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Small Business Accountant FAQs

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Are you looking to work with an accountant for the benefit of your small business – however, have many questions you want to ask regarding how they can help you? Keep reading as we answer all the frequently asked questions concerning the function, advantages and costs of working with a small business accountant!

Small Business Accountant FAQs

What does a small business accountant do?

A small business accountant is an accountant who specialises in assisting small businesses with a variety of services. They can be hired in-person, or booked as virtual assistants.

A few of the common services offered by small business accountants are:

  • Tax filing and management (for company tax returns, partnership tax returns, sole trader tax returns, tax trust returns and many more)
  • Tax advice (for GST or other specific taxes as well as planning)
  • Company registration services
  • Prepping and drafting financial statements and business activity statements
  • Acting as nominee resident directors
  • Bookkeeping services (recording a business’ financial transactions)

When should you consider working with a small business accountant?

There are a few circumstances in which working with a small business accountant may be beneficial for your business. These include:

  • If you are unfamiliar with managing and filing different types of taxes relevant to business and require assistance (such as company tax return, partnership tax return, sole trader tax return, or GST registration)
  • If your business is growing at a fast rate and you can no longer keep up with recording all of your business’ financial transactions yourself
  • If you are transitioning your business into a different type (e.g. from partnership to a company) and require assistance managing the financial and legal differences as well
  • If you are looking for financial advice, not only for your current business operations but also for future development plans as well.

Small business accountants can be helpful to accountants in a variety of situations as listed above. However, it is best to consult with an accountant directly to evaluate whether or not they may actually be of help to your business’ specific circumstances.

How much does a small business accountant cost?

Depending on the accounting services you are in need of, the cost for hiring a small business accountant may differ. The type of service you would like (e.g. in-person or virtual) may also play a part in the costs, as online accounting services are typically less expensive in comparison to in-person ones.

Small business accounting services use either hourly, proposal-based or fixed-fee structure fee systems. Hourly costs are the most common, and such services can range from $150 to $400 per hour. However, in the case that you are looking for an accountant to help you file yearly taxes or create one-off business activity statements, such fixed fees may range from $100 to $300.

Have more questions concerning small business accountants that you’d like answered? Want more details concerning the pricing or the type of services accountants offer? Contact the team of experienced and friendly small business accountants at POP Business to have all your questions answered!

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