Running a small business in Victoria means managing more than sales and customers. You may also need to handle tax returns, BAS, GST, bookkeeping, payroll and other financial responsibilities.
Choosing the right accountant can make these tasks easier and help you stay organised and informed about your business finances. A good accountant can provide more than annual tax returns. They can also support you with bookkeeping, payroll, tax planning, business setup and ongoing financial advice.
What Does a Small Business Accountant Do?
The services you need will depend on your business structure and circumstances. Common accounting services include:
- Business tax returns
- Calculating tax return information and tax obligations
- BAS and GST support
- Bookkeeping
- Payroll services
- Financial reporting
- Tax planning
- Business structure advice
- Company formation
- Record-keeping support
Before choosing an accountant, consider which services your business actually needs.
What Should You Look for in an Accountant?
- Check Qualifications and Registration
If you need tax or BAS services, check whether the practitioner is appropriately registered with the Tax Practitioners Board (TPB). You can use the TPB public register to verify their registration.
You may also consider relevant qualifications, professional memberships and experience working with businesses similar to yours.
- Choose Someone Experienced With Small Businesses
Different industries have different accounting needs. Ask whether the accountant regularly works with businesses in your industry and understands your business structure.
An experienced accountant can help with areas such as tax returns, bookkeeping, calculating tax obligations, BAS and payroll.
- Check Their Accounting Software
If your business already uses accounting software such as Xero, ask whether the accountant supports it.
You should also ask whether they can help with:
- Bank reconciliations
- Bookkeeping
- Payroll integration
- Financial reports
- Cleaning up historical records
D&B Accountants is a certified Xero advisor and provides cloud-based accounting and bookkeeping support.
- Understand the Fees
Accounting fees vary depending on your business structure, transaction volume, employees, BAS requirements, bookkeeping needs and the complexity of your tax returns.
Before engaging an accountant, ask:
- Is the fee fixed or hourly?
- What services are included?
- Are tax returns included?
- Is payroll included?
- Are BAS lodgements included?
- Are additional consultations charged separately?
- Are software costs included?
Compare the overall service rather than choosing an accountant based only on the lowest price.
What Accounting Services Might Your Business Need?
As your business grows, your accounting requirements may change.
Tax Returns: An accountant can help prepare business tax returns and provide guidance on relevant tax obligations.
BAS and GST: Businesses registered for GST may need regular BAS reporting and professional assistance with preparation and lodgement.
Bookkeeping: Accurate bookkeeping helps you track income and expenses, reconcile accounts and maintain useful financial records.
Payroll: Once you employ staff, payroll becomes an important part of business administration. Payroll may include PAYG withholding, superannuation, employee records and leave information.
Business Setup: If you are starting a business or changing its structure, an accountant can help you understand the accounting and tax implications.
When Should You Hire an Accountant?
Professional accounting support may be useful when you:
- Start a new business
- Register for GST
- Employ staff
- Need regular BAS assistance
- Have fallen behind with bookkeeping
- Need help with tax returns
- Are purchasing major business assets
- Are changing your business structure
- Have complex tax questions
- Are planning significant business changes
Getting advice early can help you plan rather than simply respond to financial or tax problems.
Common Mistakes to Avoid
Avoid choosing an accountant based only on price. Also make sure you:
- Check the practitioner’s registration.
- Confirm which services are included.
- Ask about additional fees.
- Check their experience with businesses like yours.
- Confirm which accounting software they support.
- Discuss how you will communicate.
- Make sure they can support your business as it grows.
Should You Choose a Local Accountant in Pakenham?
A local accountant can be useful if you prefer face-to-face meetings and local business support. However, location should not be the only factor.
Qualifications, experience, services, communication, technology and pricing should also be considered.
D&B Accountants operates from Pakenham, Victoria and Hobart, Tasmania, and provides accounting and business support to clients across Australia.
Frequently Asked Questions
Do small businesses need an accountant?
Not every small business needs the same level of support. Some businesses may only need occasional help with tax returns, while growing businesses may benefit from bookkeeping, BAS, payroll and ongoing accounting support.
How do I check if an accountant is registered?
You can check tax and BAS practitioner registration through the Tax Practitioners Board public register.
How much does a small business accountant cost?
Fees depend on the services required, business structure, transaction volume, employees, bookkeeping, payroll and tax return complexity. Always ask for a clear explanation of what is included.
Can an accountant help with payroll?
Yes. Many accounting firms provide payroll support, including assistance with PAYG withholding, superannuation, employee records and payroll processing.
Can an accountant help with calculating tax?
An accountant can review your financial information and help calculate relevant tax obligations based on your circumstances. They can also assist with preparing and lodging applicable tax returns.
Looking for Small Business Accounting Support?
D&B Accountants provides accounting, tax returns, bookkeeping, payroll, BAS and business support services from Pakenham, Victoria and Hobart, Tasmania.
If you need help managing your business finances, tax obligations or payroll, contact D&B Accountants to discuss the accounting support your business may need.