The Role of a Business Accountant & Why You Need One

By Bottrell Group on March 5, 2025 in Interesting Articles

The Role of a Business Accountant & Why You Need One

Introduction

As a business accountant, I’ve worked with companies of all sizes to manage their financial health, ensure compliance, and provide strategic tax advice. Many business owners ask, “Should I see a business accountant?” This article will help answer that and more!

1. What is the Role of a Business Accountant?

A business accountant plays a crucial role in managing a company’s financial operations, ensuring compliance with tax regulations, and offering strategic business advice. Key responsibilities include:

Managing financial statements & bookkeeping
Business tax planning & compliance
Financial forecasting & budgeting
Business structure setup & advisory
Ensuring compliance with ATO regulations

2. How a Business Accountant Helps Business Owners

For business owners, a business accountant helps with:
✅ Setting up the right business structure (Sole Trader, Partnership, Company, Trust)
✅ Preparing & lodging business tax returns
✅ Payroll & employee superannuation compliance
✅ Identifying tax deductions & minimising tax liabilities
✅ Managing ATO audits & disputes

Learn more about our Newcastle Accountants & Maitland Accountants.

3. What Services Does a Business Accountant Provide?

A business accountant offers a wide range of services, including:
Business tax returns & planning
BAS & GST compliance
Payroll processing & tax obligations
Business structure advisory
Cash flow management & budgeting
Strategic business planning

4. Should I See a Business Accountant?

If you’re a business owner managing finances on your own, you might be missing opportunities to save money and reduce risk. A business accountant can help you stay compliant, improve cash flow, and ensure your business is financially secure.

5. What Can a Business Accountant Do for You?

A business accountant ensures:
✔ Your tax returns are accurate & compliant
✔ You maximise deductions & reduce tax liabilities
✔ Your financial records meet ATO standards
✔ You avoid penalties & improve cash flow management

6. How Much Does a Business Accountant Cost?

The cost of hiring a business accountant depends on the complexity of your business’s finances. On average:
Small Business Tax Return: $500–$2,000
Company Tax Return: $1,500–$5,000
Ongoing Advisory Services: $250–$500 per hour

7. Benefits of Hiring a Business Accountant

Save time – Focus on running your business, not bookkeeping
Avoid penalties – Stay compliant with ATO regulations
Improve cash flow – Manage your finances effectively
Plan for growth – Get strategic financial advice

8. Are Payments to a Business Tax Agent Tax Deductible?

Yes! The ATO allows deductions for payments made to a registered tax agent under “costs of managing tax affairs.” This means you can claim:

Tax return preparation fees
Business tax planning consultations
ATO dispute resolution costs

Conclusion

A business accountant is essential for ensuring compliance, managing tax liabilities, and helping business owners make informed financial decisions. Whether you’re a sole trader, small business owner, or managing a company, having expert financial advice can save you time and money.

Need expert business accounting advice? Contact Bottrell Accounting at:
Newcastle: Newcastle Accountants
Maitland: Maitland Accountants

East Maitland: East Maitland Accountants
Call us: (02) 4933 6888
Email: office@bottrellaccounting.com.au