Accounting: To DIY or not to DIY?
You’ve started your own business. Congratulations on joining close to 900,000 other small business owners in Australia who’ve taken the plunge. You’ve gone from being an employee or number in the company cog to being everything in your venture – you’re the salesperson, back office admin, receptionist, customer service – you’re doing the lot. You’ve also taken on the daunting task of being the bookkeeper as well. But what does this mean? What do you do and how don’t you make a mess of it?
“you’re everything else to your business, to add another task to your already growing to-do list will see you have no personal time”
This is where an accountant or bookkeeper can step in and take on this role, because, let’s face it – you’re everything else to your business, to add another task to your already growing to-do list will see you have no personal time – and who wants to be tethered to their business?
“An accountant isn’t a person you only talk to at tax time or when you need someone to deal with the tax office on your behalf”
An accountant isn’t a person you only talk to at tax time or when you need someone to deal with the tax office on your behalf – a great accountant will take an interest in your business and will want to see your business grow and succeed. Bookkeeping, compliance, advice, analysis, taxation – there are many value added services for your business to take advantage of, and a great accountant will have many answers to questions about your business that you can’t get from a book, a YouTube clip or a podcast.
No business is the same, there is no cookie cutter application to each scenario that arises in your business. Additionally, a great accountant will take pride in keeping your accounts clean, your lodgements up to date and you up to date with all things financial concerning your business. A great accountant will also ensure your business is compliant and find ways to maximise efficiency and profitability.
“A great accountant will also ensure your business is compliant and find ways to maximise efficiency and profitability.”
So rather than seeing your accountant as the enemy – someone who just wants to run up fees – question their relevance to your business and value add to your business and you will find more often that having a great accountant on your side benefits you and your business tenfold. If you don’t seek advice from a professional, then you won’t be in the know.
Written By: Stacey Giannopoulos