Small business owners need to be aware of tax concessions. While you need to check your eligibility, here are a few concessions may apply:
Often when we have a tough business decision to make we are at a loss as to who we should get advice from. There is often a fear that professionals have their own agenda so we shy away from asking. Instead many people turn to family or friends. While they might have your best interests at heart, they are often ill equipped to advise on business or finances. This can mean that you get the wrong advice and make ill informed decisions.
A good accountant is vital to your business operations. Not only for planning accounting and tax, but for advice on almost all aspects of your operations. Therefore ensuring that you have a good relationship with your accountant is critical.
So how can you increase your chance of getting what you need from your accountant to grow your business?
We all know start up businesses need to operate in a lean environment. Cashflow is often tight and there are months when there are more outgoings than incomings. As a result most business owners take on as many ‘roles’ as they can in the beginning, for two reasons. Firstly, they simply can’t afford to hire other people and secondly because when business is first starting it is often pretty simple so the business owner is able to do many of the roles within the business.
If you have staff in your business then you would be no stranger to the head ache that managing payroll can present. Time is money and as a business owner your time is precious and finite, and probably best spent on high value tasks that are aimed at growing your business.