The end of the financial year is on the horizon. How prepared are you in relation to your business and individual financial compliance?
Running a business takes time, effort and keeping on top of a whole lot of obligations. It’s challenging enough without having to manage a pile of paperwork. Completing your financial records can be stressful, particularly if you do not understand the financial regulations required of your industry in Australia. Let’s face it, it’s the part of running a business that you like the least and not why you went into business.
The definition of being proactive is creating a way to be ahead of what is necessary and expected. It’s planning ahead instead of responding to a situation after it has happened.
Being proactive with your accounting means taking a motivated and organised approach towards Australian Taxation Office (ATO) and industry regulations and compliance standards. This allows you to anticipate what you need to do to mitigate risk and thereby protect your business and your customers.
How does an accountant assist?
A qualified accountant takes many of the time-consuming, frustrating activities out of the equation for you. You can call on your accountant to:
- Maintain a systematic, accurate and COMPLETE RECORD of all financial transaction.
- Assist with BUDGETING AND PLANNING to create better management of your funds.
- Provide a sounding board when you have FINANCIAL DECISIONS to consider.
- Have processes that provide valuable feedback on your BUSINESS PERFORMANCE.
- Give an overall view of your FINANCIAL POSITION at all times.
- Help you to improve your FINANCIAL RESOURCES.
- Assist you with FINANCING when required.
- Most importantly, help you feel IN CONTROL of your financial wellbeing.
Keep track of your compliance.
Accountants must comply with Australian, and where relevant, international accounting standards which include common principles, standards, and procedures. These form the basis of financial policies and practices and improve the transparency of financial reporting throughout the world.
This is where your accountant can best help you become proactive in managing your finances. You can rely on your accountant to stay abreast of compliance matters that relate to your personal and business circumstances. They keep you informed of any changes which may impact you financially.
Rick & Mon Business Consultants provide a personalised accounting services to a broad range of clients across Australia. As your certified accountants (CPA), we are here to ensure that all of your business decisions are made carefully and with your best interests in mind. We are ready and able to serve as your accountant, tax planner, and guide along your path to success.
Rick & Mon Business Consultants proactively take care of all your compliance requirements including tax returns, GST, activity statements and ASIC matters. This leaves you with more time to look after your business and increase your productivity.