Top 8 Accounting Firms in Australia for Small Businesses

Accounting is one of the essential services of any business, be it small or big.

Businesses are often forced to spend a lot on the accounting department. There are various approaches that a business can take when it comes to their accounting needs. It is a good idea to go through the different options and choose the one that will provide the most benefits without having to cost your business a lot of money.

One of the most common options people take is hiring an accounting firm.

The accounting firms take care of all the tax and accounting needs of the business and give you the chance to focus on important tasks that help increase sales and grow your company.

What Is An Accounting Firm? Why is it important for your business?

An accounting firm mainly offers services like accounting and auditing for your business. It produces financial records, so that you can easily track your revenues and expenses. Providing consulting on your business’s overall financial health is yet another important service that an accounting firm offers.

It helps you with long-range planning, such as buying property or upgrading your infrastructure. You will be, hence, able to determine how to break even and what your cash-flow needs are.

Accounting firms conduct audits by examining not only financial records, but also the processes and controls in place to ensure records are being properly kept, policies are being adhered to, and your financial practices help support your business goals and are the most efficient way to do so.

Many accounting firms offer a range of tax services. The firm’s accountants can help you figure out a new tax code to help ensure your financial reporting practices are in compliance with current IRS regulations, determine your company’s tax liability, and make sure you meet filing requirements and deadlines.

With these services, you can plan your next moves, figure out whether you are making a profit and make decisions about your company’s growth.

How To Choose An Accounting Firm For Your Small Business?

Whether you’re a business requiring a complete accountancy service or an individual in need of tax advice, choosing the right firm is important.

1. Know your business needs

You need first to understand the kind of work or responsibilities you want the accounting firm to handle for your business. If you need monthly financial statements and bookkeeping tasks, a non-certified accountant or bookkeeper can be hired. But to get tax planning advice, tax returns prepared, or audited financial statements, you need a CPA or certified public accountant. Check the type of accountants the firm has.

2. Look for small business experience

Large accounting firms like the Big 4 often charge higher fees than small to mid-sized firms. That may not be beneficial if you are a small business and have just started. You need someone who works with small businesses, and it could also be a bonus if the accountant works with businesses in your industry. While working for clients from a specific industry for a long time, some accountants get to know the related challenges very well.

3. Fees

Fees are an important consideration – after all, your accounting firm’s fees need to fit in with your business or personal budget.

Most firms calculate their fees in one of two ways – either per hour or at a fixed rate. The way in which fees are calculated and the overall amount charged depends on the firm, so make sure you clarify how much everything is going to cost before agreeing to move forward.

4. Ask About Accounting Software 

Before you choose an accountant, you’ll want to ask what software they recommend for their small business customers. You may find some accountants who are using the same old desktop accounting software. They do not want to switch to the latest online accounting solutions. You want to invest in an accounting software system that you can grow into in 3-5 years.

5. Decide Whether You Need an Accountant or a CPA Firm

Many small business owners start by managing their taxes on their own. Unlike the past, it has become much easier for business owners to do simple bookkeeping tasks with the help of advanced software like ProfitBooks, Xero, Sage, and similar others.

But after a certain point in time, it does make sense to hire a professional or a team of accountants to handle accounting, payroll, and tax responsibilities. Whether you need a CPA or a solo accounting firm depends on the scale of your business and the number of transaction you do per month.

6. Range of accounting services

For businesses in particular, you want an accounting firm that offers a range of services – such as financial management, auditing/reporting, cash flow analysis, and succession planning.

This type of firm will do far more than complete your tax return; they’ll be able to provide you with advice regarding your business’s financial situation. It’s also far more efficient to be dealing with one firm for all your financial needs.

Overview of Accounting Firms in Australia

Australia has its own three recognized professional accounting bodies who decide the accounting rules and regulations for Australian accounting firms. These three bodies are the Institute of Public Accountants (IPA), CPA Australia and Institute of Chartered Accountants of Australia (ICAA).

When it comes to accounting, although the Big 4 have name and a well-deserved reputation, companies can get the same expertise and, oftentimes, better service at substantially lower fees when hiring a mid-sized regional accounting firm. If you own a small business, your accounting needs can be fulfilled by smaller firms with greater accessibility.

We have listed the top 8 accounting firms in Australia for small businesses. Let’s check them out:

1. Hall Chadwick

Hall Chadwick is one of the largest and most experienced accounting groups in Australia servicing clients in every major capital city and many regional centres in Australia. Their business advisors and tax experts add value to your business through the use of leading edge techniques and immediate access to the resources of their international network. They have offices in Sydney, Melbourne, Perth, Darwin and Adelaide.

Hall Chadwick’s key services include:

• Auditing
• Business Services
• Financial Planning
• Insolvency & Business Recovery
• Personal Insolvency
• Taxation
• Corporate Services
• Property Industry

2. ShineWing Australia

Shinewing is an Australian owned advisory and accounting firm with an 80 year history that understands relationships make all the difference in creating opportunities and delivering great outcomes for their clients. They have access to a global network and a team of over 10,000 professionals in 57 offices across 13 countries. When you’re starting a new business, you need assurance that your financial information is accurate, their assurance advisors will work with you to review your business operations and financial viability to give you an accurate picture of your performance so you can approach the future with greater certainty.

ShineWing’s key services include:

• Assurance and Advisory
• Corporate Finance, Business Services
• Private Clients
• Wealth and Taxation

3. Accru

Accru is a leading network of award-winning accounting firms in Australia. They combine the personalised approach of a local firm with the skills and networks of larger scale organisations to create positive financial solutions for their clients. Accru has six offices in the major capital cities within Australia, and is also a member of one of the largest independent accounting and advisory associations in the world, CPA Associates International (CPAAI).

Accru’s key services include:

• Accounting
• Taxation
• Wealth Management
• Business and Corporate Advisor
• Audit and Assurance
• Business Support
• International Business
• Finance & Insurance

4. Accounts Automated

Founded in 2013, Accounts Automated specialises in both software-based and manual bookkeeping services and is well versed with latest accounting software like Xero, MYOB and QuickBooks. BAS agent and accountants working at Accounts Automated are result-oriented, tech savvy and they carry out result-driven bookkeeping and accounting services like Xero accounting and payroll services and small business bookkeeping services. Experts at Accounting Automated pay close attention to details and always keep client’s interest at the forefront.

Accounts Automated’s key services include:

• Bookkeeping services
• Payroll
• BAS Services
• End Of Year Services

5. NumbersTalk

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