As of 2021, more than 130,000 registered enterprises were operating in Brisbane. More than 452,000 small enterprises operating across Queensland are involved in various industries.
There are 2060 accounting companies in Queensland, of which 254 are in Brisbane and surrounding suburbs, serving many enterprises. Accountants in Brisbane are often affiliated (CPA) with The Institute of Public Accountants (IPA), The Institute of Chartered Accountants in Australia (CA), and Certified Practising Accountants.
Business accountants are vital, especially to small businesses. They’re there to assist your company’s accounting needs and make things easier. The task of a small business accountant in Brisbane typically varies depending on the situation.
Further, in this article, you will learn the roles and responsibilities of a business accountant.
They are a bookkeeper and tax expert who helps you run your business.
Taxes are complicated, and it’s essential to have a professional accountant on your side.
Small businesses need more time or resources to handle their taxes, so they hire accountants like you. You’ll help them figure out how much money they’re owed, where it should be spent, and how best to pay it.
Taxes are also crucial for small businesses because they help keep their employees happy and productive (and even encourage them to stay). They also ensure that everyone who works for your company pays their fair share of tax, so there’s enough money coming in from all sources—including customers!
They are also payroll specialists.
Payroll services are essential for small businesses, but it can be challenging to manage all the different aspects of payroll independently. As a small business accountant, you may have experience with this kind of work and know how best to handle it. If not, hire someone who specialises in payroll services for your company so that they can help you with everything from employee benefits management to tax preparation and filing.
They help prepare tax returns for you.
A good small business accountant will work with you to provide an accurate record of all income and expenses and prepare tax returns. This is a legal requirement in Australia, so your accountant must keep track of your finances. Tax returns are usually filed by 31 October; however, this date may vary depending on how much time is left before taxes are due.
The ATO requires businesses to file their annual returns by 31 October. You can also use standard business reporting (SBR) enabled software.
They offer additional services.
Bookkeeping is the process of recording, organising and summarising financial information. Payroll services help you pay your employees by processing tax forms, making payments to government agencies, collecting contributions from employees towards benefits plans such as group life insurance or disability insurance plans, paying employee expenses like gas taxes on vehicles used for business purposes only if they’re required by law (e.g., trucks used exclusively in delivering goods), paying suppliers by cheque or credit card when invoices have been issued but not settled yet; submitting quarterly financial reports along with annual audited statements to CRA; et cetera.
Conclusion
When hiring a small business accountant in Brisbane, you should have a conversation with your accountant about how much it will cost to hire them. They should be able to give you an accurate estimate of the amount of money they’ll need from you, as well as their qualifications and experience.
