Running an Australian small business doesn’t leave you with a lot of extra time on your hands. There’s staff to organise, stock to order and sales to make. You’re in business to make money, but unfortunately the accounting, and one of the most important sides of the business, is left to last because there is simply not enough time in the day.
The majority of Australian small businesses look at hiring an accountant as a luxury or an indulgence, but the cost may not be a steep as you might think.
Lack of time
Usually the accounting and bookkeeping side of your business is done late at night or on the weekends. This usually means that tired eyes and minds are looking over numbers that need to be analysed properly. It’s easy to make mistakes and even worse, overlook important issues that might indicate the success – or failure – of your business.
Hiring an accountant is an important business decision
An accountant is more than just a number-cruncher. A good accountant will help you draw up business plans and implement financial systems, handle audits and tax preparation and provide invaluable input in your stage of business. This type of advice is best done with a fresh mind. Hiring an accountant will ensure that you’re not making mistakes and will help you when you’re not burning the midnight oil.
Outsourcing accountancy services
An accountant doesn’t need to hold your hand 24/7 and cost is a major determining factor when hiring an accountant. Outsourced accountants and bookkeepers are available for a fraction of what you would normally pay to have a full-time accountant working on-site. The cost-effectiveness of outsourcing specialised jobs means that a small business owner can access a qualified and talented professional while incurring a minimal cost.
Cloud based data
Most accounting packages are cloud-based, which means that the data can be collected and analysed remotely. An accountant doesn’t need to work on site and can provide the same service whether they are on location or across the country. It’s about finding the best fit for your business, not just about finding someone local.
Now-a-days professional staff don’t need to be on site to provide a valuable service. Not only will you save office space, but you’ll only need to hire a professional as you need them. Outsourcing your accountancy needs also means that you won’t have to worry about paying superannuation, PAYG or other staff benefits that your business may not be big enough to afford.
A remote accountant can make themselves available at short notice to assist you when there’s an unforseen issue, or when you’re ready to discuss your businesses financial needs.
It’s about working smarter – not harder.
An increasing number of Australian small business owners are opting to outsource their accountancy needs in order to reduce their administrative tasks, leaving them more time to spend growing their business. You can focus exclusively on your business goals whilst using a remote accountant to take care of your financial and bookkeeping requirements.
Outsourcing key professional tasks will free up your time and stress, leaving you time to build your business based on solid financial advice. ITP The Income Tax Professionals offer a remote accounting and bookkeeping service, whether your needs are one day or five days a week. Speak with a professional today.