8 Signs Your Business Needs a Professional Business Accountant

Managing a business comes with its fair share of complexities, and financial tasks can quickly become overwhelming for many owners. Whether you’re running a growing enterprise or just starting, the numbers behind your business matter. They can influence everything from your ability to pay staff to how you plan for growth or respond to unexpected changes.

While some small businesses initially manage their accounts, there often comes a point where external guidance may be helpful. Commercial accountants can assist businesses in interpreting financial data, managing compliance and navigating decisions with the support of clear reporting. If you’re unsure whether it’s time to involve a professional, here are few common signs that may indicate your business could benefit from commercial accounting services.

1. Your cash flow is unpredictable month to month

Irregular cash flow can make even the most promising businesses feel unstable. If you're unsure whether you’ll have enough to cover wages, bills, or supplier payments next month, it's worth taking a step back.

A commercial accountant can help you with the following:

• Monitor inflows & outflows to identify spending trends
• Set up cash flow forecasting to anticipate shortfalls or surpluses
• Develop systems that improve payment cycles & supplier terms

Having greater visibility over the timing and movement of funds within your business can assist with day-to-day planning and support more informed financial decisions.

2. You’re spending too much time managing finances

Time spent trying to keep up with bookkeeping, reconciling accounts, or lodging BAS statements can quickly eat into time better spent elsewhere.

Common tasks that often pull business owners away from their core focus:

• Chasing unpaid invoices
• Managing payroll & superannuation
• Inputting receipts & bank transactions
• Trying to meet compliance deadlines without support

Outsourcing these to a business accountant can allow you to refocus on operations, client relationships and business development.

3. You’re not confident about your tax obligations

Tax legislation can be hard to keep up with, especially when rules change or new obligations emerge. If you’re unsure about your GST, income tax, or whether you're claiming deductions correctly, that uncertainty can create unnecessary stress.

Business accountants may assist with the following:

• Interpreting ATO requirements that apply to your specific industry
• Preparing & reviewing BAS statements
• Helping lodge required documentation accurately and on time

While many factors influence tax outcomes, working with someone familiar with these processes may help reduce the likelihood of unintentional oversight.

4. Your financial reports don’t make sense

Having reports on hand is one thing—knowing how to interpret them is another. If your profit and loss statement or balance sheet leaves you with more questions than answers, it could be time to bring in help.

Key financial reports commercial accountants can assist with:

• Profit & Loss Statement: Tracks income versus expenses over a period.
• Balance Sheet: Shows your assets, liabilities and equity at a specific point.
• Cash Flow Statement: Details how cash enters and exits your business.

Understanding these reports helps inform decisions on pricing, staffing and stock levels, among others.

5. You’re planning to grow or expand your business

Growth often requires more than increased sales—it also involves careful planning, financial modelling and scenario testing. Whether you're thinking of hiring more staff, leasing a second location or launching a new product line, assessing the financial viability beforehand is helpful.

A commercial accountant may:

• Help build forecasts to model various growth outcomes
• Provide insight into financing options & repayment capacity
• Work with you to understand the financial impact of scaling up

This level of planning can offer useful guidance when moving from ideas to action.

6. You’ve experienced a recent audit or compliance issue

Receiving an audit notice or flagging an issue during review can be daunting, especially if you're unsure where things went wrong. Even well-meaning recordkeeping practices can result in errors without the right checks.

A business accountant can help:

• Review past financial records to identify gaps or inconsistencies
• Organise supporting documentation required for audits
• Establish systems to track & record financial activity more effectively

Although no system can eliminate risk, reviewing and improving your approach to compliance may help support clearer financial oversight in the future.

7. You’re not using financial software effectively

Accounting software can simplify your workflow—but only when set up and used correctly. In some cases, business owners may not be using all available features or may be entering data manually, increasing the chance of errors.

How a commercial accountant might assist:

• Selecting & implementing software that aligns with your business size & structure
• Automating tasks like invoicing & bank reconciliation
• Producing reports that reflect real-time data for improved oversight

Using digital tools effectively can support more accurate recordkeeping and may improve the consistency of your financial processes over time.

8. You feel unsure about your business’s financial health

It’s one thing to know how much money is in the bank; it’s another to understand your financial position. If you’ve ever found yourself unsure about whether your business is profitable or how long you can sustain operations, you're not alone.

A commercial accountant can help you get a clearer picture by:

• Summarising financial activity over time
• Identifying patterns in revenue or expenses
• Helping you set realistic financial goals

Access to detailed and timely financial information can help you build a clearer view of your business’s position and support more structured planning across different areas of operations.

Need More Support in Navigating Your Business Finances?

At The Garis Group, we support businesses across Newcastle and beyond with tailored commercial accounting services. Our work involves helping clients organise financial reporting, navigate compliance, and structure financial processes around their operational goals. 

Our small business accountants in Newcastle work with various industries to support tasks like cash flow tracking, strategic planning, payroll processing, tax compliance and financial forecasting. Whether you’re looking to refine internal systems or respond to recent business changes, we can meet with you to discuss how our services may align with your needs.

If any of the above signs feel familiar, it might be time to consider a more structured approach to managing your business finances. Get in touch via our contact page or give us a call to discuss how we can support your goals.