m+a Accounting & Consultancy

Why Should You Consider Accountancy and Tax Consultancy Services When Starting a Business

When starting a business, it is important to have accountancy and tax services in place from the beginning. These services can help you to avoid any problems down the road. Having a reliable accounting and tax advice source can help you make sound business decisions and prevent potential issues.

What are accountancy and tax consultancy services?

These are professional audit and advisory services that provide assurance, consulting and advice to organisations on their financial statements, internal controls and other business risks. They help organisations improve their operations, governance and risk management. 

Tax accountants, auditors and other professional service providers perform audit and advisory services. These services can be performed alone or as part of a broader engagement. Advisory services may also be provided to organisations in connection with an audit. 


What Activities Are Involved in an Audit?

When it comes to business, there are a lot of essential factors to consider to ensure success. One of the most important aspects of any business is keeping track of the finances and ensuring that everything is accounted for correctly. This is where audit and tax accountant services come in.

Audit services ensure that your financial records are accurate and up to date. This is important for any business. Having correct financial records is essential to making sound business decisions.

There are many different activities involved in an audit. Some of the most common activities include reviewing financial statements, testing internal controls and interviewing management.

Also, there are two main types of audits: internal and external. It is essential to choose the right type of audit for your business. Depending on the size and scope of your business, you may need a different kind of audit.

Employees of the company being audited conduct internal audits. Independent third parties conduct external audits.


List of Services in Advisory Services

Below are some of the services included in accountancy and tax consultancy services:

  • Assistance with the incorporation of businesses.  
  • Preparation and filing of tax returns. 
  • Provision of registered office address services. 
  • Mail forwarding services. 
  • Corporate secretarial services. 
  • Accounting and bookkeeping services. 
  • Assistance with company liquidations.


What Benefits Can I Get from These Services?


• Save Time and Money

One of the main benefits of using these services from a professional accountant in Sydney is that you can save time and money. They can help you avoid costly mistakes and reduce your overall accounting and tax burden. This can free up your time to focus on other aspects of your business.


• Access to Expert Advice and Support 

Another advantage of using these services is accessing expert advice and support. This can be extremely helpful if you are unsure about something or need guidance on improving your business operations.


• Focus on Running the Business

Hiring these types of services can be extremely helpful if you have a lot of other commitments and cannot dedicate as much time to this aspect of your business.


• Peace of Mind 

One of the most important things you will get when you outsource your accounting and tax consultancy to a tax accountant is peace of mind. This is because you will be confident that competent professionals are handling your financial affairs. This will allow you to focus on expanding your operations or developing new products and services.


• Access to a Range of Other Services 

Many auditing firms and accountants in Sydney offer a wide range of other services that can be beneficial for startups. These can include company secretarial services, payroll services and pension advice. Access to all these services in one place can be highly convenient and means you won’t waste time shopping around for different providers.


• Claim Certain Tax Deductions and Exemptions 

As a business owner, you always look for ways to reduce your tax liability, to take advantage of the many deductions and exemptions available to businesses. However, claiming these deductions can be complicated and time-consuming.  

A qualified tax accountant can help you identify the deductions and exemptions you may be eligible for and prepare the necessary paperwork. This can save you a significant amount of money on your tax bill.


• Negotiate Better Terms with Suppliers and Customers 

You must understand your business finances well to negotiate better terms with suppliers and customers effectively. This way, you can avoid unnecessarily high prices or sell below market value. 

Good accountancy and tax consultancy services can help you understand your business finances to make informed decisions regarding negotiating with suppliers and customers.


• Professional Team 

If you are thinking about starting your own business, one of the first things you need to do is find a professional tax accountant and consultant who can help you with all the financial aspects of your business. This is because they will be able to advise you on the best way to set up your business and how to run it in the most tax-efficient manner.


• Build a Long-Term Relationship with a Trusted Advisor 

When you work with a tax accountant, you build a long-term relationship with a trusted advisor. This person can offer valuable insights and advice on various issues, from financial planning to legal matters. And, if you have any questions or concerns, they’ll be there to help you out.


Where Can I Find My Consultancy Provider? 

There are many accountancy and tax consultancy service providers available online. You can find them by searching on Google or other search engines. 

Alternatively, you can ask your friends or colleagues if they can recommend any good providers. Once you have found a few potential providers, it is crucial to check their credentials and read reviews about them before making your final decision.

If you need reliable accountancy and tax consultancy services in Sydney, check us out at Malkoun & Associates.


How Malkoun & Associates Can Help You 

Malkoun & Associates is a full-service corporate accounting and tax consultancy firm in NSW. We offer a wide range of services to businesses of all sizes, from start-ups to established enterprises. Our team of experienced professionals can provide you with the advice and support you need to start your business on the right foot and ensure its long-term success.

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