m+a Accounting & Consultancy

How Using a Professional Accounting Service Benefits Small Businesses

Professional Accounting Service Benefits

Accounting is an integral part of any business, regardless of its size and scope. It is the method used to handle all the financial activities of any company or business entity. Also, it is beneficial in decision making that will allow the business to achieve its financial goals effectively.

Typically, large businesses hire or maintain a specialised department tasked to provide the needed accounting services. However, small businesses, especially those who have just started their operations, would not typically do any of these. As a result, many of them are now struggling with their business finances.

If you own a small business, choosing a reputable accounting services provider who can help you effectively establish and maintain a seamless business accounting system is important. 

What Is a Professional Accounting Service?

Professional accounting service involves providing various accounting services designed to accumulate information and create reports regarding the performance, cash flows and financial position of a business. The stakeholders then use the information gathered to decide how the business would be managed. They also use the same information to determine whether to invest or lend the money to the business.

A professional accounting service provider usually offers a long list of services to existing and potential clients. However, the most commonly sought includes the following. 

Tax Accounting

Tax accounting is a complex and ever-changing field, and it can be challenging to keep up with the latest changes yourself. Hiring a professional accounting service provider can help you navigate the tax code and ensure that you take advantage of all the deductions and credits you are entitled to.

Accountants help you keep track of your expenses and income to make more informed decisions about your business finances. This information can be invaluable in helping you grow your business and achieve your financial goals.

A professional accounting service can also help you prepare for tax season. They can provide you with the forms and information needed to file your taxes correctly and on time. This can save you a lot of stress and hassle during what is already a busy time of year.

Auditing

An audit can assure business owners and shareholders that the company’s financial statements are accurate and free from material misstatement. Auditing can save the business money in the long run by preventing them from overstating their income or understating their expenses. It can also help identify areas where improvement is needed in its internal controls or accounting procedures.

Account Receivable

This accounting service is proven effective in boosting the company’s collection rate, ensuring faster invoice processing and significantly reducing the period of payments.

Payroll Processing

A reputable professional accounting service firm offers payroll processing. Although this is a time-consuming and complicated task, it is essential and something that has to be done correctly and on time. Thus, it is best to entrust your payroll needs to a professional accounting service provider.

What Are the Benefits of Accounting Services for Small Businesses?

If you own a small business, you may be wondering if you need to use a professional accounting service. In Australia, professional accounting services can provide a range of benefits for small businesses.

Here are just a few of the ways a professional accountant can help your business:

Save Time

Keeping track of your finances yourself can be very time consuming and stressful. You need to spend more time and effort to ensure that all the accounting and financial needs of the business are handled well. You’ll end up having less time to take on the other essential aspects of the company.

Hiring a reliable accounting firm will free you from the accounting burden, giving you more valuable time on making decisions and policies to further your business’ interests.

Save Money

Contrary to common belief, hiring a professional accountant is not a financial burden to a small business. Instead, it can help you save money. The accountant can help you keep track of your finances and make sure that you’re claiming all of the deductions you’re entitled to. This can help reduce your tax bill and save you money in the long run.

Get Expert Advice

Hiring a professional accountant also provides you with access to expert advice. For example, if you have questions about your finances or tax obligations, you can seek help from an accountant. You’ll then be assured that your business is tax compliant.

Furthermore, a professional accountant can provide you with realistic advice when making significant decisions, especially concerning the business’s financial aspects. Accountants with extensive experience are an excellent source of input that helps small companies to achieve their expected financial goals. 

Reduce Your Tax Liability

Having a qualified accountant is a great way to reduce your business’ tax liability. The accountant does this by using their knowledge and experience to ensure that business taxes are paid well and on time. This saves you from incurring additional costs and the end-of-year challenges when you fail to comply with the tax requirements.

Provide Security

Employing a professional accounting service firm helps secure your business. Most qualified accountants know the data protection rules that apply to your business. They can also use specialised software that secures your confidential business data handling.

How Malkoun & Associates Can Help You

Having a team of professional accountants, like us at Malkoun & Associates, ensures that your business’ financial health is maintained at its best. It helps you save time and money, have access to expert advice when needed and keep all the financial transactions of your business secured. 

If you need any service related to accounting, Malkoun & Associates has a team of professional and experienced accountants. We have a solid track record and services of helping small businesses succeed in achieving their goals.Contact us today.