A business can bring success and pride. But it also means making smart choices every day. Some help you make more profit, while others avoid tax or legal issues. In the beginning, it’s common to manage money yourself. Later, though, even small errors can cost a lot.
This blog will help you know when to get help from a professional accountant and why it matters. We will share real examples of times when working with an accountant can save you time, money and stress. They also help you follow the law and grow your business in the right way.
1. Starting a New Business
When starting a business, everything is new and can be confusing. You must decide:
- Choosing the right business structure (sole trader, partnership, company). — for more details, see how to choose your business structure.
- Registering for tax duties like ABN and GST.
- Deciding how to keep records and manage accounts.
- Picking the right accounting software.
Quick decisions without expert advice can cause problems later, like tax troubles or legal issues.
Why seek advice?
An accountant can help pick the best business structure for your goals and tax benefits. They guide you through registrations and set up good record-keeping from day one. This helps you start with strong finances.
2. Registering for GST and Other Tax Obligations
In Australia, businesses must register for GST if their annual turnover exceeds $75,000, according to ATO requirements. There are also other obligations depending on your business type, such as payroll tax, PAYG withholding, and import duties.
Many small business owners miss the registration threshold or register too early, leading to unnecessary admin work or compliance issues. Incorrect GST reporting can also result in fines.
Why seek advice?
An accountant will help you determine the right time to register and ensure your GST is calculated and reported correctly. They can set up your Business Activity Statement (BAS) lodgements and teach you how to claim GST credits, ensuring you’re not paying more than necessary.
3. Managing Cash Flow Challenges
Cash flow means money coming in and going out. Even if you are profitable, bad cash flow can cause serious problems. Signs include:
- Trouble paying bills or staff on time.
- Overdrawing your bank account often.
- Using short-term loans to keep going.
Professional financial planning, like CFO advisory services, helps you manage cash flow and make confident decisions.
Why get professional help?
Accountants can create cash flow forecasts, improve billing cycles, and suggest cost control. This reduces stress and improves decisions.
4. Hiring Your First Employee
Employing staff involves more than just offering a salary. You’re responsible for:
- Calculating and paying wages correctly
- Managing PAYG tax and superannuation contributions
- Keeping accurate payroll records
- Understanding leave entitlements and workplace laws
Mistakes can lead to compliance problems or unsatisfied staff. To ensure you’re on track, check out the Hiring employees checklist, which covers all your legal and administrative duties as a new employer.
Why seek advice?
An accountant can help implement payroll software that complies with Single Touch Payroll (STP) requirements. They’ll also guide you on employer obligations and help you avoid underpayment risks or legal trouble.
5. Preparing for Tax Time
Tax season can be overwhelming, especially if your records are messy or you don’t know what deductions to claim. Many businesses pay more tax than necessary.
Why seek advice?
Accountants keep your records accurate and up to date all year. They prepare your tax return, maximise deductions, and make sure you meet ATO rules. Firms like Chohan Associates make this easier, saving you money and stress.
6. Scaling Your Business
Growth brings complexity. As your business expands, you may:
- Launch new products or services
- Open additional locations
- Hire more staff
- Increase operational costs
Why is professional advice important?
An accountant can help you scale sustainably by improving budgeting processes, analysing your most profitable areas, and suggesting systems to handle increased financial activity. Their insights help you grow smarter and avoid financial strain. Services like smart financial planning and accounting advisory can provide the expert guidance you need during this phase.
7. Handling Complex Financial Transactions
Significant investments—such as purchasing equipment, property, or vehicles—affect your balance sheet and tax obligations.
Why seek advice?
A professional accountant will evaluate whether an investment aligns with your financial goals and offer strategies to claim depreciation or access tax offsets. This ensures you get the most benefit from your spending.
8. Mergers, Acquisitions, or Business Sales
Buying or selling a business is a high-stakes transaction that requires financial, legal, and operational due diligence. For a clear overview of the steps involved—from deciding whether to sell, valuing your business, finding buyers, to finalising contracts—check the official guide to selling a business
9. International Trade
Doing business overseas means:
- Managing currency changes.
- Understanding tax rules in different countries.
- Handling customs and duties.
Why seek advice?
Accountants with international experience help you follow laws, manage currency risks, and stay compliant globally.
10. Ensuring Compliance and a Strong Tax Strategy
As your business grows, your tax and legal responsibilities grow too. If you don’t meet these rules on time, the Australian Taxation Office (ATO) may charge penalties and interest. For example, late lodgement penalties can reach up to $1,565 for small businesses if they fail to lodge on time. This can hurt your cash flow and add stress.
It’s not just about avoiding penalties. Having a good tax strategy also helps you save money. You want to pay the right amount of tax—not more than you need to.
Why seek advice?
A qualified accountant helps you stay up to date with all your tax obligations, such as:
- GST (Goods and Services Tax)
- PAYG (Pay As You Go) withholding tax
- Superannuation payments
- Business Activity Statement (BAS) lodgements
They also help you plan ahead with smart tax strategies—like how to claim deductions, manage cash flow, and reduce your tax bill legally.
11. Succession Planning and Exit Strategies
Eventually, all business owners must plan to retire or exit. Whether selling, passing on, or closing your business, a good exit plan is important.
Why seek advice?
Accountants help with tax-efficient exits, valuing your business, and preparing documents. They also advise on smooth leadership handovers.
12. Implementing New Accounting Software
Good software helps you make better decisions and work faster. But a wrong setup can cause mistakes.
Why seek advice?
Accountants help choose software that fits your business. They train your team and customise reports for clear insights.
13. Dealing with ATO Audits or Reviews
An audit or review by the Australian Taxation Office (ATO) can be time-consuming and stressful. If errors are found, you may be liable for back taxes and penalties. You can learn more about the process on the ATO’s audit and review page.
Why seek advice?
Your accountant can liaise directly with the ATO, prepare required documentation, and address any issues quickly. Their oversight ensures your records are audit-ready at all times, reducing the likelihood of problems.
14. Staying Updated with Regulatory Changes
Tax and workplace laws change often. It’s hard to keep up while running a business.
Why seek advice?
Accountants stay updated and tell you about changes that matter. This helps avoid accidental mistakes.
15. Saving Time and Reducing Stress
Managing your accounts takes valuable time and mental energy. Trying to handle it all can lead to burnout or overlooked obligations.
Why get professional help?
Hiring a professional frees you up to focus on strategic areas of your business. It also brings peace of mind that your finances are in expert hands.
Conclusion
Owning a business means making many decisions every day. Doing your own accounting might seem cheaper at first, but professional advice usually saves you money and stress in the long run.
From starting to growing, payroll to audits, an accountant adds value beyond tax returns. They protect your money, help you follow laws, and open new chances to grow.
If you see yourself in any of these 15 situations, now is the time to talk to a qualified accountant. The right advice can protect your business and help you succeed for years.
Ready to take the next step? Contact Chohan Associates today for expert accounting advice customised to your business needs.