What Does a Business Accountant Do?

Business accountants discussing their responsibilities

A business accountant plays a multifaceted role, focusing on financial analysis, strategic planning, and ensuring regulatory compliance to optimise a company’s financial health and growth.

With over a decade of experience as a business accountant, I’ve witnessed firsthand the pivotal role we play in the success of companies across Australia.

In this blog, I’ll delve into the responsibilities, benefits, and costs associated with hiring a business accountant, sharing some personal anecdotes and expert insights along the way.

Quick Summary:

  • Key Responsibilities: Financial reporting, tax compliance, strategic planning, auditing and regulatory compliance.
  • Benefits: Better decision making, compliance, efficiency, expert advice.
  • Cost: Ranges from $250 to $1000 per month, depending on the package.

What Does a Business Accountant Do?

A business accountant plays a vital role in maintaining and enhancing the financial well-being and legal adherence of a company.

Review our wide range of responsibilities in the table below:

Responsibilities Details
Financial Analysis and Reporting
  • Performing thorough financial evaluations.
  • Creating detailed financial statements.
  • Fostering financial growth.
Tax Planning and Compliance
  • Crafting tax strategies.
  • Ensuring tax compliance.
  • Simplifying tax processes.
  • Obtain ABN and TFN.
  • Guide legal structure.
  • Manage taxes.
  • Handle BAS and ASIC.
  • Plan and file taxes.
Business Advisory and Strategic Planning
  • Providing business advancement advice.
  • Developing business strategies.
  • Delivering financial insights.
Auditing and Regulatory Compliance
  • Executing audits for accuracy.
  • Upholding legal standards.
  • Shielding from legal pitfalls.
Cash Flow Management
  • Rectifying cash flow issues.
  • Optimising cash flow.
Cloud Accounting Software Implementation
  • Setting up and managing cloud systems.
Unpaid Invoices Management
  • Resolving issues with outstanding invoices.
Debt Management
  • Managing business debts.
Taxation Services
  • Handling all business taxation aspects.
Loan Application Assistance
  • Preparing and presenting loan applications.

The Benefits of Using a Business Accountant

Hiring a skilled business accountant offers numerous advantages that can significantly impact the success and efficiency of your business operations.

The benefits we provide a business include:

Benefits Details
Enhanced Decision-Making
  • Provides in-depth financial analyses aiding in informed decisions.
  • Translates complex financial data into actionable business insights.
Compliance and Risk Management
  • Ensures adherence to financial regulations and laws.
  • Mitigates financial risks through expert oversight and guidance.
Time and Cost Efficiency
  • Streamlines financial processes, saving time and resources.
  • Identifies cost-saving opportunities and financial efficiencies.
Access to Expert Advice and Industry Insights
  • Offers strategic advice based on current industry trends.
  • Provides personalised guidance tailored to your business’s needs.
Staffing and Budgeting
  • Assists in making informed staffing decisions using financial data.
  • Aids in the creation and management of effective budget plans.
Maximising Tax Benefits
  • Identifying and leveraging opportunities to reduce tax liabilities.
Clarity on Business Direction
  • Providing insights for future business strategy and direction.
  • Solidifying Business Plans
Assisting in refining and strengthening business plans.
Risk Minimisation
  • Advising on strategies to reduce financial and operational risks.
Accurate Valuation of Assets
  • Offering expertise in the valuation of commercial properties and assets.
Enhancing Sales and Marketing Strategies
  • Contributing insights to bolster sales and marketing efforts.
Personalised Business Advice
  • Delivering tailored advice to suit specific business needs.
In-House Expertise
  • Providing expert financial knowledge within the business.
Securing Financial Records
  • Ensuring the confidentiality and security of sensitive financial data.

Utilising the services of a business accountant not only simplifies financial management but also empowers your business with strategic advantages, ensuring you stay ahead in a competitive market.

Mock Example

A physiotherapy clinic in Perth faced challenges in financial management, particularly in tax planning and budgeting for new equipment.

Responsibilities of the Business Accountant:

  • Conducted a detailed financial analysis of the clinic.
  • Revamped the clinic’s tax strategy for better efficiency.
  • Implemented a cloud-based accounting system for streamlined invoice and payroll management.

Benefits for the Business:

  • Improved financial health, leading to significant tax savings.
  • Enhanced budgeting allowed for investment in new therapeutic technologies.
  • The clinic attracted more clients due to improved services and facilities.

How Much Does a Business Accountant Cost?

The cost of a business accountant in Australia typically ranges between $250 and $1000 per month, depending on the package you choose.

This variation is influenced by factors such as the size of your business, the complexity of your financial needs, and the level of service required.


In summary, a business accountant is an invaluable asset to any company, large or small.

Our expertise not only ensures compliance and efficiency but also fosters strategic growth and financial stability.

The investment in a good business accountant, though it may vary in cost, often pays for itself in the long run.


What services do business accountants typically offer?

Business accountants offer a range of services including compliance with tax regulations, maintenance of financial records, tax return filing, risk management, and support for specific industries.

How can a business accountant assist in launching a startup?

A business accountant can help with creating a business plan, forecasting expenses and revenue, preparing loan applications, and securing investments.

In what ways can an accountant transform an existing business?

Accountants can develop business strategies, set KPIs, manage cash flow and debts, assist in budgeting, manage payroll and taxes, and implement efficient accounting software.

How do business accountants ensure legal compliance for businesses?

We assist in business registration, legal structuring, financial management, record-keeping, tax planning, and reporting to regulatory bodies.

Can business accountants help in future-proofing a business?

Yes, we can create a long-term business plan that supports growth, asset protection, and succession planning.

What makes business accountants ideal for small businesses?

We offer tailored services and expert guidance to help small businesses achieve their goals.

What’s the difference between a bookkeeper and an accountant?

A bookkeeper manages day-to-day financial transactions while accountants provide strategic financial advice and tax planning.

To learn more about the differences, read our blog about the differences between bookkeepers and accountants.

Mace Turco

Mace Turco

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Mace has always had a passion for business, and he loves working with clients who are driven and have ambitious business goals. His qualifications include an AIPA from the Institute of Public Accountants and a Bachelor of Commerce from The University of Western Australia for Corporate Finance and Financial Accounting. In 2020 Mace was awarded the 30under30 Award in the Business Advisory Category, a National Award hosted by Accountants Daily.