Owning a small business or initiating a small business start-up can be difficult. Money problems also never seem to end; this is especially true for those of us with no experience in business and accounting. Terms like accounts receivable, sales figures, projections, cash flow, and taxes can be daunting to the untrained eye.
More importantly, the Australian Bureau of Statistics suggests that approximately 90% of businesses failed in 2019, with more than 60% of small start-ups shutting down operations within the first three years! This is an important reason why you need a business accountant for your start-up. At Opulent Accountants, we offer you the best business accountant in Melbourne!
Benefits of Hiring a Business Accountant
Contrary to popular belief, accounting isn’t just about managing taxes. Let’s say you’re running a start-up in a major business city like Melbourne. You need to compete with other enterprises, so accounting errors will gravely reduce your profit margins.
Moreover, finances will become even more complicated as your business grows, and without hiring a business account in Melbourne, your errors will start costing you greatly. This is exactly why a lot of small enterprises shut down in Australia.
Hiring our accountants might seem expensive initially, but on the flip side, we will reduce errors and boost productivity; we pride ourselves on our accounting expertise!
Similarly, our business accountant can help you with record-keeping, financial planning, maintaining transparency, and compliance with federal and state regulations. We can also assist you with internal and external audits and other situations where mistakes can incur financial losses or even lawsuits.
An important reason why you need our services is that we can provide you with invaluable input regarding:
- Government communications and requirements
- Financial analysis
- Financial decisions
- Preparation of financial reports and annual statements
- Filing taxes
In conclusion, you must hire a business accountant in Melbourne if you want your young start-up to grow. Visit us at Opulent Accountants for more information and news on accounting, business growth, accounting technology, and benefit from our services. Work with us and we will help you stay up-to-date on accounting news and technology.