Everything your accountant should be doing for your business
A great accountant is more than someone who lodges your tax return — they’re a strategic partner helping your business grow, stay compliant, and make confident decisions. Whether you’re running a startup, family business, or a large company, here’s everything your accountant should be doing to support your long-term success.
1. Keeping your business compliant
At the core of every accountant’s role is ensuring your business meets its obligations to the Australian Taxation Office (ATO) and ASIC.
Your accountant should:
- Prepare and lodge Business Activity Statements (BAS), Income Tax Returns, and PAYG reports accurately and on time. (ATO BAS Guide)
- Help maintain proper business and tax records for at least five years. (ATO record-keeping requirements)
- Register and update your ABN, GST, and business name details through the Australian Business Register (ABR) and ASIC when needed. (business.gov.au registration guide)
A proactive accountant will stay ahead of changing tax laws and notify you of any compliance updates before they become an issue.
2. Strategic tax planning
Beyond compliance, your accountant should be identifying ways to reduce your tax legally and strategically. This includes:
- Reviewing your business structure for optimal tax outcomes (sole trader, company, or trust).
- Identifying eligible deductions and rebates. (ATO small business tax deductions)
- Planning purchases and investments to manage taxable income efficiently.
- Advising on capital gains tax (CGT) and fringe benefits tax (FBT) implications.
At Hambros, tax planning is integrated into every client’s yearly strategy — ensuring you’re not only compliant but maximising every opportunity available under Australian tax law.
3. Business performance & forecasting
A skilled accountant should help you understand your numbers, not just report them.
They should prepare and review:
- Cash flow forecasts and break-even analysis.
- Profit and loss statements and balance sheets.
- Key performance indicators (KPIs) relevant to your industry.
Using accounting software such as Xero or MYOB, your accountant should deliver monthly or quarterly reports that help you make data-driven decisions.
4. Payroll & superannuation management
If your business employs staff, your accountant should handle or oversee payroll and Single Touch Payroll (STP) reporting.
They should also ensure superannuation is paid correctly through compliant channels such as SuperStream. (ATO SuperStream overview)
Incorrect or late super payments can lead to penalties, so having an accountant who monitors this ensures peace of mind and employee trust.
5. Business growth & advisory
An accountant’s job extends beyond the numbers — they’re a key business advisor.
At Hambros, business advisory includes:
- Identifying funding or finance opportunities.
- Setting budgets and financial goals.
- Conducting risk analysis and succession planning.
- Assisting with expansion, acquisitions, and restructuring.
Having a trusted accountant means having a partner invested in your growth — someone who understands both your numbers and your long-term vision.
6. Technology & automation
As we move toward 2026, digital transformation in accounting is accelerating.
Your accountant should help you adopt tools that:
- Integrate directly with the ATO.
- Automate BAS, payroll, and reporting.
- Reduce manual entry and improve accuracy.
An accountant who embraces automation helps your business save time and operate more efficiently — giving you space to focus on what matters most: running your business.
Final thoughts:
A great accountant is more than a number-cruncher — they’re your business partner in strategy, compliance, and growth.
At Hambros, we provide complete accounting and advisory solutions for Australian businesses, helping you stay compliant, profitable, and prepared for the future.