How To Know When Your Business Needs A Small Business Accountant


Ah, the wonderful world of accounting. It’s probable that the word makes your head spin. When we mention accounting, we’re quick to associate the service with numbers, boredom, stress and difficulty. However, it doesn’t have to be that way. 

If you’re running a small business, you’re probably wondering whether you need a small business accountant to help you with your financial situation. Well, you’re in the right place. We’ve created this article to answer your most pressing questions whilst providing you with the information and guidance you need to make the best possible decision. After all, mastering the world of accounting is no easy fate and we’re here to help you!

Small Business Accountant

How Can A Small Business Accountant Help Your Business?

It’s safe to say that running a business, whether big or small, can be a stressful and overwhelming process. That’s why having the right assistance is key to your success. When it comes to accounting, understanding what processes are required and the most effective way to fulfil such processes is paramount. 

In the same way a business can quickly become overwhelming, accounting can become a difficult, challenging and costly service to perform if you don’t have the right expertise to assist you.

That’s why a small accountant can help you to stay on top of all your financial needs, so you can focus on what matters most; the business itself.

The Australian Government’s Business website illustrates why your business may need a small business accountant.

“Take the story of Rob, a hard worker who admits he isn’t comfortable with accounting….Rob knows he’ll need some accounting software and speaks with his accountant to discuss how to manage his financial statements. By understanding what his profit and loss statement actually means, Rob can now better account for his revenue and costs and assets and liabilities” (2018). 

Similarly, an article by Business Insider effectively explains, “A skilled accountant can spot inefficiencies in existing operations and missteps in your business planning before you make them” (2018). 

What Services Does A Small Business Accountant Provide?

Contrary to public opinion, small business accountants perform many more services than just tax returns. These services include, but not are not limited to, the following:

  1. Review your bookkeeping system
  2. Increase your financial savings
  3. Improve your overall financial situation
  4. Provide informative and reliable advice to guide your business’ financial operations
  5. Ensure your registrations and licenses are in line with legal requirements
  6. Assist you with your tax return to ensure you receive what you’re entitled to 

The aforementioned services are just some examples of how a small business tax accountant can assist you. These services won’t only save you time and a whole lot of unnecessary stress but also money. Whilst it may initially seem like a service you can perform yourself, ensuring your financial situation is the best it can possibly be requires expertise, extensive knowledge and a deep understanding of accounting. It’s fundamental you keep this in mind!

What Are The Costs For A Small Business Accountant?

Of course, the cost of this service is an important factor to consider. When it comes to deciding whether a small business accountant is a worthwhile service for you, consider the prices with value in mind. 

The price range will differ depending on the specific services you require and your business as well. However, there are some general price guidelines. 

On average, accountants hourly charge out rate is between $165 to $330 with the inclusion of GST. For assistance with your annual tax return, an accountant could charge $1,800 to $2,500. If you’re looking for help with BAS statements, the service usually costs around $300 to $330, charged quarterly. If you’re looking for assistance with planning your tax, the cost may be around $1500-$3000 for the service. 

Whilst these price guidelines do provide you with an indication on what costs you can expect to pay for a small business accountant, they are indeed just guidelines. 

When you remember the time, effort and money you can save by choosing to hire an accountant for your small business, it’s likely you’ll make back the money you initially spent on the service. Keeping this in mind is paramount when determining whether your business needs a small business accountant. Essentially, it’s a question of value rather than cost.

What Is The Best Cloud Accounting Software For A Small Business Owner?

The digital world brings with it an endless choice of technological assistance when it comes to accounting. There’s many cloud accounting softwares that can help make your life more effective and efficient. Finding the right one for you and your small business is key. 

The user-friendly nature of the software, the pricing, the services, the reviews and reputation of the brand as well as the benefits it provides you, are all important factors to consider. 

One of the leading cloud accounting software helping support small business owners is Xero. And, for good reason. 

With a focus on functionality and a user-friendly experience, Xero makes accounting easy and that’s not a word frequently used to describe accounting. The simple process, affordable prices and advanced software helps in assisting small business owners with their accounting needs. 

With a wealth of positive reviews, an active and responsive support team as well as in-depth explanations about how to best manage your small business’ financial accounts, it’s no surprise that Xero has quickly established itself as a go-to software. 

The Verdict

Determining whether your business needs a small business accountant is a personal decision and will depend on your current financial situation, your business goals, your plans for growth and the prior experience you may already have about accounting, as well as other factors.

Whilst the decision does depend on several variables, the ultimate question is this: What value do you place on your business’ financial situation? 

Answering this question will help you and your decision. 

Small Business Accountants Melbourne – Contact Us

You can contact us using the details or contact form below.

BuildGrowth Accountants
Level 9, 440 Collins Street
Melbourne, Victoria 3000

03 9028 8155