As a small business owner, you know better than anyone the importance – and challenge – of staying on top of your finances. This financial year, ask your Accountant these 5 critical questions:
1. How can I prepare for tax time?
While the words ‘preparing for tax time’ makes most of us cringe, it doesn’t have to be that bad! The key is getting ahead of the game. Your accountant can guide you through the right steps to make the process as simple as possible.
2. What records should I be keeping?
As a small business owner, it’s important to keep track of business records to make it easier to manage cash flow, comply with tax obligations and maintain oversight of how your business is going. Ask your accountant to clear up which records need to be kept, and for how long. Develop a simple filing process (Tip – check out the CamScanner App, which turns an image into a PDF).
3. Which business expenses can I deduct?
Ask your accountant which business expenses you can claim as tax deductions – this will reduce your taxable income and save you money. Some of the expenses you can claim are:
4. How can I better manage my cash flow?
Cash flow management is vital to the success and healthy growth of any business. Ask your accountant to help you better understand your cash flow. A skilled accountant will quickly identify areas for improvement and offer you some recommendations.
5. How should my business be structured?
In Australia, your business can be structured in a number of ways including: