Small businesses and startups represent a vital force in Australia's economy, providing a source of innovation and exciting new ideas. However, given their inexperience, most require substantial amounts of external help when they first start out - a point highlighted in the lead up to the recent end of financial year.
The Institute of Public Accountants (IPA) recently stressed the important role accountants, whether in-house or outsourced, play in the wellbeing of small businesses in Australia. This was especially pertinent in light of the hectic end of June period and an imminent slew of legislative changes.
One such set of reforms - those pertaining to the Future of Financial Advice (FoFA) regulations - will mean accountants and other business decision makers will have plenty to think about, according to IPA Chief Executive Officer Andrew Conway.
"We know consumers see accountants as their trusted advisors and clients will seek advice from their accountants. This provides accountants with a marvellous opportunity to cement relationships with clients," he said.
"Demand for the one-stop-shop is on the increase and clients look to their accountants to fill this space, with the provision of financial and other business advisory services."
The IPA also cited research from CoreData, which indicates that when it comes to finances, accountants are the most nominated primary source of professional advice by consumers, garnering more than a third (33.9 per cent) of responses.
In addition, Mr Conway said a number of tax concession changes - for example, those surrounding the repeal of the Mineral Resource Rent Tax - could confuse small businesses when figuring out what they can and can't claim.
"Whilst these tax concessions can legitimately be claimed this financial year, taxpayers will need to amend their returns if the legislation is passed. The Institute is urging small businesses to be cautious of what claims they make with the knowledge of the impending retrospective legislation still hanging over their heads," he explained.
If you'd like to learn how Earlypay's Invoice Finance & Equipment Finance can help you boost your working capital to fund growth or keep on top of day-to-day operations of your business, contact Earlypay's helpful team today on 1300 760 205, visit our sign-up form or contact [email protected].