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Running a business

5 reasons to work with a ProAdvisor

An experienced, qualified accountant is one of the best assets a small business can have. Above all, it means business owners can be confident that, while they focus on running and building a great company, their accounts and financial information is up-to-date. So the decisions they make using this information will be sound. 

One of the best ways to find and build a relationship with a great accountant is to use a ProAdvisor. These are special accountants who are registered with Intuit QuickBooks, who are easily found using our Find a ProAdvisor tool.

5 benefits small businesses enjoy when they work with a ProAdvisor

1. You can be confident your accounts are accurate and up-to-date

Your ProAdvisor will have a clear understanding of how the fundamentals of accounting work so you can be confident your accounts will be accurate.

“Accounting revolves around the double entry system, which means every transaction appears as both a credit and a debit in a small business’s chart of accounts,” explains ProAdvisor Jimmy Nguyen, partner, DKM Accounting

“Intuit QuickBooks looks after most of this behind the scenes through automated rules and suggestions, while your accountant makes sure any errors are not repeated over a prolonged period,” he explains.

Plus, as your business banking information automatically feeds into Intuit QuickBooks, you know the information your ProAdvisor is working with is current.

2. Your tax reporting and compliance obligations are always up-to-date

You don’t have to worry about being late filing your tax return when you work with a ProAdvisor.

“We make sure your accounts are prepared well ahead of time or, preferably, in real time. As most accountants enjoy extended filing deadlines, this gives you and your accountant extra time to prepare your return and file it with the ATO,” Jimmy says.

This is especially valuable for newer businesses, whose owners are focused on running their nascent enterprise and may not yet be familiar with statutory reporting requirements and timelines. As a foundation of their service to you, your ProAdvisor will always remind you well ahead of time about the information you need to give them, to ensure everything is lodged with the tax office on time.

Grow Your Business with QuickBooks

3. Your BAS is filed on time and always correct 

Many businesses with an annual turnover of $20 million or less report their Goods and Services Tax (GST) obligations quarterly and at the same time, file a Business Activity Statement (BAS). 

These deadlines can come around quickly when you’re a busy business owner concentrating on winning new clients and delighting existing ones. Your ProAdvisor can make sure you never miss a BAS deadline. 

 “Intuit QuickBooks provides a number of review functions and reconciliation tools that allow both you and your advisor to check your data is correct. We catch any inadvertent duplications early, so your BAS is accurate and also filed on time,” Jimmy says.

4. Your staff are paid appropriately and your STP obligations are met

Paying staff can be a minefield without the back-up of top accounting software like Intuit QuickBooks. Expert accountants such as a ProAdvisor help you make the most of the system’s tools and features.

QuickBooks’ payroll powered by Employment Hero ensures you pay staff the correct award and any loadings. A ProAdvisor takes this one step further.

“We can make sure the wages you pay are compliant and that you have paid your staff the right awards and allowances, whether it’s a one-off payment or an ongoing bonus. We make sure everything is transparent for you, your employees and the ATO,” he adds.

5. Your ProAdvisor will become one of your most trusted business guides

Every business needs a variety of different experts to call on to help guide their journey. Your ProAdvisor will become a member of this inner circle very quickly. 

“We are able to draw on our decades-long experience across a diverse range of industries and provide that knowledge and wisdom to each business owner’s unique situation. This helps them reach their milestones as their business progresses,” Jimmy explains.

“As a trusted advisor, we can also help newer businesses, whether they are bootstrapped or venture-backed, understand and apply for the incentives, grants and government subsidies that may be applicable to them. We can also help them set up their enterprise in the best structure for their immediate and future needs. We work at their pace and we understand the nature of our work and relationship with them will change over time. It’s a really fruitful relationship that delivers multiple advantages over the long term,” he adds.

It's simple to find the right ProAdvisor for your circumstances. Just use our online tool, enter your location and some of the skills you need. Then, connect with the accountants on the list, get to know them and find one that’s perfect for your needs and who can stand beside you as your business grows.

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