualified professional outlook is key to reviewing business data, and provides insight on cash flow, profit forecasts and performance to ensure your business decisions are well-informed and based on evidence, not just gut feel or luck.
For example, businesses can have many different types of legal structures. An accountant can advise on whether your particular operation would be best operating as a sole trader, a limited company, a unit trust, discretionary trust or a partnership, and help you avoid any legal issue concerns. They can help you prepare for and source funding and investment and advise, for example, on the best loans, overdrafts, and opportunities for your specific business situation.
Highly recommended. Mert is personable and trustworthy, experienced with entrepreneurs.
I’ve decided to make Nobel Thomas my regular accountant as I am now setting up a trust for my business. I would definitely recommend them to anyone looking for a quality inner city accountant.
The team at Nobel Thomas offer consistent and timely advice for both my personal and business accounting needs. Could not recommend them more highly!
I have been with Mert and the team at Nobel Thomas for a few years now and have never been anything less than impressed with their prompt and high quality service and professionalism.