While knowing how to run a business is an important factor in its success, knowing its financial health is just as important. Aside from managing the operational aspects of your business, you must also make sure that your financial transactions are in order while ensuring compliance with local, state and national tax regulations, tax filings, and any new changes in rules and regulations.
This can be a time-consuming and labour-intensive task fraught with complications. Hiring a small business accounting firm can help you save both time and money in this situation.
In this blog post, we will explore the benefits of hiring professional accounting services with Lotus Smart for your business’s financial success.
Lotus Smart is an accountancy and tax firm based in Melbourne, Australia. With a team of highly skilled and qualified Chartered Accountants and Tax Agents, the business specialises in providing financial services to clients across Australia and overseas.
With over 20 years of experience, Lotus Smart provides expert accounting and taxation advice to individuals as well as small and medium-sized businesses.
While we offer a wide range of services to our valued clients, some of our most popular services are listed below:
With changing and evolving economies, countries have a habit of adding/revising existing financial rules and regulations. In fact, the Australian government announced 40 tax measures in 2021 alone, 28 of which were introduced into parliament as Bills amending tax legislation.
In light of this, businesses have to keep up with these changes while also keeping the operational aspects of the business intact. A chartered accountant on the other hand is a professional with immense financial literacy who keeps up with these changes, allowing you to focus on what you do best-run a business.
From analysing financial statements to identifying trends and patterns, generating reports for informed decision-making to planning for the future, a chartered accountant can help your business with all this and more.
Moreover, they approach financial management holistically, taking into account various aspects of the business such as income, expenses, investments, and taxes to create a well-rounded financial plan.
Additionally, they can tailor financial plans to your specific financial goals, risk tolerance, and life stage, ensuring that the plan meets your specific requirements. But more importantly, CAs are held to high ethical standards and have a duty to serve their clients’ best interests by providing unbiased advice uninfluenced by sales commissions or other external incentives.
More so often than not, it’s easier to look over financial tasks that appear to be mundane. Whether it’s as simple as accurate bookkeeping or as complex as purchase accounting. While most business owners are aware that these things must be done, they often remain in the back of their minds until there is a threat that these uncompleted tasks may pose a risk of heavy fines.
This is why proactive strategies must be set in place for effective financial management and the smooth running of a business.
Some of the best proactive strategies businesses can implement are as follows:
Hiring professional accounting services with Lotus Smart can have a significant positive impact on the performance of your overall business. With the kind of skills and knowledge the professionals have, they ensure accurate financial reporting, providing a clear picture of your business’s financial health and enabling informed decision-making. Moreover, they also help with:
Much like how Gates and Allen revolutionised computing, Jobs and Wozniak changed the face of technology, and Simon and Garfunkel created timeless music, partnering with a reputable accounting firm like Lotus Smart can be the key to success for many businesses.
At Lotus Smart, we believe in building strong relationships based on trust and understanding. We specialise in crafting personalised financial plans that align with each of our client’s unique business goals. Our approach is based on clear and transparent communication, which ensures that our clients understand the strategies we recommend and the steps we take to help them succeed.