m+a Accounting & Consultancy

The Purpose and Value of an Accounting Firm in Sydney

Are you a business owner in Sydney? 

As your business grows, you will need to hire an accountant to keep track of finances. Many business owners manage their accounts themselves. This consumes their time and increases the danger of regulatory difficulties.

Any business works with different types of transactions happening daily. Therefore, securing the help of Sydney accountants is important to take note of all these transactions, categorise them and present them in a financial statement. This gives business owners an overview of their company’s financial health and performance.

In addition, an accountant in Sydney can offer you advice on how to save money and make better financial decisions for your company. But with the many accounting firms, how do you choose the right one for your business?

Getting the most qualified and reputable accounting firm can make all the difference. You need a firm that can provide services essential to your business transactions like us at Malkoun & Associates. We are a corporate accounting firm in Sydney composed of highly skilled professionals for end-to-end solutions for all your accounting needs.

Why Does Your Business Need an Accounting Firm?

Most businesses need an accountant for tax compliance purposes. The ATO requires all companies to lodge their tax returns on time in Australia. If you are a new business owner, you may not be familiar with all taxation rules and regulations.

The good thing is that accounting firms provide essential services that businesses of all sizes need to operate efficiently and comply with relevant regulations. The benefits of working with an accounting firm are many and varied, but ultimately they will all contribute to making your business more successful. 

• Fosters Better Business Growth

When you have an accountant, you can focus on other essential aspects of your business. Not only will you gain a better understanding of the likelihood of success for important decisions, but you will also be able to decide if now is the right time to open another branch or hire new employees. 

A good accounting firm can assist you in better understanding your receivables and collections and provide a clear picture of your company’s cash flow and seasonality. You may also access advisory services and market analysts when you work with a local accounting firm.

 

• Adheres to Necessary Statutory Requirements and Regulations

All businesses need to adhere to statutory requirements. Depending on your business type and location, you may be required to get specific licences and permits. 

Professional accounting service is fully informed of tax rules and procedures, allowing you to avoid common blunders. They are adept at detecting anomalies and ensuring that your accounting records are accurate, allowing you to remain compliant whilst also providing peace of mind. 

Furthermore, you will also need to follow specific regulations regarding employee compensation and other HR matters. An accountant can advise you on the best way to comply with all the necessary rules and regulations.

 

• Maximises Your Savings and Deductions

One of the main reasons to hire an accountant is to take advantage of all the potential deductions for your business. An accountant can help you identify expenses that can be deducted from your taxes. This includes office supplies, travel expenses and entertainment expenses.

 

• Establishes an Organised and Automated Accounting Flow

Most businesses need some level of organisation when it comes to their finances. An accountant in Sydney can help you establish an automated accounting flow by setting up software compatible with your business type. This will allow you to track your expenses and income more efficiently.

 

• Keeps Track of Your Finances

The most important reason to hire an accountant is to keep track of your finances. This is especially important for businesses that are growing rapidly. An accountant can help you keep track of your money coming in and going out so that you know where it makes the most sense to spend your resources.

 

• Provide Essential Financial Advice

When you work with an accountant, you can access essential financial advice. This includes advice on how to invest your money and how to save for retirement.

What Services Do Accounting Firms Provide?

• Tax Services

One of the most common services that accounting firms provide is tax compliance. This includes preparing and lodgment of your tax return. An accountant can also help you with tax planning to ensure that you maximise your deductions and your tax liability.

 

• Business Advisory

Business advisory services help businesses to grow and operate more efficiently. This includes advice on strategic planning, marketing and human resources.

 

• Accounting and Bookkeeping

Accounting and bookkeeping services are essential for all businesses. This includes maintaining accurate financial records and preparing financial statements.

 

• Self-Managed Superannuation Funds

Self-Managed Superannuation Funds (SMSF) are a popular way to save for retirement. An accountant can assist you with the establishment and ongoing compliance of your SMSF.

 

• Audit and Assurance

Audit and assurance services provide businesses with an independent assessment of their financial statements. This is important for companies seeking external investment or are required to comply with certain regulations.

Will an Accounting Firm Give Value to Your Company?

An accounting firm is a valuable investment in your business, especially in your long-term planning, such as when you want to expand your business or make other significant changes to your operations. An accountant is also a valuable sounding board when making strategic decisions about your business. 

How Malkoun & Associates Can Help You

At Malkoun & Associates, we have a team of experienced accountants who can provide you with the advice you need to make informed decisions about your business. Our Sydney accountants can give you peace of mind by knowing your business is complying with all the relevant legislation and documents. 

For more details about our services, call us at (02) 8626 7562 today.