How to Build a Better Relationship With Your Accountant

As a small business owner, keeping track of your finances is one of the most important things you can do for your business. At a certain point, it may become overwhelming to try to keep track of everything on your own, which begs the question: do you need a bookkeeper? The short answer is yes, but why is that, and what can a bookkeeper do for your business? Time and Money

The Australian Taxation Office (ATO) is the government body responsible for collecting taxes and administering other areas of the tax system. The ATO audits taxpayers every year to ensure they are paying the right amount of tax. However, if you have received an audit notice from the ATO, it can be stressful. Here are three ways a tax accountant can help with an ATO audit: 1. Helping You Challenge Your Assessments Before They Go To The ATO 

If you're relatively new to the business world and are running a growing operation, you may need support from other people. These individuals can perform certain tasks for you in return for remuneration, but you need to be particularly careful when it comes to the payment of tax. In this case, you will need to know whether that individual should be classified as an employee or a contractor, but it can often be hard to differentiate.

Small business owners like to control the financial side of things. Unfortunately, that will prove difficult as the business continues to grow. Besides, as the business owner, you'll have too much work to do that you'll need help at some point. If you're in a similar situation, consider using bookkeeping services. Here is why a bookkeeper can be of help to you. You've Got Too Much Work Running a business is challenging and quite exhausting, especially if you are running everything without help.

U.S. taxes are notorious for keeping an iron grip on U.S. residents and citizens no matter where they live in the world. Most people coming over to live or work in Australia know that they may still have to file. However, they might not realise the extent to which they'll have to report their income to the U.S., even if the money was not from a U.S. company. This is something you need to stay current with as falling behind can be a difficult situation to fix.

If you run a small business, you may already wear several different hats as you try to save money and do a lot of the peripheral work yourself. You may know that this is not the most efficient way of doing things from a big picture perspective, but you may press on anyway as you try to grow first before incurring the cost. Yet if you are overly busy, you may already be squandering money as you fail to look at the finer detail and make the right decisions.

Financial management is the most critical issue when running a business. It determines if your business succeeds or not. As an entrepreneur, it might not be easy to understand financial dynamics of your business well. For that reason, it is advisable to hire a qualified accountant to handle your books of accounts. Some frequently asked accounting questions from many entrepreneurs include the following. 1. Should You Open a Separate Bank Account as a Sole Trader?

Starting a small business is one of the most exciting things that you can venture into. However, your success will depend on how well you strategize before starting. Most people have the basic vision of what they want their business to grow into, but not the sound financial plan that will lead to the expansion. As such, it is crucial to invest in bookkeeping services during the business planning stage.