We cannot stress enough that accounting is an important tool available to business owners. It is necessary not only for owners but also creditors, banks, financiers, the Australian Taxation Office, and other government agencies. It is necessary so that the owner knows his or her financial state and his profit or loss at any time. It is too often that we have clients that have no idea what their financial situation is at a critical time such as the end of the financial year or when they want to sell the business. Owners can be shocked at the time to pay tax when they lack cash as they have not kept timely accounts. A business that does not make profits after provided a reasonable salary for the owners is difficult to sell. Therefore proprietors need timely and accurate accounts to help them make decisions.

Goods and Services Tax is another reason to keep good accounts, especially in industries where there are combinations of goods and services sold that are and are not subject to this tax. It is important to keep accurate records so if audited by the ATO records are in the appropriate order and GST correctly claimed. We can advise with that.

We believe that you should prepare budgets so that you have a roadmap to success. While we can assist you prepare a budget, it is you who must take responsibility and therefore “own” your budget. It is pointless to pay an accountant to prepare a budget but then fail to use it because you don’t agree with the accountant’s figures. We are only too happy to help and we wish that more potential owners would seek professional advice before they plan a new venture. We can assist with business plans but it is your responsibility to prepare as well. It is our job to say if it is practicable, achievable and wether or not you can make a salary and profit from the business.