Accountants in Five Dock

The right accountant can help you save time, money and grow your wealth. They can also have a significant impact on your personal finances or business. Having an accountant in Five Dock will also help as they have a personal knowledge of the area and what you need as an individual or business owner.

Everyone knows that accountants help with tax, but few know the diverse roles accountants perform. There are many ways an accountant can help you grow your business. Working with a practice that is experienced and trustworthy is vital to ensure the security of your finances. An accountant in a private practice can help you foremost with compliance work and as well as;

• Starting a business: Ask your accountant for suggestions on what form the business could take, business planning and specific tax and legal advice. They could also assist you with business acquisition and financing asset purchases down the line
• Setting up a bookkeeping system for your business: They could help you set up a computerised bookkeeping scheme, so that you can keep track of sales, debtors, cash etc. An accountant can also prepare audited accounts and financial statements.
• Financial planning, business advice and auditing: Accountants can work with you to anticipate growth and change. They can help improve your business through better financial management.

Accountants will be able to do more for you if they understand how your business works. There are a number of steps that you and your accountant can go through to better understand fees and processes involved.

It is a good idea to take a summary of your current financial standing or business plan to the first meeting to discuss or you can send them a copy beforehand for them to review. If you don’t have a business plan, you can summarise the following points for your accountant to review.

• What your product is and any expansion plans you might have.
• What your annual sales predictions are.
• How many staff you require.
• What type of accounting software you will be using. E.g. XERO
• Who your suppliers will be, how much you will be purchasing each quarter and at what cost.

Newcombe & Co. Pty Limited Chartered Accountants is a dedicated team based in Five Dock. Our business accounting services can be tailored to suit businesses of any size, at any stage of their life cycle.