Have you ever experienced that terrible moment of your life when you are bombarded with financial problems and you’re all alone sitting in the corner of your room, figuring out where all your money went? Did you ever feel that unexplained emptiness inside you upon realising that you are losing more money instead of making sales? Well, in such a grave situation where you can’t fully understand your numbers and where it leads you, it’s frustrating that there’s no one out there reaching out to help you.
When you run a business, it’s not a smooth sailing journey as what you may have had imagined when you were starting. As you go along, you realise that it’s hard to make critical decisions every week or every day and this becomes more unbearable without an expert partner to help you analyse or manage your finances. You have to face stressful times alone and monitor or track cash inflows and outflows on your own. Will you be able to handle everything?
If you are a solo entrepreneur who is doing all the tax and accounting stuff on your own, without full knowledge of how it works especially in terms of the tax system, then you’ll have trouble focusing on growing your business and putting it at risk of compliance breaches. You probably have suffered sleepless nights worrying and are excessively tired of staying on top of all your obligations. On the other hand, if you have people helping you but you’re still losing money, then here are some reasons why that may be the case:
- Poor accounting system. Having a cluttered and disorganized accounting system results in a messy and incomprehensible record. It’s not good to keep on guessing how much money comes in and out of your business.
- Unresponsive accountants. There are accountants who are not really proactive enough to communicate with you on all your requirements. They don’t resolve issues in a real-time manner and immediately return many of your urgent phone calls.
- Lodgement is always late. Any delays result in penalties. If you are not up-to-date with all your requirements and there’s no one reminding you, then expect penalties knocking on your doorstep. Paying penalties can really affect your business in many ways, especially when you think of your cashflow in the long run.
- Paying too much tax. There could be more reasons than my fingers can count on why a business owner like you suffer from paying too much tax. It could be mixing your personal and business finances, less understanding of how the payroll and employee taxes work, late filings, or not having a right tax-expert.
It is essential to know where you at in your business in terms of your financial position. The numbers in it somehow dictate how much more you need to go to reach your goal or direct you with your decision-making. However, dwelling on these problems and putting too much of your precious time analysing your numbers keeps you from running your business smoothly. It’s hard to have to divide your attention.
There are many external services that can provide you with what you need. By understanding your numbers and financial history, they’ll be able to identify and apply the most effective business and tax-effective approach to ensure you meet your tax obligation and business goals.
If you want to know what services to look for in a business partner, here are some list:
Accounting and Taxation
- Tax Advisory
- Tax Planning Strategies
- BAS and IAS
- Financial Reports
- Income Tax Returns
- GST Advice and Legislation
- Payroll Support
- Accounting System Set-Up
Business Development and Support
- Budgeting and Cashflow
- Succession Planning
- Risk Management Advice
- Business Benchmarking
- Strategy for Growth Development
- Self-Managed Super Fund Advice
- Superannuation Planning
Apart from a complete package of financial services that your partner can provide you with, you have to ensure also the added value and other essential factors that are often overlooked by many business owners.
Look for a business partner who can guarantee you with a “no surprise” service fee model so you will have the confidence to work without the fear of unexpected bills.
Who Will Listen and Understand You
It would be relieving to have a partner that will strive to delve into the core and workings of your business to understand it’s current challenges, and who will work together to achieve your individual and collective goals.
Meeting up personally with your business partner to discuss in detail all the transactions and answer your questions would be relieving as you will be able to talk to them freely and clarify things out. Look for a partner who’ll be one call away.
Knowing that you are working with professionals gives you an assurance that you are in a healthy environment. By having a partner who can provide you with various expertise from serving different industries, you are secured that your business will be taken into the next level.
Added Quality to the Service
You might want to have a partner who will deliver you with quality and timely professional services, and whose goal is to provide you with an exceptional and personalised service that will give practical solutions for your needs.