[Small Business Series] What types of Accounting Services Do You Need to Achieve Growth for Your Small Business?

October 13, 2022

Accounting is the process of recording, classifying, and summarizing financial transactions to provide information that is useful in making business decisions. Business growth requires making decisions about how to allocate resources to achieve desired objectives. Accounting information is essential for making sound decisions about where to allocate resources to achieve growth objectives.

Broadly speaking, there are a number of accounting services available to business owners from accounting firms like HOC and particularly there are many different types of accounting services that can be beneficial for business growth.

At its core, typical accounting services include bookkeeping, auditing, tax preparation, and financial consulting. These services can help businesses keep track of their finances, ensure compliance with tax laws, and provide advice on how to improve their financial health.

The services you need will depend on your business goals. As a small business owner, you may only need bookkeeping and tax preparation services. However, if you’re looking to grow your business, you may need additional services such as financial planning, business consulting, business valuation, and payroll processing.

What if your firm already has a full time CFO? Will the accounting services of an accounting firm like HOC can add to your business growth?

There are many ways in which a CFO and her business can gain from an external accounting firm. One way is that the firm can provide the CFO with access to a broader range of accounting and financial expertise than is available internally. This can be particularly valuable when the CFO is facing a new or challenging situation. Another way is that the firm can provide the CFO with an independent perspective on the company’s financial situation and performance. This can be helpful in providing early warnings of potential problems or in identifying opportunities for improvement. Finally, the firm can provide the CFO with a more objective view of the company’s financial situation than is possible from an internal perspective.

Full-service accounting firms like HOC can create robust systems of financial accounting for your small business. These systems help you to drive down your costs by doing the work once for setting up better internal processes.

Your current accounting system should meet your business requirements if it is up to date and well designed. Review your current accounting system for your small business with a professional to ensure that it meets your business requirements.

Typical internal accounting processes and systems in a small business include:

  1. Accounts payable
  2. Accounts receivable
  3. General ledger
  4. Payroll
  5. Tax compliance

Internal Controls

Our disciplined approach to internal controls helps you mitigate risk, improve financial reporting, and operate your business more efficiently.

We work with you to assess your current internal controls and identify opportunities to improve them. We also help you implement new internal controls and monitor their effectiveness.

Financial Reporting

We can help you develop and implement financial reporting processes and procedures that meet your business needs and comply with accounting standards.

We can also help you prepare financial statements and disclosures that comply with Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS).

Budgeting and Forecasting

We can help you develop budgeting and forecasting processes that meet your business needs and provide insights into your company’s financial performance.

We can also help you prepare and interpret financial projections and analyses that can be used to make strategic decisions about your business.

Cash Management

We can help you optimize your cash management processes to improve your working capital and liquidity position.

We can also help you develop and implement policies and procedures to better manage your cash flow.

Risk Management

We can help you identify and manage risk factors that could impact your business.

We can also help you develop and implement processes and controls to mitigate risk and improve your overall risk management practices.

HOC is one of the leading accounting firms in Melbourne, comprised of experienced and qualified tax accounting and financial advisory service professionals. Both at our Essendon office and throughout Melbourne, we bring our expertise and commitment into every step of:

  • Assisting clients with financial planning
  • Assisting clients with the development of financial statements
  • Assisting clients with the management of their financial records
  • Assisting clients with the preparation of tax returns
  • Assisting clients with the management of their investment portfolios
  • Assisting clients with the development of financial plans for their businesses

Providing clients with advice on financial matters

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