We often think of our local accountants as a business we only need once a year during tax time or for bookkeeping. But as the global pandemic continues, right now keeping in contact with your accountant on the Sunshine Coast or in Redcliffe may be the best thing to help you get through this difficult time.
Right now, an experienced accountant is critical in helping with your small business or personal accounts and can suggest ways to help you save money and get some financial relief.
With government implementing programs like the Job Keeper Payment Plan, and many people working remotely from home, now more than ever, it’s essential to have a qualified accountant.
Here are three ways an accountant assisting you and your business can help.
1. Stick with what you know
If you’re a business owner or are employed but working remotely, you’re entire working landscape has changed. Your focus should be on your job productivity, customers, clients and employees not worrying about accounting. Having the right accountant close by for advice will not only take the administration work off your hands but also assist you with the right stimulus programs that are available.
2. Manage your resources
Once you’ve made a plan to access additional funds and relief, accountants can work with you with business advice to manage your money. They can help you lower costs and spot growth opportunities and optimise your cash flow by identifying areas of profit and loss. They can also highlight ways to reduce your costs and help you renegotiate contracts and highlight ways to reduce your inventory costs.
You can read more about why professional business advice is crucial to start your business or help an existing one thrive.
3. Assist with new regulations
There are always ongoing updates and regulations in areas of general accounting but even more so right now, particularly in areas of capital gains tax, and superannuation. The government has established a host of small business programs to assist with funding for business and employees during this time. There are also rules your business must meet to keep the funding and knowing what applications to fill out and how can be a daunting process. A reputable accountant can assist.
While the pandemic will likely have lasting changes on the world, this time could be a good opportunity for your business. For the best advice, contact our team today for a consultation to help your business come out more durable and focused.
Jason is the director at Total Accounting Partners on the Sunshine Coast and in Redcliffe. He has been working as an accountant for over 16 years. He has experience in Public, Corporate, Management and Government accounting services and all aspects of accounting including Tax Planning, Superannuation, Structuring and Acquisitions. Jason is Xero certified and lead the team to Gold Partners with Xero.