Running a small business in Sydney is exciting, but it also comes with responsibilities—especially when it comes to managing your finances. Many small business owners wonder: Do I really need an accountant, or can I handle it myself? This guide explores when hiring an accountant makes sense and how they can support your business growth.
What Does an Accountant Do for a Small Business?
An accountant does much more than lodge tax returns. For small businesses, an accountant can:
- Prepare and lodge Business Activity Statements (BAS)
- Manage bookkeeping and payroll
- Handle tax planning and compliance
- Prepare financial reports and forecasts
- Advise on business structure and growth strategies
Their expertise helps keep your finances organised and ensures you meet all legal obligations with the Australian Taxation Office (ATO).
See also: Why Your Growing Business In China Needs To Take Advantage Of Accounting Services In 2025.
The Benefits of Hiring an Accountant for a Small Business
There are several reasons to work with an accountant, even if your business is relatively small:
- Stay compliant with tax laws and regulations
- Maximise tax deductions you may otherwise miss
- Save time by outsourcing bookkeeping and reporting
- Reduce costly errors in your financial records
- Gain insights into your cash flow, budgeting, and profitability
An accountant acts as a valuable partner in keeping your business financially healthy.
When You Might Not Need an Accountant (Yet)
In some cases, you may not need an accountant right away. If your business is very simple—such as a sole trader with minimal expenses, no employees, and low turnover—you might manage fine using accounting software like Xero or MYOB for basic bookkeeping and tax returns.
However, as your business grows or your financial situation becomes more complex, professional advice becomes essential.
Signs You Need an Accountant Now
Not sure if it’s time to bring in professional help? Here are clear signs that working with an accountant is the next step:
- You’re struggling with BAS, GST, or payroll compliance
- You’re preparing to hire employees and need help setting up PAYG withholding
- You’ve received a notice of an ATO audit or review
- You’re planning for business expansion, loans, or investment
- You’re spending too much time on admin instead of growing your business
In these situations, it’s wise to seek advice from accountants Sydney who can guide you through the financial side of running a business while keeping you compliant.
How to Choose the Right Accountant in Sydney
Choosing the right accountant is about more than just finding the lowest price. Consider these factors:
- Are they qualified as a CPA or CA?
- Do they have experience in your industry?
- Do they offer transparent pricing and clear communication?
- Do they use cloud accounting tools to simplify collaboration?
A good accountant will not only handle your tax returns but also provide strategic advice tailored to your business goals.
What’s the Cost of an Accountant in Sydney?
Costs for accounting services vary depending on the complexity of your needs. For small businesses, prices can range:
- $100–$300 for a standard tax return
- $1,000–$5,000+ per year for ongoing business accounting, including BAS, tax planning, and financial statements
Be sure to discuss fees upfront to avoid surprises.
DIY Accounting vs Hiring a Professional: A Quick Comparison
Doing your own accounting can save money upfront, but it often comes at the cost of time, accuracy, and peace of mind. An accountant provides professional advice, helps avoid costly mistakes, and frees you up to focus on growing your business.
Bottom Line
While it’s possible to manage your own accounts in the early days of business, an accountant brings expertise that can save you time, stress, and money in the long run. Whether you’re dealing with taxes, growth plans, or compliance, hiring an accountant can be one of the smartest investments for your small business in Sydney.
