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Small Business Bloggins

By nothingbutnet, Dec 17 2015 12:51AM

When speaking to accountants, bookkeepers and small business owners, many things were brought to our attention. Everyone knows that the average business cannot remain profitable without cash flow. But unfortunately, many of them don't know how to manage their finances. They don't know how to track their accounts.


As a small business owner, you probably started your business for numerous reasons. Maybe you wanted to pursue something that you really liked. Or maybe you've always dreamed about being your own boss. The bad thing is that this dream probably had nothing to do with business accounting Melbourne. Businesses must tackle accounting on an everyday basis.


It's good to do what you love, but accounting will always be a necessity in the business world. Many times small business owners have accounting software that is hard to understand and use. If you aren't a small business accountant Melbourne, this type of software is very baffling. Its mind boggling and requires a lot of precious time to understand.


Most people are puzzled when using accounting software. Why does this happen? Accounting software has always been hard to use. Many business owners hate to do accounting Melbourne. Chances are they are forced to spend long hours slumped over a desk looking at a long list of accounting terms that they don't understand. If this is the way accounting is tackled, then it's understandable why most can't control their accounts.


Cloud software is fun for the following reasons.


Feeding statement lines from your bank account into accounting software allows you to access your cash flow in real time.


The ability to access your bank balance, bills, invoices and expenses lets you see and track cash flow much easier.


Looking at your finances via the cloud lets you see everything 24/7 from any location.


You can move around. You are free to move away from your desk and the office. You and your advisors can work on and share data at the same time. You don't have to share a computer screen.


Small business accounting software makes doing accounting much better. Checking the profitability of your company shouldn't be a chore. Your accounting software should be fun to use.


Why this is a good thing for your small businesses accountant


When small business owners can access accounting software that is simple to use, they spend more time tracking their finances. This means that they can see problems as they arise. They aren't forced to wait hours to take action. Also, the average small business accountant Melbourne can provide better advice about financial matters. This can make your company more profitable.


If accounting software is easier to use, you'll discover that this positively impacts the way that you do business.


By nothingbutnet, Sep 17 2015 01:38AM

Tax time is right around the corner, and this is the time to start thinking about hiring an accountant. Sure, this may sound like an extra expense, but there have been many small business owners and high-paying individuals who have lost out on a lot of money because of errors with accounting. With that said, let's discuss five reasons why you must hire an accountant.


1. Help Transact With The Government

Not only can an accountant help you with your tax obligations, but they can help you complete and submit any legal documents before operations or changes start. Sometimes alterations in tax laws can occur and when they do, an accountant will let you know about such changes. Asides from all that, an accountant will keep records of revenues, expenses and tax codes of your employees, and they can manage your payroll.


2. Offer Advice In Regards To Creating A Business Plan

Accountants can offer you advice when it comes to creating a business plan. With the advice they provide to you, you will be able to create a business plan that is realistic, as well as a plan that has a good chance at succeeding. When you hire a good accountant during the early stages of your business, then you will benefit from their knowledge.


3. Explain Legal Business Structures In A Basic Way

There are different legal business structures and an accountant can help explain the different ones to you, and then you can choose the one you think suits you the best. For example, if you decide to be a sole trader, then you may end up being personally reliable for business obligations, which means you could be the target of creditors in the event that your business fails to pay suppliers, not pay debts and things of that nature. A limited liability company structure allows you to not be held personally.


Not only can an accountant provide you with basic info about legal business structures, but they can go into even greater details about each type of structure. For example, they can explain legal obligations associated with being sole proprietorship, corporation, partnership and limited liability company. There are a lot of different things that you should know about each structure, and a good accountant can explain everything to you, and then you can make an informed decision.


4. Help Prevent You From Losing Money

You need to hire an accountant when you notice more cash is going out than what is coming in, and they will be able to identify areas that you need to improve in and which areas you can just do without. There are software products that accountants can use and this allows them to produce you a presentation that you will easily understand.


5. Help With Getting A Loan

A good small business accounting company can help you get a loan fast because banks will take you more seriously when you have an accountant by your side. Also, an accountant will make sure your tax obligations are being met, and they will help you with presenting reports that can convince the banks to approve your loan application.


Are you based in Melbourne and are you a small business? If you need a Melbourne small business accountant has plenty to choose from, so find the right one to hire today.


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