5 Top Tips To Save You Money On Accounting Fees
Your accountant should not be a cost to your business, but rather an investment for your business. Finding an accountant who you can trust and who is invested in seeing your business succeed is a huge asset for any small business and can save your business money.
1. Find an accountant you trust
Choosing the right accountant is important to every small business. Your accountant should be responsive, take initiative in ensuring your lodgements are up to date and most importantly be someone you can have a conversation with and ask questions.
By finding an accountant you can trust to give you advice when you need it most will assist you with making the best decisions for your business. The opportunities for your business growth are endless.
2. Get set up with an online accounting software Taking care of the bookkeeping side of things has never been easier with the large number of online accounting software available. Most software options are now cloud based and offer handy features such as automated bank feeds, invoicing templates, payroll integrations and custom reports for you to be able to access your financial information on the go.
Your accountant may also be able to get you exclusive discounts on some of the main accounting software packages such as QuickBooks Online and Xero!
3. Use one bank account solely for your business transactions One of the easiest ways to simplify your business bookkeeping is to set up a separate business bank account to keep your business and personal finances separate. By mixing the two you can miss out on potential deductions, cause issues such as Division 7a loans if you are operating as a company and pay a lot more for your end of year accounting for your accountant to sort through both your business and personal transactions.
Keeping your bank accounts separate and paying yourself regularly or as you need it is one of the best ways to keep your accounting fees at a minimum.
4. Have the same person prepare your bookkeeping and tax returns
Having your accountant prepare your bookkeeping as well as your end of year tax gives the opportunity to build a strong relationship with one person who truly gets to know you and your business, from the everyday operations to the bigger picture.
A good accountant will be on top of any tax changes and will be able to help you implement them immediately into your business. By having your regular bookkeeping prepared by your accountant, you can ensure that your business information is always accurate, which helps you to see your businesses true financial position for decision making and tax planning.
When it comes to the end of financial year and preparing taxes, a lot of our job as accountants is reconciling and fixing errors within our clients bookkeeping – by having the bookkeeping prepared and reconciled by your accountant we can ensure that your books are most accurate throughout the year to reduce the end of year process time, saving you money!
5. Understand your accountants pricing.
A lot of small business owners can be reluctant to call their accountant when tax time rolls around - many accountants charge an hourly rate for their services which can result in unexpected accounting bills for every call or email throughout the year. Choosing an accountant who offers fixed quotes and the opportunity to contact them for no additional cost can save your business money and help manage your cash flow.
But where do I found an accounting firm which offers all of that? Hi – I’m Brianna from Breeze Accounting Solutions. At Breeze Accounting Solutions we are a cost effective accounting solution. We love building relationships with our clients, getting to know each unique business and business owner. Our mission is to provide clients with a personalized all-inclusive service, working alongside them to simplify their accounts, answer questions, minimize their tax and ensure they always stay up to date with their lodgements. We want our clients to know we care, and that they can contact us at any time throughout the year at no additional charge, which is why we give a customized all-inclusive quote with options to pay monthly, quarterly, or annually to suit your needs and cash flow.
Contact us today to find out how we can help you!
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