Achieving Financial Goals with Lotus Smart: A Guide to Professional Accounting Services

24 Aug, 2023 By: Lotus Smart

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.

Introduction to Lotus Smart’s Comprehensive Accounting Services

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:

Business Start-Up Advice
Capital Gain Tax
Fringe Benefit Tax
Income Tax on Rental Property
Business Accountants
Property Accountant
Cloud Accounting
Strategic Tax Planning
Business Advisory Services
Self-managed Superannuation Funds
Personal Income Tax
Business Activity Statement
Payroll Tax Advice
Online Tax Returns
Bookkeeping

Why Choose a Chartered Accountant for Your Financial Planning

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.

Proactive Strategies for Effective Financial Management

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:

Dividend strategy: This strategy entails deciding how much of earnings will be reinvested back into the business for growth and how much will be paid out to shareholders as dividends.
Capital structure planning: Capital structure planning is concerned with determining the proportion of debt and equity to be used to fund investments and expansion while taking into account the cost of capital and financial risks.

Investment planning: Investment planning focuses on identifying suitable investment opportunities that correspond to a company’s financial objectives and risk tolerance. It entails assessing potential projects, assets, or ventures in order to make informed decisions about where to invest funds for the best returns.

Working capital planning: Working capital planning aims to ensure that a company has enough short-term funds to cover its day-to-day operations. It entails managing the company’s current assets and current liabilities in order to maintain smooth business operations while not overinvesting in idle assets.

The Impact of Professional Accounting on Business Performance

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:

Budgeting and Forecasting
Cost Control
Fraud Detection and Prevention
Resource Allocation
Cash Flow Management
Creditworthiness
Strategic planning

How Lotus Smart Partners with Clients for Financial Success

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.