When running a small business, it’s common to wonder whether hiring an accountant is really necessary especially when you’re trying to keep costs down. While it’s possible to manage your own finances, the value an accountant brings often extends far beyond preparing tax returns.
The Role of a Small Business Accountant
A small business accountant’s role goes well beyond crunching numbers. They can manage bookkeeping, prepare and lodge tax returns, complete BAS statements, run payroll, and ensure your business complies with Australian tax laws.
Importantly, they can also provide strategic business advice helping you create budgets, forecast cash flow, and make informed financial decisions that support growth.
When an Accountant Can Be Most Valuable
Starting a Business
An accountant can guide you through setting up your business structure whether as a sole trader, company, trust, or partnership and help you register for ABN, GST, and PAYG. They can also assist in implementing effective bookkeeping systems from day one.
Managing Growth
As your business expands, your financial systems and compliance needs will grow too. An accountant can streamline your processes, help you hire staff legally and efficiently, and manage payroll obligations.
Tax Time & Compliance
An accountant ensures your BAS and income tax returns are lodged on time, helps you maximise deductions, and keeps your business compliant with the ATO, avoiding penalties and unnecessary stress.
Benefits of Hiring an Accountant for a Small Business
- Time Savings – Free up your schedule to focus on customers and operations.
- Compliance Confidence – Avoid errors that could result in fines.
- Tax Efficiency – Identify legitimate deductions and savings opportunities.
- Business Insights – Access reports and advice that help you make smarter decisions.
Can I Manage Without an Accountant?
Some micro-businesses with very few transactions may manage their own books especially with cloud software like Xero or MYOB. However, without professional oversight, it’s easy to make costly mistakes, such as missing deductions, overpaying tax, or failing to meet compliance obligations.
Cost vs Value of an Accountant
Small business accounting costs in Australia vary depending on the level of service required. Basic monthly bookkeeping may start from around $300, while more comprehensive packages with BAS, payroll, and strategic advice can range from $500 to $1,500+ per month.
While hiring an accountant is an investment, the time, money, and stress it can save often outweigh the fees. Working with experienced accountants Sydney can ensure you’re getting both value and expertise tailored to your needs.
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Choosing the Right Accountant for Your Small Business
When selecting an accountant, look for:
- Qualifications – Chartered Accountant (CA), CPA, or registered BAS agent
- Industry Experience – Knowledge of your specific business sector
- Communication & Transparency – Clear, upfront fee structures and responsive service
Wrapping Up
While it’s possible to run a small business without an accountant, most owners find that professional support pays for itself in time saved, tax efficiency, and peace of mind. Whether you’re just starting out or scaling up, the right accountant can become a trusted partner in your business journey.
