Accountant service in Gregory Hills
Our accountant service in Gregory Hills will provide direction, advice & financial expertise to grow your business.
Want an accountant in Gregory Hills suitable for a business?
At Fitzpatrick + Robinson, our professional accountant service in Gregory Hills spends the time needed to understand your business inside & out. A small business accountant can guide you in all areas of finance, and in turn, enable you to make sound financial decisions to enhance the performance of your business.
Business accountant in Gregory Hills for taxes, payroll, GST and more
Fitzpatrick + Robinson specialise in tax preparation in Gregory Hills and trusted tax advice for business owners, companies, partnerships, trusts and superannuation funds. We cover all aspects of tax preparation including negotiation of issues with Australian Taxation Office, tax planning, business planning, capital gains tax, fringe benefits tax, payroll tax, stamp duties, land tax and goods and services tax.
Accountant in Gregory Hills for cash flow and managing GST effectively
An accountant in Gregory Hills can help you choose the right structure of company vs sold trader, handling contractors, implement good cash flow management or create GST management strategies. Fitzpatrick and Robinson will provide clear, plain english information for you to build a better performing business.
Minimise tax paid by identifying tax deductible items
Through our experienced team of accountants in Gregory Hills we will quickly identify the most cost-effective tax minimisation strategies that can save you time, money & stress. We have a team of professional accountants that are clear, committed, curious and consistent.
We carefully hand select every accountant that works in our business. In fact, we argue about the shortlist every time.
We encourage our accounting team to deal with business issues proactively, ensuring the right advice & guidance is provided.
It means you can make informed decisions to optimise your business and personal wealth.
Rick Fitzpatrick + Bryn Robinson, Directors
Why use a professional business accountant in Gregory Hills?
Clever business owners use a business accountant in Gregory Hills to grow their wealth.
For any business in any sector, niche or size the smartest way to sustainably maximise the profit you make from your business is to engage a professional accountant. Small business accounting requires the right expertise & advice with suitable guidance to facilitate smart strategic decisions backed by financial data. Whether it is working out what expense is tax deductible to creating a strategy to improve cashflow, to facilitate expansion, our business accounting team is ready to work on any situation.
With the expertise of a professional accountant in Gregory Hills it becomes much easier to secure business finance for new equipment, restructure a business, get BAS prepared, reducing the amount of tax being paid or payments to managing employees & contractors.
A bookkeeper can help with daily transactions while an accountant will help with your overall business strategy, direction & structural changes.
Determine tax deductions
An accountant can maximise any tax deductions for a business using the latest ATO rulings to your benefit.
Business finance applications
Obtaining business finance can be difficult but an accountant can assist with that process.
Employee vs contractor issues
Accountants can help clarify how employees or contractors should be paid to meet all obligations.
Improving cash flow strategies
Cash flow is critical to run a business, an accountant can implement strategies to improve this area.
The monthly or quarterly BAS can be done by our business accounting team to save you time.
Audits, liquidations & reviews
An accountant can audit an existing business, review a set of books or even help with liquidations.
In the unfortunate event that bankruptcy is reached an accountant can help manage it.
Keep on top of ATO requirements and ensure your business is financially compliant.
Our focus is to have our accountant understand your business intimately so we can provide cost-effective strategies to grow profitably.
How do we provide our accounting services in Gregory Hills?
We have structured our accountant service in Gregory Hills to accomodate any type of business that sells products or services.
From the very first conversation we will structure a working relationship that fits into your business situation. Our accountant service in Gregory Hills is best suited to businesses with three or more employees that require an outsourced staff member to guide strategic financial direction.
We can tailor a support package to suit your requirements that can include our bookkeeping service so that your financial activities are managed consistently from transaction level details.
We can structure an hourly, weekly or monthly fee depending on your needs so that accountant costs are predictable.
Our accountant service can be performed in our office, at your site or even remotely using the latest online accounting software.
you need it.
Our team is available during working hours to help you with any questions you may have so that it is easy to run your business.
Set up &
We provide a wide range of set up or training services to make it easy to learn how to use the latest tools & applicaitons.
Qualified. Awarded. Trained. Innovative.
Give your business a competitive advantage with a professional accountant in Gregory Hills
Not all accountants in Gregory Hills are the same, it is not just about filling in a ledger and balancing the books each month. Our accounting team includes a Certified Practicing Accountant (CPA) and we have won numerous industry awards, recognised for our forward thinking methods of helping business owners. We embrace the latest online accounting tools to improve efficiency, cut costs & let you get on running your business.
A professional accountant in Gregory Hills that uses cloud accounting software
Our bookkeeping and accounting services in Gregory Hills are supported by cutting edge cloud accounting software applications suitable for any business.
Technology is redefining our world and how we conduct business, and our bookkeeping and accounting services in Gregory Hills are backed by the latest cloud accounting applications. Our focus is to be leaders in this space so your business can be efficient & organised.
We are able to provide solutions to help anyone from a start-up company through to established businesses with teams of five employees or more.
New software and apps are driving financial operational efficiencies, saving business owners time and money. We are a Xero cloud accounting software specialist and this can remove double entry processes with automation, reduce labour requirements & reduce mistakes with real time financial information available via your phone or computer.
In addition to this cloud accounting software, we use & support a number of other apps including;
- Workflow Max
- Receipt Bank
- Office 365
- Debtor Daddy
- Practice Ignition
We have also been involved in implementing different apps across clients in a multitude of different industries. We won’t recommend something we haven’t tried and tested so that we can see its benefits.
Our team are curious, they investigate and explore, challenge the status quo and embrace change.
Remember, in business as in life, if you keep doing the same thing, you can’t expect different results. We are recognised industry leaders in advising businesses on what technology and apps to use to automate systems and processes to improve profitability.
If you’re ready to discuss how accounting software technology can create more capacity in your business in Gregory Hills, contact us today.
Let us help you thrive with a wide range of accounting, bookkeeping and business advisory services.
Xero Accounting experts
We are a Platinum Champion Partner, qualified to provide expert advice and training on the cloud-based accounting software.
We use technology to work smarter, to identify any manual processes that can be automated to give you the best value.
Save time & money
Is bookkeeping taking too much of your day? Let us tick it off your ‘to do’ list, so you can spend time on the things that matter.
Access extensive services
We set up Xero, process pay runs, lodge your BAS, IAS & Super – we can do it so you can focus on driving your business forward.
Our specialised bookkeepers are across the latest legislation, so you know we have your back and you can breathe easy.
Make commercial decisions
We will present you with a clear and precise view of your finances, helping you make informed business decisions.
Frequently asked questions about accountant services in Gregory Hills
Explore the answers to the most common questions we get asked about our accountant services.
In Gregory Hills, the primary function of a business accountant is to provide financial advice and strategic planning to help make informed financial decisions. This could be related to minimising tax, improving cashflow or steps needed to try secure a business loan to purchase new equipment.
Unlike a bookkeeper, a business accountant will typically handle higher-level financial tasks such as tax planning, financial analysis, budgeting, and forecasting. Business accountants are also responsible for ensuring that an organisation is compliant with relevant tax laws and regulations.
On the other hand, a bookkeeper’s primary function is to record and maintain an organisation’s daily financial transactions. They typically handle simpler financial tasks such as recording invoices, processing payments, reconciling bank accounts, and generating financial reports.
The main difference between a business accountant and a bookkeeper is the level of responsibility and expertise required for their respective roles. Business accountants need to have a higher level of knowledge and experience in finance and accounting to provide strategic financial advice and ensure that an organisation is compliant with tax laws. Bookkeepers, on the other hand, focus more on the day-to-day financial transactions of an organisation and may require less formal education and training. So this also means that to engage with an accountant costs more, but they can deliver a different level of expertise & advice that can help a business owner maximise their profits and build a sustainable business.
The specific tasks that a business accountant would complete for a business in Australia may vary depending on the size and type of the business, but some of these may include;
- Financial analysis: Business accountants analyse financial data to provide insights and recommendations to help the organisation make informed decisions. They may use financial ratios, trend analysis, and other techniques to identify areas for improvement or growth especially for cash flow, tax minimisation or revenue growth.
- Budgeting and forecasting: Business accountants create and manage budgets and financial forecasts to help the organisation plan for the future. They may work with department managers to create detailed budgets that align with the organisation’s strategic goals.
- Tax planning and compliance: Business accountants ensure that the organisation is compliant with all relevant tax laws and regulations. They may also provide advice on tax planning strategies to minimise the organisation’s tax liability using relevant information provided by the bookkeeper.
- Financial reporting: Business accountants prepare financial reports for internal and external stakeholders, including management, shareholders, and government agencies. These reports may include balance sheets, income statements, and cash flow statements.
- Risk management: Business accountants identify and assess financial risks facing the organisation and develop strategies to mitigate those risks. They may also monitor the organisation’s financial performance and identify potential issues before they become major problems.
- Audit support: Business accountants provide support during audits by ensuring that financial records are accurate and complete. They may also prepare documentation and respond to auditor inquiries.
- Tax deductibility: an accountant keeps up with all the latest ATO rulings and that includes any changes or requirements for business owners when it comes to tax deductions. This can help minimise any taxes being made to help maximise profitability hence reducing the amount of tax being paid to the government.
- Paying staff: These days the requirements to work with contractors vs full time employees are constantly evolving and an accountant can help navigate these situations to work out how staff could be paid as a contractor and any financial obligations required.
- Improving cash flow: the biggest failure of business owners is successfully managing cash flows as it comes in and out of the business. An accountant that specialises in helping businesses can help create and implement strategies that can make improvements in this area.
- Company structure considerations; Sometimes it might be necessary for a sole trader to expand to become a company or even enter into a partnership. An accountant can do the analysis to determine what makes most sense as well as help to implement any of the structural changes needed.
Yes, an accountant in Gregory Hills that specialises in domestic or personal finances is very different to one that works with business related accounting. With the help of a professional small business accountant in Sydney you can achieve your financial goals that you set for your business with clever strategies, tax minimisation actions or even restructuring.
A business accountant will ensure you are earning the maximum possible by putting in place the right actions to keep your business viable, cashflow positive and set up to grow. They can conduct an audit across all facets of the business to then present your business’s value and all the possibilities that can be explored. It is so crucial to always have an objective view that facilitates your business to evolve in a marketplace that is constantly changing.
Most likely your competitors are using an accountant, so why put yourself at a disadvantage.
Our accounting company has a lot of experience working with Australian owned businesses in Sydney that have achieved year on year revenue growth, improved profitability and implemented sustainable long term growth strategies. Our accounting team spends a lot of time helping you use very detailed financial information that is presented in easy to read reports so you can make smart decisions. Choosing the right direction for your company with the support of a small business accountant can deliver financial improvements and ensure tax payments are minimised, everything is compliant and should an audit occur, everything is ready & prepared to be presented.
Our small business accountants can do things like;
- Determine what expenses are tax deductible.
- How to reduce the amount of tax being paid.
- If staff can be paid as a contractor instead of a full time employee
- Are there ways to make more profit
- Looking at ways to improve cash flow
- Strategies to better manage how to increase or maximise profits in real dollar terms
- Summarising the current financial figures
- Conducting an audit on the financial reporting to identify opportunities to improve the business
- Exploring structural changes to set up a company or a trust
- Getting assistance with liquidating a company
- Preparing BAS
- Deal with an ATO audit and its financial requirements
Our business accountants in Gregory Hills can provide advice about all the different steps or actions needed to reduce the amount of tax being paid by the operation. This can help create surplus funds that can be used for other purposes to improve cashflow, profitability or for expansion. In Australia, a business accountant can provide advice on tax planning and help businesses reduce the amount of tax they pay within the boundaries of the law. Our accountants are carefully selected trained professionals who have expertise in tax laws and regulations, and can help businesses to identify tax deductions, allowances, and concessions that they may be eligible for.
Some common tax reduction strategies that an accountant may suggest for businesses include:
Claiming all eligible deductions: This involves identifying all the expenses that are incurred in running the business and claiming them as deductions on the tax return. You would be surprised how many business owners don’t realise how many things they are missing out on claiming for.
Structuring the business in a tax-efficient way: This involves choosing the right business structure (e.g., sole trader, partnership, company, trust) that provides the most tax benefits for the business.
Timing income and expenses: This involves deferring income or bringing forward expenses to reduce the taxable income in a particular financial year.
Taking advantage of tax concessions and incentives: This involves accessing tax concessions and incentives that are available for certain industries or types of businesses.
It is important to note that while businesses can legitimately reduce their tax liability by using these strategies, they must do so within the boundaries of the law. Our accountants have a responsibility to ensure that their clients comply with tax laws and regulations, and cannot provide advice that involves tax evasion or other illegal practices.
In Australia, there are important differences between employees and contractors. Understanding the differences is important for both employers and workers, as it affects their legal rights and obligations. One of our accountants can help with this aspect of running a business to ensure everything is being handled correctly.
- An employee is a person who is employed under a contract of service, where they work for an employer in exchange for payment. Employees are entitled to a range of rights and benefits, including entitlements to minimum wages, leave entitlements, and superannuation contributions. They are also covered by workplace health and safety laws, and have access to unfair dismissal protections.
- On the other hand, a contractor is a person who is engaged to perform services under a contract for services. Contractors are typically engaged for a specific task or project, and are generally paid a set fee or rate for their services. Contractors have more flexibility in how they work and when they work, and are generally responsible for their own tax and superannuation obligations. Contractors do not have the same entitlements as employees, and are not covered by unfair dismissal protections.
It is important for employers to correctly classify their workers as either employees or contractors, as misclassification can result in legal and financial consequences. Employers should consider a range of factors, including the level of control they have over the worker, the degree of independence the worker has, and the level of integration of the worker into the business, when determining whether a worker is an employee or a contractor. There can be different tax, company structure, cashflow and other implications depending on the scenario.
Yes, one of our business accountants in Sydney can assist with getting business finance approved, and our team can do this in a number of ways.
- Firstly, an accountant can help a business to prepare financial statements that accurately reflect its financial position. Financial statements, such as a profit and loss statement, balance sheet, and cash flow statement, are important documents that lenders will use to assess the financial health of the business. An accountant can ensure that these documents are prepared in accordance with accounting standards and provide an accurate picture of the business’s financial position.
- An accountant can help the business to develop a business plan that outlines the company’s goals, objectives, and financial projections. A well-crafted business plan can demonstrate to lenders that the business has a clear vision for the future and a solid strategy for achieving its goals.
- We can also a business owner to choose the right financing option that suits its needs. This can involve assessing the different types of finance available (e.g., bank loans, overdrafts, asset finance, invoice finance) and helping the business to choose the option that best meets its needs in terms of interest rates, fees, and repayment terms.
- If needed, our accountant team can liaise with lenders on behalf of the business and provide additional financial information or clarifications that may be required during the loan application process. This can help to smooth the process and increase the chances of the loan being approved.
Yes, one of our accountants can help to fix cash flow issues for your business no matter whether you sell products or services irrespective of the industry sector or niche. Some of the ways this can be achieved may include;
- Analyse the cash flow situation: The first step in fixing cash flow issues is to analyse the current situation. An accountant can review the cash flow statements and other financial reports to identify the root cause of the problem. They can identify areas of the business that may be draining cash, such as slow-paying customers, excess inventory, or high overheads.
- Develop a cash flow forecast: Once the accountant has identified the issues, they can help to develop a cash flow forecast. This forecast will help the business to better manage its cash flow by predicting cash inflows and outflows over a given period. This can help the business to plan for expenses and ensure that it has enough cash on hand to cover its obligations.
- Improve collection procedures: One of the most common causes of cash flow issues is slow-paying customers. An accountant can help to develop effective collection procedures to ensure that the business receives payment for its goods and services in a timely manner. This can include setting up payment terms, sending reminders, and following up on overdue invoices.
- Reduce expenses: An accountant can help the business to reduce its expenses by identifying areas where costs can be cut without affecting the quality of the products or services offered. This can help to improve the business’s cash flow by reducing the amount of cash going out of the business.
- Improve inventory management: Excess inventory can tie up cash that could be used for other business activities. An accountant can help the business to develop an inventory management system that ensures that the right amount of inventory is on hand at all times, reducing the need for excess inventory.
Our accounting team in Sydney can help a business owner to determine the most appropriate business structure, taking into account the business’s goals, legal requirements, and tax implications. The three most common business structures in Australia are:
- Sole trader: This is the simplest business structure, where the business is owned and operated by one person. The owner has complete control over the business, but is also personally liable for any debts or legal issues. Sometimes that person may have a number of contractors involved to help deliver its products or services.
- Company: A company is a separate legal entity from its owners, known as shareholders. This means that the company can own assets, incur debts, and enter into contracts in its own name. The shareholders have limited liability, meaning that they are not personally responsible for the company’s debts or legal issues beyond the amount of their investment.
- Trust: A trust is a legal arrangement where one party (the trustee) holds and manages assets on behalf of another party (the beneficiary). The trustee is responsible for managing the trust’s assets, while the beneficiaries receive the benefits of the trust.
An accountant can help a business owner to decide which business structure is most appropriate for their needs, by taking into account factors such as:
- The owner’s personal liability and risk tolerance
- The business’s size and complexity
- The expected profits and cash flow
- The potential tax implications and other legal requirements
- The business’s long-term goals and plans
The accountant can also assist with the legal and administrative requirements associated with setting up the chosen business structure, such as registering the business with the Australian Securities and Investments Commission (ASIC), obtaining an Australian Business Number (ABN), and registering for Goods and Services Tax (GST) if necessary.
Yes, an accountant can review your business’s financial statements and identify areas where the current performance can be improved. Our team have helped hundreds of different business types over the years and these are the most common things they discover;
Inefficient operations: An accountant may identify areas of the business where processes are inefficient or unnecessary, leading to unnecessary expenses and reduced profitability. For example, our team can identify opportunities to streamline production processes or reduce inventory levels.
Poor cash flow management: One of our accountants may identify areas where the business is struggling to manage its cash flow, such as slow-paying customers, excessive inventory, or high overheads. They can help the business to develop a cash flow management plan that ensures that the business has enough cash on hand to meet its obligations.
Inaccurate financial reporting: An accountant may identify errors or inconsistencies in the financial statements, which can lead to incorrect decisions being made based on inaccurate information. They can help to ensure that the financial statements are accurate and comply with accounting standards.
Overpaying taxes: An accountant may identify areas where the business is paying more tax than necessary, such as failing to claim all available deductions or failing to take advantage of tax planning opportunities. They can help the business to optimise its tax position and minimise its tax liabilities.
Opportunities for growth: An accountant may identify opportunities for the business to expand its operations or enter new markets or segments, based on the financial data and industry trends. They can help the business to develop a growth strategy and provide guidance on the financial implications of different growth options.
Overall, an accountant can provide valuable insights into a business’s financial position and identify areas where the business can improve. This can be done in a number of ways looking at operations, processes, managing tax or even market opportunities.