10 Ways A Chartered Accountant Can Help Your Small Business

Starting and maintaining a small business is no easy feat. There are a million and one things to think about at any given time, from product development and marketing to sales and customer service. That’s why having a solid team in your corner is essential, including a reliable accountant.

Here a 10 ways a chartered accountant could benefit your small business:

Accounting

Financial statements clearly show your business’ performance, operations, and cash flow. Your accountant can create reports that are easy to understand, with advice on how to read and analyse the information. 

You can also get help finding the necessary information and guiding your business growth journey.

Tax Returns

Chartred Accountants can offer tailored tax services to fit the needs of your business. Whether you need help with compliance, streamlining your processes, or simply preparing a tax return, we are here to ensure you meet your legal requirements and business goals.

Accountants can help you with:

• The company, Trust, Partnership and Individual returns
• Advice on tax payments
• Tax/GST/FBT/RWT/PAYE/ACC obligations and business health checks
• Effective trust structures for asset protection and tax minimisation
• Managing any IRD audits or disputes
• Access to Tax Pooling to manage cashflow
• Tax type registrations

Bookkeeping

Any business needs to have accurate records in order to take control of its financial welfare. Chartered Accountants will provide bookkeeping support to facilitate all small business accounting requirements, including preparing annual and periodic management accounts for tax, appraisals, and planning purposes. 

Your accountant also provides helpful information and constructive advice tailored to your business.

GST

Accountants can facilitate the administration and filing of your business returns. This is done through curated systems for recording your GST information.

If you’d prefer to complete your GST returns but like the idea of a guiding hand, you can get help with the review process before you file. This educated feedback loop can minimise errors that could cost your business later. 

An accountant can help you with:

• Preparing GST returns
• Filing and adjusting GST returns
• IRD audit assistance
• Sale/Purchase of property
• Consulting advice on specific transactions

Payroll

A chartered accountant can provide comprehensive and confidential payroll services to help you save time and eliminate mistakes.

Your accountants can assist you with:

• Customised payslips
• Administration of PAYE, statutory sick pay, and annual leave
• IR-filing to the IRD
• Summaries and analysis of staff costs
• Advice on scheduled payments and RWT
• Administration of incentive schemes, bonuses, and termination payments
• Xero Payroll, Thank-you Payroll, PayHero, PaySauce

Cashflow Forecasting & Budgets

Accountants can look in depth at your business’s cash flow and guide changes you could implement. 

Then, when you’re assigned an advisor, they will sit with you to create a cash flow forecast specifically for your business and create goals with an actionable plan.

Your accountant will also be able to guide you in the growth of your business. For example, they can help you by teaching you the difference between profit and cash.

Business Structure

Choosing the right business type can be tricky. Your accountant will understand the different structures, from single company formats to multi-level portfolios with multiple entities. As well as discuss your options, from a company, partnership, or limited partnership to a look-through company or Trust. 

Strategy Development & Implementation

An effective business strategy is a blueprint for the different aspects of running your business, from hiring to organisational structure. An accountant can help lower your risks, strengthen your operations, and implement an effective plan of action to heighten your business strategy.

Systems & Procedures

Your accountant can help you identify the positions and roles within your business. This is another area your accountant can help you in. They’ll carry out an organisational review that distinguishes departments, roles, functions, and responsibilities so you can shape future direction. This process also identifies vital issues, saving you time and money.

Strategic Planning – Life Cycle

• Startup – Get help creating business plans, structure, cash flow projections, budgets, trading forecasts, etc. 
• Emerging – Have advisors supporting your growth journey and guiding you through this stage of your business life. And additional help with cash flow forecasting, systems and procedures, and strategic planning.
• Established – Accountants will look at the balance beyond the books when developing your business growth strategies and advise you on management reporting, debt advisory and capital raising.
• Expanding – Review, forecast, and diagnose areas for you to penetrate or pivot into without compromising your core business values. Have guidance through mergers and acquisitions, debt recovery, asset security, tax structure and planning, and governance frameworks.
• Exiting – Succession planning helps clarify your company’s journey and solidifies plans. It also ensures leadership continuity and develops intellectual capital for the future. It’s essential to consider business, personal, and family expectations. 

Conclusion

Having a chartered accountant on your side is a great way to ensure that your business is in good shape and running smoothly. Hiring an accountant can save you time and money while freeing you up to focus on other aspects of your business. 

For example, an accountant can help you establish and maintain financial records, prepare tax returns, and offer advice on financial matters. If you are thinking of starting a small business, or if your small business is struggling, consider hiring an accountant.