Business accountants

Companies and other organisations have an obligation to be audited under various circumstances. An audit of financial reports is a regulatory requirement for the following:

• Large proprietary companies
• Registered Schemes (Managed Investment Scheme)
• Disclosing entity (A body that holds enhanced disclosure securities)
• Medium-Sized Charities with annual revenue of more than $250,000
• Large Charities with more than $1 million of annual revenue

Another factor that causes the need for an audit is if a company or charity receives a government grant. This is proof for the government that the figures for the financial reports are true and fair.

First, you need to consider why you're considering hiring an internal accountant.

• If the reason is because the books are taking up too much of your time, then you probably need a bookkeeper rather than an internal accountant.
• If it is because you are having issues with cash flow and financial management, then you may just need to seek an external accountant for help with this.

Internal accountants are usually a major expense and are usually only employed in large-scale organisations. There can be some smaller businesses that may need an internal accountant, however, this is fairly uncommon. We would recommend that you first assess whether the tasks could be better delegated, both internally and externally, before hiring an internal business accountant.

There are various equipment finance options, and choosing the right one will depend on your business circumstances:

• Equipment loan
• Hire purchase loan
• Finance lease
• Operating lease

Your business accountant can help you determine which type of loan is the best for your business.

Generally speaking, it's better to fund an asset purchase with cash if your cashflow allows. Paying cash will save you money on interest payments.

If you don't have the cashflow to support paying for the asset in full, then financing will be a better option.

You can choose to purchase a vehicle in your personal name or your company.

Purchasing a vehicle in a business structure can be a tax effective strategy as you can claim all of the business-related expenses and depreciation through the business. However, you need to consider Fringe Benefits Tax, as any non-business use needs to be accounted for through a Fringe Benefits Tax reimbursement.

The best option for you will depend on your exact circumstances.