A Business Services Accountant provides the services people would traditionally associate with the accounting profession. It involves the careful preparation, analysis or auditing of financial statements and accounts, in the pursuit of compliance.
Partnering with the right accountant is a critical step for any business owner. Your business services accountant will ensure your business is compliant with its tax requirements. More than this, they will also compile the information your business needs to thrive.
Sharp Accounting can help you find the right solutions in accounting, HR, banking and law. You don’t have to feel isolated anymore. You can have access to the Sharp Accounting team who will not only help you grow your business and implement processes and strategies, you will have a trusted partner who will help you achieve success.
- Financial Statements
Receive the financial statements your business requires, including balance sheets, profit and loss statements, and cash flow reporting.
- Preparing Business Activity Statements
We prepare and lodge your business activity statements (BAS) to ensure compliance.
- Corporate and Business Tax Returns
We’ve made submitting your corporate and business tax returns fast and simple with our online forms.
- Communicating with the ATO
We work with you to manage your communications with the ATO to ensure your responses are accurate and compliant.
- Business Structuring Advice
Reduce risk and maximise your business’ potential with the right business structure and compliant implementation.
- Tax Planning and Minimisation
Planning for your tax obligations helps you meet reporting requirements while effectively minimising your tax obligations to only what you must legally pay.
- Business Financial Planning
Holistic, future-focused guidance to ensure you are getting what you want out of the business, not what you’re stuck with.
FAQs About Business Services Accounting
How can Sharp Accounting’s Business Service Accountants help?
Sharp Accounting’s Business Service Accountants will help you prepare (amongst others):
- Business financial statements.
- Business financial reporting.
- Business activity statements.
- Business and personal tax returns.
- Communications with the ATO.
- Establish new business structures.
In addition to this, our team offers taxation planning, tax minimisation, and business financial planning advice and guidance.
When should a business seek out a business services accountant?
We see many founders manage their own finances and tax reporting in the early stages of the business lifecycle. During this time, finances are often quite tight and many founders are already dipping into their savings to survive. However, we strongly recommend that young businesses and startups find an accountant as soon as they begin.
The Australian Taxation Office’s (ATO) requirements for business owners increase in complexity as you grow. All businesses will need to start lodging business activity statements (a BAS) once they reach the threshold for GST, for instance. While the requirements for companies, family trusts and partnerships are more complicated still.
If you are at all uncertain about your taxation or reporting obligations, it’s time to find an accountant. Non-compliance is expensive, time-consuming, and stressful. It’s always better to get your accounting for your business right the first time around.
Additionally, quality accountants take care of so much more than just your taxes. We work with our clients to develop goals and targets, as well as action plans and accountabilities to help you actually achieve them. In essence, we partner with you to help you navigate growth successfully.
You can read more on this in our blog post on Target and Goal Setting.
Does Sharp Accounting only offer traditional business accounting services?
Our accountants are capable of so much more than just ‘doing taxes’. In fact, if your current accountant is just preparing historical financial statements and lodging your income tax return – you might be looking to face some very difficult times ahead.
We believe accountants should help business owners navigate the challenges of growth and address the pain points that come with running a business. While the challenges and pain points will vary from company to company, there are some common business challenges we assist our clients with as the company grows:
- Complex financial forecasting, including 3 to 5-year forecasts.
- Reduction of overheads and increased efficiency in business operations.
- Getting the right people in the right roles for the future.
- Promoting stability for the future.
- Minimising tax obligations.
- Considering project feasibility.
- Exit planning.
- Undertaking comprehensive risk assessments to mitigate current and future financial risk.
- Debt structuring.
- Debt funding and financing.
Sharp Accounting’s team has a wealth of knowledge, skills, and experience navigating all of these challenges (and more) for our business clients. We leverage technologies and our cumulative experience to implement solutions that promote stability, predictability, and data-driven decision-making in business to help you achieve a more profitable future.