Are you fully aware of all of your compliance responsibilities as a small business owner?
Compliance requirements for small business owners are aplenty and keeping up-to-date without support can be a daunting prospect for anyone. Accessing professional help through a reputable bookkeeping franchise can help small business owners to leverage expertise and resources that they don’t currently have within their small business.
Many small business owners who need some help when it comes to compliance decide to use a trusted brand like First Class Accounts. This provides valuable access to the knowledge, tools, and systems you need. By engaging a qualified bookkeeper, you’ll be able to focus more on your core business activities, providing goods and services to your valued customers.
Here’s how you can achieve a better understanding of compliance requirements for your business and the consequences of non-compliance while connecting with the right help for you.
Understanding Compliance Requirements for Small Businesses
Compliance might not be your core business as a small business owner, but you must give compliance the attention it needs.
From understanding tax and employment law and National Employment Standards to General Data Protection Regulation (GDPR) laws, fair trading laws, and workplace safety – there’s a lot to comply with in small business. If you have a team or employees, you’ll also need to ensure that you are compliant with minimum wage, payroll, and super requirements.
As a business owner, you not only need to learn the applicable laws and regulations, but you also need to keep informed of any changes to these laws and regulations to maintain compliance.
In particular, bookkeeping compliance can be difficult for many small business owners. You need to not only accurate records but you also need to maintain this accuracy on an ongoing basis or everything could go awry. Bookkeeping is as far from a ‘set and forget’ process as you can get. Keeping your books up-to-date and ensuring you lodge accurate activity statements and tax returns to keep compliant requires continuous attention and effort.
What Non-Compliance Can Cost Small Business Owners
Failure to comply with the laws and regulations relevant to your business can have serious consequences. Penalties for non-compliance can include hefty fines, legal issues, expensive court costs, and lasting reputational damage. This can impede your business growth and stop you from achieving the success you want in your business. It might also jeopardise your business’s very existence.
How a Professional Bookkeeper Can Help You Navigate Compliance
A professional bookkeeper can ease the burden of compliance by setting up systems for financial record keeping to ensure your compliance is taken care of. They can ensure you have accurate records and that your tax obligations, payroll, and super liabilities are paid on time. If you need to work out other benefits for employees such as redundancy payouts, holiday pay, or minimum wage increases, your bookkeeper will also be able to help you to get it right.
How to Choose the Right Bookkeeper for You
If you’re eager to find a bookkeeper that can tick all the boxes regarding your specific needs, start by having a good think about the key areas where you need help. Whether you need assistance with data entry and expense tracking, invoicing, tax compliance, payroll management, or financial reporting – it’s important to be crystal clear about your needs.
You might decide to pursue a bookkeeper with expertise in your industry – they will likely be more familiar with the regulations specific to your business. Additionally, it makes sense to engage someone who has experience using the accounting software you want to use in your small business. Without a learning curve, they can hit the ground running and start helping you from day one.
A qualified bookkeeper will not only help you stay compliant but also offer you valuable insights and advice. They can help to identify trends in your financial data that you may not otherwise spot yourself. This supports you to make informed decisions that drive your business growth.
Importantly, a qualified bookkeeper will also keep informed about changes to regulations and financial management practices, ensuring you’re always in the loop of any changes that might affect your business.
Franchise vs. an Independent Bookkeeper – Which Should I Choose?
If you’re looking for a professional bookkeeper, you can either opt for a larger bookkeeping franchise or an independent or freelance bookkeeper.
One of the key benefits of choosing a larger franchise company like First Class Accounts is that we have a large network of qualified bookkeeping professionals located right across Australia. Our team has experience in a range of industries and the main accounting software packages that small businesses use.
First Class Accounts has well-established systems and processes that ensure consistency and quality in all of the services we provide. This means, as a small business owner, you can expect reliable, professional support, tailored to meet your needs.
As one of Australia’s largest bookkeeping franchises, we provide regular education and training opportunities for all of our franchisees. You can be assured that our bookkeepers have the most up-to-date information available when it comes to tax laws, rules, and regulations.
The exceptional level of support available through a large franchise is difficult for independent or freelance bookkeepers to match. Choosing a company like First Class Accounts provides peace of mind that your financial compliance and management needs are well taken care of.
Connect with Us and Find A Bookkeeper Near You
Are you ready to partner with a bookkeeping franchise to manage your books so you can focus on the day-to-day operations of your business?
First Class Accounts can help to create systems, organise your books, and take control of your compliance obligations. Our team can offer tailored support to suit the individual needs of your small business.
With the right support, it is possible to navigate all of the complexities of compliance with confidence. We’re here to help you stay on the right track with your finances, allowing you to concentrate on what you do best – growing your business!
The First Class Accounts team helps small businesses right across Australia. With 120 bookkeeper franchisees on our books across five Australian states, there’s bound to be a bookkeeper near you.
