18 July 2023

In Business? Ask your accountant

In the ever-evolving landscape of business, staying compliant with accounting regulations is a mandatory.

As a business owner, you understand the significance of accurate financial management and adherence to laws and regulations.

To assist you in navigating the intricacies of accounting compliance, we have compiled a list of essential questions to ask your accountant.

>> Monthly, Quarterly, and Annual Business Activity Statements.

As a responsible business owner, you know how important it is to keep a close eye on your financial activities via business activity statements. These statements provide a comprehensive overview of your business’s transactions, allowing you to monitor cash flow, GST obligations, and other financial indicators.

When discussing with your accountant, consider asking:

(1) How can I effectively manage and reconcile my monthly, quarterly, and annual business activity statements?

(2) Are there any potential risks or pitfalls I should be aware of?

(3) Can you help me identify strategies to optimise my GST obligations and improve cash flow? 

>> Start the new financial year right with Financial Statements and great Tax Return Management:

Accurate financial statements and timely tax return filings are fundamental to accounting compliance. These documents provide a snapshot of your business’s financial health and help you to meet your tax obligations.

When discussing with your accountant, consider asking:

(1) How can I ensure my financial statements are accurate and up-to-date?

(2) What documents and records should I maintain for tax purposes?

(3) Are they deductions or credits specific to my industry that I should be aware of?


>> SMSF Statement & Returns Management & Advice

If you are managing a self-managed superannuation fund (SMSF), staying compliant with SMSF regulations are essential.

When discussing with your accountant, consider asking:

(1) What are the reporting requirements and deadlines for SMSF statements and returns?

(2) How can I ensure my SMSF remains compliant with any changes in regulations?

(3) Are there any investment strategies or tax planning opportunities specific to SMSFs?

Let’s chat if you want to discuss these questions to ensure your business remains compliant, financially secure, and primed for growth.  


Bruno Palermo, Head of Accounting, Senior Adviser

Freedom = Football

Bruno says he is very proud that he was born and raised in Hobart. On the weekends he enjoys playing soccer, hitting the gym and enjoying the fun and busyness of raising his two daughters with his wife. He is a passionate Chair of Variety Tasmania. Variety – the Children’s Charity supports kids and families who are facing many challenges through sickness, disadvantage or living with additional needs.

Bruno invests in lasting relationships. By understanding his client’s needs and wants, he assists by getting to the core of the challenge or opportunity, for example, increasing profits for their business, advises on business strategies and the most tax effective way to structure businesses and personal affairs. Our team and valued clients are lucky to experience the warmth and genuine care that Bruno demonstrates with everyone he meets.
Bachelor of Commerce, CA, Cert. in Public Practice, Diploma of Financial Planning
Cert. IV in Finance, Registered Tax Agent LinkedIn
I'm constantly impressed by my dealings with Collins SBA. Most notably Bruno Palermo who continues to support my small business. From the initial advice in how to structure our entities back nearly 6 years ago, to ongoing advice now, he is terrific. The overall customer service at Collins SBA is without a doubt the best of any professional service provider I've deal with and my wife and I actually enjoy going to see our Accountant now. I've been more than happy to refer a number of new clients to Collins SBA and they've all returned the same positive feedback to me.
Richard Welsh