How to Work Efficiently with an Accounting Firm

The small business enterprise (SME) market comprise of 98 per cent of Australia’s businesses according to the Australian government. A sizable scale of these SMEs that are leaning to the “smaller scale” side of the business size often work with a dedicated accounting professional or an accounting firm to fulfill their financial and taxation obligations.

If you are planning a startup and see yourself as someone who will join the ranks of the small business market, your early days of operation will likely make you enlist an accountant or an accounting firm, it entails several benefits namely: improving the accounting cycle’s standards and essential compliance with today’s mandated laws on taxation. Another advantage is that it frees up the business owner’s time to attend to business matters such as growth and planning.

With an accountant onboard, business owners must also do their part in making sure that the process of collaboration between them and their accountant is efficient, which justifies the premium of the return of investment where both are getting the maximum value in this mutually beneficial process of fulfilling the accounting cycles jointly.

Here’s a breakdown of essential documents to compile if you are new to working with an accountant:

Financial Records – Important records pertaining to your business finances and expenditures that includes:

Chart of Accounts: That details all transactions
Bank Statements: All accounts used for business transactions.
Receipts: Copies of all invoices, receipts, and payment slips.
Invoices: Invoices sent to clients or customers.
Payment Summaries: Records of income from clients or customers.
Loan Agreements: Documentation for any business loans.
Credit Card Statements: If used for business expenses.

In working and welcoming onboard an accounting partner, it entails several meetings where you and your accountant / accounting firm detail all the requirements they will need from you in order for them to get started.

NOAC Consultants is a trusted accounting firm that specialise in accounting services and tax preparation services. Located in Coburg Melbourne, NOAC has been in operation for decades and draw upon its knowledge, team work and dedication to providing accounting and financial management services to its clients.