Your accountant does more than tax planning

16/12/2014

Generally, if you want to see how you can reduce your taxation burden in order to have more money coming in, you know who to call: Your Accountant.

However, accountants aren't just a one-stop shop for when you need someone to sort our your tax obligations. There is a range of diverse circumstances in which an accountant can help you. If any of these sound like you, think about having the first call you make go to your accountant.

Starting a small business

Small business owners often get in touch with an accountant once they've already set up their business, so they can hang on to financial records and do regular bookkeeping. However, an accounting service can be just as helpful in the formative stages of your company.

They can help you choose the most effective business structure, assist you in working out your goals and developing a strategy to meet them and identify issues before they become a problem. This way, you can avoid the fate of many small business that fold in their first few years, which are often characterised by financial insecurity.

Helping you with your self-managed super fund (SMSF)

SMSFs are thought of as the DIY super option for the rugged individualist. Of course, it's not that simple. There are a variety of roles behind the scenes that keep your SMSF running smoothly, and one of these is an accountant.

An accountancy service can assist with all of the related administration, such as paperwork and SMSF compliance with tax laws, as well as help you when it comes to investment choices.

Budgeting for your business

Going back to your small business, your accountant is more than a bookkeeper. She or he can also assist you in drawing up a budget for your business, making sure your debt doesn't balloon and that it remains fiscally solvent in the short and long term.

An accountant will look at your costs, your income and sales forecasts and review your business' financial history in order to set a budget you can realistically aim for.