What are Business accounting services?
Business accounting services involves the preparation of profit and loss statements, a balance sheet, a cash flow statement and the analysing the business performance, applying ratios, benchmarks and reporting to enable the business performance to be improved.
Business accounting is fundamental to the success of any small business. A management accountant can provide information from your own accounting records that will transform your business if you apply the advice provided.
Does a small business need Business Accounting?
Absolutely! Many small businesses have a bookkeeper prepare their accounting file up to the point of being reconciled to the bank and having BAS returns lodged and that’s it. The most valuable and exciting part is never undertaken.
That is the review and interpretation of the results, understanding what it all means and the taking the appropriate actions as required.
What is Tax Accounting?
Tax accounting ensures a business is compliant, pays the correct amount of tax after using tax effective strategies but only rarely advises on business performance.
Can my Accountant do tax and business accounting?
Yes, they can. Some do but many tax accountants do only tax. In this case, you need to find a good management accountant.
How often should I see my Accountant?
A regular quarterly meeting to review management accounting reports should be your goal. A single meeting once a year to do your tax will not get the job done and will cost you dearly.
How long should my accounting work take?
That depends on the size and efficiency of the accounting practice you engage with. A turnaround of up to two weeks is reasonable, depending of course on what work is involved. Mostly we do the work promptly and get back to clients within 1 week.
Most accounts would be able to respond within 1 week.
Is Fixed Price Accounting a good option?
Yes, it is. Regardless of fee type, the price should be agreed, before any worked is started. In this way, you can minimise your cost, maximise your return on your investment in accounting and avoid any unwanted or unexpected surprises.
How much should you expect to pay for Accounting?
The most important question is what value are you getting for the work carried out and how efficiently is this work done.
The total amount of any fee depends entirely on what you require, the level of expertise and the complexity involved. There is no one size fits all. More importantly, can you use and act
There is no one size fits all. More importantly, can you use and act on the advice you are given?
Always ask for a fixed price quote up front and provide a clear and concise brief on what you want.
How much should I expect to spend on accounting?
If you are spending more that 5% of your annual sales on accounting it is probably too much. If you are spending less than 2% of annual sales you are doing yourself a disservice.