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2018-05-07 23:43:32 Small Business Tax English In need of a dream team to help you make it through tax time? Every small business owner knows the challenges of tax. If you’re confused... https://dprotksf3n5y8.cloudfront.net/wp-content/uploads/2018/05/07233728/iStock-512056964.jpg tax How To Build Your Tax Time Dream Team | QuickBooks Australia

How to build your tax time dream team

2 min read

In need of a dream team to help you make it through tax time? Every small business owner knows the challenges of tax, whether it’s calculating GST, working on your business activity statements (BAS) or sorting through boxes of receipts.

But what if you could compile the ultimate team to make tax time a breeze? If you’re confused as to whether you need to bring an accountant, bookkeeper or financial advisor onboard, we can help you understand the role of each one in your small business.

Bookkeepers

A bookkeeper could be a life-changing addition to your business. As a data-entry professional, bookkeepers can maintain accurate records of financial transactions across your business. They can provide assistance with day-to-day financial services, including invoicing, payroll and expense tracking.

Generally, bookkeepers are proficient in data reconciliation, with a high-level understanding of financial data, including cash transactions, expenditures and gross profit. If your business employs staff, your bookkeeper can also help with payroll – a frequent and time-consuming task, which can include calculating payroll tax, superannuation and even checking time sheets. Come tax time, bookkeepers can also help prepare and lodge your BAS.

What tasks can a bookkeeper help with?

Bookkeepers can help you with a variety of day-to-day tasks, including:

  • Maintaining records of financial transactions and expenses
  • Invoicing and receipts
  • Processing payroll and maintaining employee records
  • Producing financial reports such as income statements and balance sheets
  • Banking reconciliation
  • Preparing and lodging your BAS

Two business woman working together in an officeAccountants

There is no doubt that an accountant is a must-have for any financial dream team. They can help you prepare your tax return, which may not only saves you time, but also money. An accountant will calculate your tax deductions and ensure your business is only paying the exact amount of tax owed – and not a penny more.

Not only are accountants the right person to have by your side at the end of the financial year, they can also offer important business advice on an ongoing basis. Accountants can help with long-term business strategy, financial reporting and offer solutions to cash flow woes and tax debts.

What tasks can an accountant help with?

Accountant can help with a variety of financial tasks, including:

  • Tax requirements and lodgements
  • Troubleshooting cash flow issues
  • Dealing with unpaid invoices
  • Conducting business audits
  • Assisting with long-term business strategy

Financial planner

A financial planner is a qualified professional who can help individuals and small businesses meet their long-term financial goals. The term ‘financial planner’ can cover a broad range of individuals, from stock brokers to mortgage brokers, so it’s important to find someone who has the expertise you’re looking for.

A financial advisor can help small business owners with managing cash flow, creating accurate business projections and minimising exposure to risk. They can also help with potential investment opportunities and assist with developing a business plan.

What tasks can a financial planner help with?

  • Long-term business strategy
  • Planning for superannuation
  • Investment opportunities
  • Budget and debt management

If you’re looking to hire an accountant or bookkeeper, check out our ProAdvisor program.

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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