We all like to save money and many small business owners believe that by handling their financials “in house”, they are potentially saving money on accounting fees. Whilst we consider it a great benefit for a business owner to understand things like bookkeeping or cash flow management, it is through our knowledge and expertise where we can add real value to your business.
1. Business Advisory Services
Business advisory is anything other than your tax and compliance obligations. When you engage our business advisory services we become an extension of your business. Some of the ways in which we can help you include:
- helping you to draft or revise your business plan
- looking for ways to increase your profitability so that your business moves in the right direction
- helping you to set targets and monitor your progress
- assisting you to improve your cash flow
- helping you to understand the key drivers of your business
2. Avoid Tax Penalties
This may seem quite obvious but it is an area that some clients find themselves in ie paying tax penalties that could be avoided.
As your trusted adviser, we are in a prime position to help you stay up to date with the latest regulations. We can show you ways to maximise your benefits whilst minimising your tax.
Penalties for small businesses can quickly add up if you fail to pay your tax obligations on time. The longer you fail to pay, the more interest you will be charged, which further increases the likelihood of additional penalties.
Business owners may also find themselves personally liable for these tax debts. If you do find yourself in a position of not being able to pay your taxes on time, do not ignore any correspondence from the ATO. Please ensure that you contact us so that we can assist you to act quickly to avoid any further penalties.
3. Working Smarter
The easiest way to see where your money is going so that you can reduce your expenses, is by keeping your books and records in tip top shape. By keeping your accounts up to date, we can help you to understand which of your business investments brings the greatest return. This will allow you to be more strategic with your spending. We can spot trends so that you are in a better position to take advantage of the potential for greater profits.
If you are struggling to maintain your books and records, we can help you find a solution. The financial benefit to your business far outweighs any additional accounting costs. This will also free up your time so that you can concentrate on your clients and implement your plans for growth.
Why not talk to us today so that we can help you to start saving your hard earned cash!