As the owner of a small business, you probably want to keep things in-house as much as possible in an attempt to cut costs. But, when it comes to serious things like payroll and tax returns, having a professional take over can make your life easier.
Our small business accounting team has the skills necessary to help with a whole range of tasks in your operations – from starting from a business plan and loan application to helping you transition into a company structure as you grow.
Leave your small business accounting tasks up to us, and we’ll ensure everything is done effectively and according to the books.
Most small business owners are always looking to save money and generally think they can’t afford an accountant.
But, as a small business owner, you have a lot on your plate and time is money. Specific tasks, such as taxes, can take a considerable amount of time to do, especially if you’ve never done them before and the process is unfamiliar to you. You need to ask yourself whether spending time on these matters is the most productive approach.
For example, it could take you 10 hours to do your taxes initially. If your time is worth $80 an hour, you’re spending $800 to complete them yourself. The qualified small business tax accountants at KNS will efficiently carry out the task. Plus, we charge less per hour than what you would be paying yourself.
At the end of the day, it’s a win-win: you’ll have freed up time better spent generating revenue, and you’ll have the peace of mind that a professional is taking care of your accounting needs. Remember, if you’re doing your taxes whilst multitasking – like most business owners are inclined to do – the risk of making errors increases exponentially.
An experienced accountant can alleviate your financial headache and maintain your good relationship with investors, stakeholders, employees and suppliers. And, we’ll make sure everything is up to scratch so that you don’t run the risk of costly penalties.
A simple way to save money is to reduce your tax liability by utilising the different avenues of tax deductions available in Australia.
We know you are always busy, and the tax season creeps up quickly, forcing you to rush your preparations at the very last minute. Unfortunately, doing so will mean you’re too late to make the most of your deductions. This is where our small business accountants come in, helping you identify where your opportunities sit throughout the entire year.
One of the main reasons businesses employ tax accountants is to avoid legal consequences if errors occur. Failure to file or pay taxes correctly, even if the mistake was unintentional, can result in serious legal consequences – such as fines and penalties.
It’s essential to avoid these instances. Too many mistakes on your tax reports can lead to an audit from the ATO. Or, the business appears too charitable. Our small business accountants will help avoid these cases.
We are a specialised small business tax accountant team that’s equipped with the skill sets needed to manage all of your legalities. With certifications as BAS agents and SMSF administrators, we can take care of your tax return filing and help you prepare your financial statement.
Our small business accounting team will ensure you never:
Different types of businesses have different legal structures. Examples of these are:
A business accounting specialist from our team will help you decide which structure suits you and your operations best. And, we can advise on the advantages and disadvantages of each.
If you are a sole trader or proprietor and work on a self-employed basis, you should be invoicing under your own name. In this case, there is an opportunity to offset a number of your living expenses against your tax.
But, this structure also means that if anything goes wrong in the business, you could be held personally liable. For example, if the business cannot pay debts or a supplier, or even it loses a lawsuit, your house, and other possessions are what the creditor will come and collect in return.
A limited liability company structure, on the other hand, limits the liability of the business to the assets that the business owns rather than those that you own personally.
As your company grows over time, we’ll be there for you every step of the way as you require our services.
A small business account from KNS has expert experience in things like hiring new employees and upgrading to more office space. We’ll look after your payroll, utility payments, employee and property tax, and other business accounting.
KNS Accountants use specialised cloud-based accounting software so you can hop on and view your business finances at any time, from anywhere– and they’ll be updated in real-time. This tool makes analysing your cash flow and managing your inventory and pricing much more efficient. Cloud-based accounting software provides an elevated opportunity for financial analysis, which is then used to advise you on the best way to grow your business.
We are a full-service accounting firm that is dedicated to meeting all the diverse and unique accounting needs of small businesses just like you. Our highly skilled and qualified professionals provide business owners with the quality of service and expertise they deserve.
To get your books back on track and up-to-date, get in touch with KNS Accountants for a consultation now.
KNS Accountants and Business Advisors is a full-service accounting firm that has been serving the Greater Sydney Area for over seven years.
We have three convenient locations in Penrith, Parramatta, and Blacktown, and our team of experienced professionals offers a broad range of services, including auditing, tax filing, financial planning, self-managed super fund tax advice and retirement planning.
Our certified practising accountant team pride themselves on providing personalised service and customised solutions to meet the unique needs of our clients.
Whether you are a small business owner, property investment executive, or sole trader, we have the knowledge and experience to help you achieve your financial goals.
Riya is the newest addition to the KNS team and looks after bookkeeping and administration for us. She is currently completing her Bachelor of Professional Accounting degree from Macquarie University, and is aiming to pursue her career as a forensic accountant when she graduates.
She is also a certified Xero and Quickbooks advisor.
When Riya isn't studying or at work, you can find her binging on Netflix!
Simrani joined the KNS family in July 2020. She’s currently studying at Macquarie University and has aspirations to be a property tax specialist in the future!
With a passion for investing in property, shares and crypto, Simrani keeps up-to-date with the latest market trends. Simrani takes care of all bookkeeping, individual tax returns and is a certified Xero and Quickbooks advisor.
In her spare time, she loves organising events for the team like monthly drinks and weekends away
Abigail has been part of the KNS family since July 2019, and she’s a force to be reckoned with. She joined the KNS team as an intern before becoming an intermediate accountant, specialising in SMSF, SMEs and cashflow forecast.
Abigail holds a Bachelor of Accounting degree from the Universal Business School in Sydney and she’s currently pursuing a Master’s degree in Business Administration majoring in Accounting. She is also a certified Xero and Quickbooks advisor.
She loves baking and travelling – but most importantly, she is a mother of one.
Raj has been a public practicing accountant for the last six years and has over ten years of experience in the corporate world. He possesses extensive knowledge of technology, and specialises in cloud technologies, automation and outsourced CFO services for his clients.
Raj is a member of the Institute of Public Accountants and is a registered Tax Agent with the Tax Practitioners Board. He holds a Bachelor of Business degree from Western Sydney University, Public Practice Certificate and is a certified Xero and Quickbooks advisor.
Raj loves rugby league! He's a big supporter of the Broncos (NRL) team and enjoys watching them play every weekend. When he’s not working or watching NRL, Raj spends time with his family who keep him busy.
Krishan has always enjoyed working in small, boutique accounting firms, but the opportunity to move interstate and work with a regional clientele was too good to miss! Krishan offers over a decade of experience across the world of accounting, specialising in SMEs, capital gains tax and self-managed superannuation funds.
Krishan is a member of the Institute of Public Accountants, a registered Tax Agent with the Tax Practitioners Board and an ASIC-registered SMSF Auditor. He holds a Bachelor of Commerce degree from Macquarie University, Public Practice Certificate and is a certified Xero and Quickbooks advisor.
He loves being able to help his clients reach their goals by teaching them about what they need to do and offering advice on how they can maximise results. He also enjoys mentoring other accountants so that there is a constant flow of fresh talent entering the industry! Outside of work, you'll find him at F45 training (he’s an addict) or spending time with his two kids.