How much does it cost to hire an accountant for a small business?

Even in your average small business (1-3 employees, less than $500k turnover) there will be a broad range of options for accounting and finance including getting specialise setup, tax structuring advice, finance systems and processes together with the everyday bookkeeping and accounting functions.

Is an accountant needed for a small business?

An accountant can offer comprehensive startup and ongoing small business advice, while making sure tax compliance is prepared and filed with the relevant authorities on time.

What is the role of an accountant in a small business?

Being a business owner can be a tough job, and it’s good to have a trusted advisor to lean on in times of complexity or uncertainty. An accountant will be able to help you navigate your business through these times, and help keep compliant with relevant tax authorities.

Xero is an integrated accounting platform that can complete all small business invoicing, receipts, bank transactions and reporting for the IRD. Being cloud based means your advisers can have access to your information in real time.

Is Xero Accounting any good?

Xero is a great tool for small businesses as it gives you real time access to the financial data of your business - information we couldn’t imagine being in business without.

Avoiding Collapse: Small Business Challenges

In recent news, there have been numerous stories across various media highlighting a pressing issue: the increasing risk of collapse among small businesses. Businesses now face new economic challenges that require proactive intervention.

Small Businesses at Risk of Collapse

Small businesses are facing a growing risk of collapse. This issue is particularly severe in industries such as food services (restaurants, bars, cafes, and pubs), construction, and transport businesses. For some small businesses, the risk of failure increased by 20% in the year ending 31 March 2024.

Many small businesses are struggling to stay afloat, while larger enterprises continue to thrive. For us, it's crucial to understand where you stand and what challenges you are experiencing. Sometimes making an informed decision to close down is not a failure but a commercial strategy.

Proactive Measures: How We Can Help

Here are some ways we can support to your business:

Business Planning: Assist with strategic business planning by reviewing current operations, identifying potential risks, and developing mitigation plans.
Pricing Strategies: Help re-evaluate pricing strategies to remain competitive and profitable.
Budgeting: Create detailed budgets to manage finances effectively and prepare for downturns.
Insolvency and Restructuring Advisors: discuss available options. Early intervention can lead to better outcomes, whether it involves closing the business to prevent further financial losses or restructuring to start afresh.

End of Financial Year Financial Review

An end-of-financial-year review can serve as a substitute for a tax planning review. This process can help to gain clarity on your business and personal goals, reassess your financial health, identify areas for improvement, and develop strategies to weather the storm or plan an exit.

In our view, an Accountant is the best person to have on hand— an advisor to provide invaluable support and advice to help you achieve the best outcome.

Disclaimer: This blog post is for informational purposes only and should not be construed as professional advice. It is recommended to seek the advice of a qualified accountant or tax professional regarding your specific circumstances.