Talking Cents

How accounting can be your small business competitive advantage

Having a competitive advantage is exceptionally crucial due to the high intensity of competition in every industry today. But how can accounting, a ‘back-of-house’ admin department or function be a small business competitive advantage?

One key thing accounting can do for small businesses is to improve better time management. Better time management also leads to better decision-making and better utilisation of funds. However, the perquisite for all these to take place is to have an effective accountant.

With proper management of cash flow and consistent reconciliations, it allows a business to plan ahead and keep track of current fund levels. Besides that, an effective accountant should be consistently updating themselves with new regulations by the government and prepare documents as well as statements that are accurate.

In order to pay employees correctly, it is the job of an accountant to make sure that they set up superannuation and entitlement calculations flawlessly in the software.

Tax is the most important component in accounting, and in M.A.S Accountants – the original accounting office for small business, we pride ourselves on our knowledge as well as experiences in handling taxation services for our clients.