Four Reasons To See A Business Advice Accountant Before Starting A New Business In Australia

A business advice accountant provides invaluable advice to entrepreneurs and small business owners. While many people think of accountants as bookkeepers, there are many other services that an accounting professional can provide.

Here are four reasons why you should see a business advice accountant before starting a new business in Australia.

1. A Business Advice Accountant Can Help With Tax Planning

Tax planning is one of the most important things that you can do as an entrepreneur. It involves looking at your current financial situation and finding ways to minimise your tax burden. You might have heard of some of these methods before including claiming capital allowances and setting up a company or trust. However, there are many other ways that you can reduce your tax liability if you work with a good accountant who understands how tax law works.

2. A Business Advice Accountant Can Provide Business Structure Advice

A business advice accountant will help you decide on the best type of legal entity for your business including sole trader, partnership, or company. This is important because it will determine how much tax you will have to pay as well as how much personal liability you face if anything goes wrong with your company or trust.

3. A Business Advice Accountant Can Provide Bookkeeping And Accounting Services

A good accounting professional will keep track of all transactions happening within your company including paying taxes and reporting them correctly on time to avoid penalties from the ATO. The last thing you want is to get a fine because you were late in submitting your tax returns or because you didn't pay your taxes on time. Bookkeepers can also help with filing taxes such as GST, PAYG, and FBT on behalf of businesses so that they don't have to worry about doing it themselves or hiring someone else to do it for them.

4. A Business Advice Accountant Can Help You Set Up Your New Business

If you want to start a new business, it's essential to know how much money you need to start it up as well as how much it will cost you per day/week/month, etc. This information will help you formulate a budget for your company so that you know whether or not it will be profitable in the future.

Starting a new business involves making many important decisions and having access to the right information as you go. A business advice accountant is an expert in accounting and taxation, who can help you make the right choices at every stage of the process. Chat with an experienced business advice accountant for more advice today.