Who do you turn to if the going gets tough for your small pharmacy in Bankstown? According to an MYOB survey, it’s probably your accountant.
Nearly half of the SMEs surveyed revealed that their accountant is the first person they speak to for advice when their business get into financial difficulty, making the right accountant integral to the continued success of a business.
Not just for when the taxman comes calling
However, MYOB CEO Tim Reed described how it would be foolish to only speak to an accountant when things are stormy for your business.
“Rather than just being called upon at tax time, they are actually a constant source of financial advice throughout the year, helping businesses grow and remain profitable,” he said.
Sharing the load
Running a business is a tricky business, doubly so if you are a new medical startup only just finding your feet. It only gets more difficult with new proposed GST reforms floated by the government. A more recent MYOB survey revealed that more than half of SMEs did not support this GST tax hike, with 35 per cent citing that it may cause customers to spend less.
However, as Mr Reed points out, the reform does raise the important issue of the complexity of GST compliance.
“Reforming GST would have provided the opportunity to make GST much simpler for small businesses the productivity benefits could have been massive,” he said.
“With the prime minister now taking a GST change off the cards, we’d encourage government to now take some simple steps to reduce the GST compliance burden on small business.”
Thankfully, this increased workload can be passed on to someone trained to do it quickly, efficiently and accurately, once again demonstrating the importance of the right accountant for your enterprise.
To find a small business accountant you can turn to in times of crisis or just for small business advice, speak to the team at DBS Accountants today.