How to Find an Accountant For Your Small Business

Here are a few simple steps to streamline the way you track your daily business expenses. Many merchants struggle to keep finances in order. Small business owners tend to wear multiple hats — from operations to HR, marketing and finance. There’s a lot to take care of, and it’s easy to understand why financial admin can slip to the bottom of the pile. Yet there are lots of good reasons why you should be tracking your business expenses. Aside from reducing the cognitive overload come tax time, keeping on top of your expenditure can you better manage cash flow and make informed, profit-building decisions for your business. Read on to discover some small steps you take as part of your day-to-day routine to keep on top of your business expenses. 1. Store your receipts properly Maximise your deductions at tax time by being diligent with retaining and documenting your receipts — your accountant will thank you. Keep your paper receipts in order by recording them in your accounting software, and then storing them systematically in the event of an audit. If you have a lot of paper receipts, consider converting them into digital formats (either by taking a photo or scanning them) to save on storage space, and prevent your receipts from fading or deteriorating over time. Alternatively, ask vendors to send you digital receipts via email or SMS — which is a money saver for them, and a space saver for you. Store your digital receipts securely, so that you can retrieve them as required. Just make sure that your system is backed up to avoid any heart-dropping mishaps. Most accounting software has the ability to attach the electronic receipt to the entry in your ledger, which makes it easy to search and retrieve the receipt as required. Zeller Dashboard tracks expenses in real time, and has a handy search function so that you can find specific transactions when you need them. 2. Open a separate business account Maintain a clear line between your personal spending and your business expenses by opening a separate business banking account — it’s one of the easiest ways to keep an eye on your spending. There are many good reasons why having a separate account is good for your business; it saves time, makes reconciling your expenses simpler, and it gives you greater visibility of what’s happening with your finances. It also means that you don’t have to explain your personal spending decisions to your accountant — or anyone else — come tax time. 3. Let accounting software do the heavy lifting Modern accounting software is more than a spreadsheet, it’s a complete system designed to keep you on track financially and save time. As such, there are many tasks that can be automated to reduce the amount of time you spend on bookkeeping. Most cloud accounting systems have the ability to connect directly with your bank feed, which updates your financial transactions in real time, and makes reconciling expenses a lot easier. Set aside a regular time each month, or more often if you have a lot of transactions, to go through your records and reconcile your expenses. If you use an expense tracking app throughout the day, your accounting software will intuitively match your bank records to the entry, and you’ll have minimal work to do. If you need help deciding which accounting software will meet your accounting requirements, read How to Choose The Right Accounting Software For Your Business . 4. Review your suppliers annually Brush up on your negotiation skills and you could save a few dollars. While some expenses may appear to be set in stone, in reality, there is usually room to negotiate to get a better deal for your business. Utility companies update their plans and pricing on a regular basis, so make it a priority to contact them every year to see if you’re on the best plan for your needs. Also consider bundling services, like your work phone and internet, to get a better deal and save. Loyalty can go a long way when it comes to negotiating with suppliers. If you’ve been trading with someone for a long time, keep an open dialogue with them about your needs. Most small business owners are prepared to be flexible in order to keep a loyal customer. And remember, not all negotiations have to be about money. You might not be able to barter on the price point, but you might be able to secure faster delivery at no extra cost — which may not save you money, but will save you time. When it comes to automatic contract renewals, make a diary note to review your contract two to three months before the renewal is due. This will give you time to advise your supplier if you find a better deal, and choose not to renew. Another approach is to negotiate the terms at the beginning of the contract. If a contract calls for automatic renewal, ask your vendor for an amendment to the terms giving you the option, not the obligation, to renew your contract within a window of time. 5. Wherever possible, fix expenses Expenses fall into one of two categories: fixed or variable. Fixed costs remain the same, irrespective of your volume of business. This may include things like rent, plant or machinery purchases, business registrations and insurance. The benefit of fixed costs is that they can be anticipated, and the expense accounted for. In contrast, variable costs can change depending on business needs, and may include labour, raw materials and utilities. While variable costs offer flexibility, they can also put your business at risk of overspending if not managed appropriately. Purchasing equipment or machinery outright is one way to fix your costs. Leasing tools can make it easier to get up and running, but will likely cost you more in the long run. By investing in your own equipment, you can reduce ongoing payments, which is good for your business cash flow. 6. Reduce your reliance on invoices For some industries, preparing and sending invoices, and giving clients payment terms, is regular practice. However, relying on invoices can mean a delay in getting your money. Reduce your risk, and the administrative burden of chasing up unpaid invoices, by transitioning to upfront payments, or collecting payments on job completion with a portabl. This will reduce the number of defaulted or delayed payments from clients, and get that money in your account a lot faster so you can focus on growing your business. 7. Keep your income and expenses up to date Regularly reconciling your expenses is one of the best ways to stay abreast of the financial health of your business. Knowing your numbers, whatever they may be, is critical for running a successful business. Achieving this also means knowing exactly what and how you’re being charged for each business service, including for the provision of EFTPOS services by  your payment provider . Seek out a provider who is open and transparent about costs, with no hidden conditions or fees. Better yet, look for a fixed transaction rate, and no account-keeping fees or ongoing equipment rental. At Zeller, we provide full transparency for our customers, with flat rate transaction fees and no ongoing costs. Our full-featured dashboard also allows you to check your numbers at any time, giving you 360 degree visibility of what’s going on with your business — from real-time transactions, profit comparisons, a summary of tax obligations and any refunds transactions that may require your attention. 8. Get professional help Investing in the services of a professional accountant can help maximise your savings and minimise your tax liabilities, yet the true value of an accountant comes from bigger picture thinking. A good accountant can also help you grow your business, by providing guiding advice on when to scale up and how. And while your accountant handles the financial details, you can focus on the building your brand and your customer base. An accountant should be a trusted partner in your business, so it pays to shop around to find the right person for your circumstances and ambitions. Finding a reputable practitioner is important, so ask around for recommendations of capable candidates from others in your industry. Other questions to consider are: What services do you need? Is this their area of expertise? What accounting software do they work with? What costs do you need to consider? Finding the right accountant is like finding the perfect pair of shoes. Once you’ve found the right fit, you’ll feel fully supported and ready to take your business to new levels. Keeping on top of the financial health of your business is one of the best things you can do to nurture a profitable and sustainable business. Managing your expenses may not be the most thrilling job in the house, however it can be one of the most rewarding. Appropriately managing business expenses will also have one of the biggest impacts on your bottom line, so it pays to embrace it with good practices and an optimistic outlook.

Each account is a financial tool with an important role to play. Money management is a skill that can take time to master. However, no business owner can afford to let this one slip through the cracks. Keeping a close eye on your incomings and outgoings from the outset is critical to keeping doors open. One of the simplest and most effective techniques to effectively manage your money is to set up three separate accounts: operating account tax account profit account. Each account has its own purpose. By keeping your funds in separate accounts, you will always have enough money on hand to carry you through quieter periods, take care of your tax obligations, or spend in case of emergencies. When you sign up for Zeller, you get a free Zeller Transaction Account . Setting up multiple Zeller Transaction Accounts is simple, and can be done in seconds. What is a business bank account? A business bank account is a facility that protects a business’s capital while enabling it to spend its funds. You’ll use a business account to receive payments from customers, fulfill invoices, track business expenses, and generally keep your accountant happy. A business bank account is not a personal account. For tax and bookkeeping purposes, banks, accountants and payments providers strongly recommend that merchants separate personal from business funds in separate accounts. To open a business account, business owners used to need to gather their documentation together, visit a bank branch in person to meet with a representative, and then send various forms via fax, postal or electronic mail. Eventually, you’d receive a card and checkbook in the mail. Instead, you can sign up for a free Zeller Transaction Account in minutes. A  Zeller Terminal can be purchased from the online shop , with free express shipping and same-day dispatch. Funds accepted via Zeller Terminal will be available in your Zeller Transaction Account for spending, the very next day, or you can simply use Zeller as your primary financial services provider without taking payments through Zeller Terminal. When comparing business accounts, it’s important to spend time on working out what’s important to you and which features your business needs. Read our blog about opening your first business account. 3 important accounts to open There are three basic business accounts you should consider opening. Of course, there are more sophisticated ways of managing your funds; you could be pouring over your budget every day. However, for simple and straightforward money management, keep reading. Zeller merchants can set up multiple sub-accounts to tailor their funds management to fit their unique business set-up. Not only does this give you a better overview of your business's finances, it also gives you the ability to more easily manage your money — with quick and seamless transactions between your main and sub-accounts. Here are the three accounts every small business owner needs. 1. Operating account The first account you’ll need is your operating account. Your operating account is where you run the day-to-day operations of your business. It’s where you: receive your income pay your bill pay your wages and so much more. Basically, all your day-to-day cash inflows and outflows go through this account. Most businesses should have one of these accounts already. For most Zeller merchants, this will be your Zeller Transaction Account . Funds are collected from your Zeller Terminal , settled and cleared into your Zeller Transaction Account overnight — so they’re available for spending the very next day. It’s the fasted way to get access to your takings and speed up your cash flow. Sign up for Zeller and you could have your Business Transaction Account in less than five minutes. Once your account is set up, stop using cash and do all your transactions electronically. If you’re paying suppliers in cash, it’s easy to lose track of the payment. If you pay electronically, you can always find a record of the transaction — ensuring you don’t miss out on claiming GST (if you are registered for it), or other tax deductions. Bigger businesses may choose to use a traditional bank for their operating account, because they offer overdraft facilities (subject to approval). These banks likely charge a monthly fee for the service. 2. Tax account The second account that you’ll need is your tax account. Your tax account is where you start putting money aside for tax. By separating it from your operating account, you will be less likely to spend it. It's easy to accumulate funds in your account, forgetting that at some point down the line there's tax to pay. Entrepreneurs and business are legally obliged to pay a number of different taxes, such as sales tax, trade tax, income tax, and wage tax. When you first start trading, you’re not paying tax on your earnings. But the year after you lodge your first tax return in net profit, you get a tax bill for that year — plus all of a sudden you also have to pay PAYG installments. Depending on which type of tax you pay, you will be required to make specific quarterly or monthly payments in advance to tax authorities. These advance payments help your business to budget and plan ahead, by spreading the business’s tax burden over the entire year. If you set aside money in a sub-account on a regular basis, it can help to make sure that you have sufficient financial resources available to pay your taxes on time. Each week or each month, start to put money aside money that will cover your obligations such as: Good and Services Tax (GST) Pay As You Go Tax (PAYG) superannuation income tax, and so on. 3. Profit Account Finally, the third account you’ll need is a profit account. This is where you put money aside for the profits of your business. So, as your business makes a profit, simply put a portion of that money aside. Again, if you leave it in your operating account, it’s far easier to spend. But if you put it aside in your profit account, it will be available when you want to make any changes in the business. This could be things like: paying out dividends purchasing new tools or assets for your business reinvest in the growth of your business giving all your staff a bonus investing in additional COVID-safe measures. The beauty of starting to manage your money this way is that you’ll be able to start choosing where you spend your accumulating profits, rather than your takings being simply absorbed in the day-to-day operations. Set these three accounts up today and use them frequently — you’ll soon find that you’ll have the money that you’ll need to scale your business. Once your business grows, it’s a good idea to look for a high-interest business savings account. This will let you earn interest on extra funds that you don’t need right now; effectively, it’s another revenue stream as it allows you to make money on business assets. Introducing smarter business banking With Zeller, you can accept payments from customers, track spending and manage your business's finances online. It’s an all-in-one solution for merchants looking for the most straightforward way to start or grow their business — no hidden fees or lock-in contracts required. In Zeller Dashboard , you can see: details of every sale the number and value of sales your business has made at any point on time where business funds have been spent account totals and so much more. By putting valuable insights at your fingertips, we hope to enable Zeller merchants to be able to make important business decisions with ease. Sign up to the Zeller Business Blog for more business tips delivered straight to your inbox. Please note this article is for educational purposes only and does not constitute advice.

Discover tools to save time, simplify admin and grow profits. Running a small business can be time-consuming. Between managing employees, bringing in new customers, and keeping the books balanced, there's not always a lot of time for innovation and growth. Thankfully, technology has advanced to the point where there are plenty of great software tools to help small businesses do just that. But with so many options available, which ones should you choose? In this article, we'll break down six of the most helpful tools for growing your business, and offer advice on how to pick the right one for you. 1. A simple, powerful accounting platform If you're not an accountant, bookkeeping can seem like a complex task. Luckily, there are many accounting platforms available to make the process easier and more streamlined. Accounting software is a convenient way for small business owners to simplify the bookkeeping process. Gone are the days of maintaining a paper ledger — accounting platforms provide tools to manage income, expenses, tax information and more, allowing business owners to keep track of their financial data in real time throughout the year. With over three million subscribers worldwide, Xero is a popular choice for entrepreneurs. Developed with small business needs in mind, Xero allows you to keep track of your finances via its intuitive, easy-to-read dashboard. At a glance, Xero users can get a holistic view of their financial position, including outstanding invoices and bank balances. However, don’t confuse simplicity with reduced functionality. This is a powerful solution that can deliver advanced reporting when you need it. And, with multiple subscription price points, there is an affordable option for all businesses. Not convinced just yet? For more help choosing the best accounting platform for your needs, read How to choose the right accounting software for your business. 2. Robust point-of-sale software A point-of-sale (POS) system is a must-have if your business needs to manage ordering or inventory. For retailers and hospitality merchants in particular, POS software can be a lifesaver — serving as a central hub to help business run more smoothly. Retailers can use a POS system to ensure appropriate stock levels are maintained, and that in-demand items are always available for purchase. This serves to ensure customers come back, time and again, to your business. Vend takes the pain out running your retail business by providing an integrated point-of-sale experience. With their portable software, you can accept payments, stay on top of inventory, and keep detailed records of your customers’ buying habits. You can also integrate the software with your accounting platform, to make it even easier to keep your business growing. In hospitality, POS software can help your business run more smoothly by streamlining the process for bookings and delivery orders, as well as tracking stock levels, and ensuring that your customer enjoys the ultimate dining experience. There are dozens of options on the market. The right option for your business depends on a number of considerations, including whether you offer delivery, accept bookings, and allow for meal customisations. Read more about how to find the best POS System for your restaurant on the blog. 3. Affordable email marketing software One of the most powerful ways to build customer loyalty is via email marketing. While social media and other channels might boost your brand visibility, a direct email will help ensure your past customers know about new product offerings, sales, and other changes in your business. Email marketing software can be used in a multitude of ways. You can use it to send regular newsletters, and track performance metrics such as open and clickthrough rates. Or, you could simply use it to let your customers know about a change to opening hours. Once your confidence with your chosen system builds, you might even consider using an automated email sequence to direct your customers through a pre-planned journey to drive sales for your business. For an email marketing platform with a good track-record, you can’t go past Mailchimp . Founded in 2001, Mailchimp has established itself as an affordable and easy to use email marketing platform for businesses of all sizes. Boasting an intuitive interface and expertly designed templates, sending out customer emails is easy for professionals and amateur marketers alike. If budget is a consideration, Mailchimp offers an entry-level plan — allowing businesses with fewer than 2,000 subscribers to use the platform free of charge. 4. A mobile EFTPOS terminal With cash use in steady decline , it’s never been more important for businesses to be able to accept cashless transactions. For that, you need a portable EFTPOS machine . All EFTPOS machines accept cards — it’s what they were originally built to do. However, the shift to more modern digital forms of payment will continue, and new payment methods will continue to emerge. In determining which EFTPOS machine is best for your business, consider not only whether it enables you to accept today’s most popular payment methods — but also whether it will continue to enable you to accept your customers’ payments into the future, as new methods such as ZipPay grow in popularity. Zeller Terminal is a powerful portable EFTPOS machine designed to make it easy to keep your payments in order and improve your cash flow. Featuring an elegant design, Zeller Terminal allows you to accept all payments, including smartphones and other mobile devices, contactless debit and credit cards, as well as traditional chip-enabled cards. Other benefits include being able to accept payments on the go, customising receipts, and a low fixed rate for all transactions. Coupled with a free Zeller Transaction Account , Zeller Terminal can fast-track payments, while ensuring that your funds (and those of your customer) are safe and secure. Learn more about how the Zeller Terminal can help you do business better by reading Zeller Terminal: your EFTPOS payments solution . 5. Task management software For every big task you need to tackle, there’s probably a hundred smaller tasks to manage. It’s these small, administrative tasks that keep the day-to-day operations running smoothly. Yet keeping on top of every detail can sometimes be overwhelming. If that’s the case, a project management tool might just be the lifesaver you’re looking for. What makes a good project management tool? Different people use different systems to stay organised, so choosing the right one might be a case of trial and error. That said, knowing your priorities is a good way to narrow the field. If you’re not sure where to start, Asana is a robust software solution that is easy to use. Even the free version comes with templates for everything from team meetings to event planning and content development, making Asana an ideal solution to break down tasks into smaller, achievable chunks. Plus, Asana’s collaboration features allow you to set up teams for separate projects, and communicate progress without the need for endless, repetitive emails to your staff. 6. A collaboration platform Maintaining open and transparent communication with your team is the secret to a high-functioning, positive workplace culture. While face-to-face communications is ideal, COVID-19 has taught us that workplace communications can take many forms. Tools that make group communications simple to deploy, and easy to read, are vital for your workplace. Consider how hard it has been to communicate constantly changing public health advice, or managing staffing, during the pandemic. Having the right collaboration tools can make all the difference. Slack is a team communication platform that acts as a modern alternative to email and other business tools. It makes it easy to keep track of conversations, files, and information shared across all devices, and integrates with existing tools such as MailChimp and Google Drive to allow information to be share efficiently across all platforms. If you find it challenging to keep track of email threads, you might find that Slack has the advantage over email, making it easier to keep track of discussions without worrying about where you filed an importance correspondence. In short, technology can make your life easier — whether you are running a small or large-scale enterprise. When you decide you need help with accounting, processing payments, or staying in touch with your customers, there are numerous options on the market. The important thing is to know your business needs and choose tools that are compatible with your goals, as these will streamline tasks and free up your time so that you can enjoy the fruits of your labour.