For What Tasks Do You Need a Small Business Accountant?
According to a 2020 report, there are more than 450,000 small businesses in Queensland with the numbers still growing. With the emerging numbers, the necessity of a small business accountant in Brisbane is also increasing. These small businesses have a particular way of functioning because of their smaller size, target customer and legal restrictions. Therefore, from budget to qualification, there are various things to consider here.
What Tasks Does a Small Business Accountant Perform?
The tax system works differently for different states. It also varies according to the size of the business. For small businesses, rudimentary monetary chores are more important than filing tax returns. Therefore, one must consider how many days one might need the accountant’s commitment. Then depending on her expertise and location, you need to consider the following aspects before hiring someone for the job:
Sales Tax and Income Tax Returns
Most retail businesses file trimestral sales tax returns. Without a capable accountant, one would face harassment during a potential audit. To avoid such a situation, one needs to hire someone with expertise in sales tax returns. Tax sessions can be deadly taxing if you have nobody to assist you with tax credits and deductions.
If you can’t file your business and personal income tax returns appropriately, you will face issues in the future. Hence, one needs to hire an accountant for year-round guidance who can provide a better perspective for the present and the future.
Setting Up the Account
Buying accounting software and setting it up is a crucial step in the financial decision of the business. One needs to hire an accountant who can customise the software according to the need of the industry. Optimising the software, setting up the chart of accounts, and customisation of forms; are some of the essentials one accountant should know for a small business.
Basic Bookkeeping
These types of jobs comprise categorising transactions and merging accounts.
You may opt to join your bank account with the finance software. This way, an accountant would confirm that the groupings for imported transactions are correctly ordered. Look for someone to manually input your dealings and settle your bank and credit card dealings.
Back-Office Errands
A qualified account is like the glue that can hold it together. The accountant should comprehensively know these tasks from issuing invoices to paying bills. The need for
bookkeeping depends on the number of transactions you regularly have and how many invoices or statements you receive. If one’s business grows with time, getting someone for these tasks is better.
Payroll
You could also work with an external payroll service. A qualified accountant can quickly assist you in processing payroll for your staff. She should know how to submit annual and quarterly payroll forms. Filling payroll taxes and generating direct deposits are essential parts of the job. However, the payroll option is not for all. Go for it only if you need it.
Summing Up
According to recent surveys, small businesses are making waves in Queensland with a share of 97.4%. Brisbane, being its capital, plays a big part in this financial structure. With the massive industrial names taking over the world, the possibility of small businesses working has shrunken.
But still, it has sustained more than well in Australia because of its diversity and people’s eagerness to visit shops that are not necessarily in a mall. Accountants play a big part in these small success stories. Therefore, a small business accountant in Brisbane is a must if you plan to open a small business there.
