Running a business means dealing with numbers—lots of them. Sales, expenses, payroll, tax deadlines… It can feel like a second full-time job.
That’s why teaming up with a small business accountant in Melbourne isn’t just helpful—it’s often essential. But if you’ve ever asked, “What exactly do they do?” you’re not alone.
There’s more to accounting than just tax season. This guide breaks down the most common services available, so you can figure out which ones you need—and which ones you can skip (for now).
1. Bookkeeping
This is where it all starts. Bookkeeping is the day-to-day recording of every dollar that moves in or out of your business. It’s the backbone of financial management.
Typical bookkeeping includes:
- Recording sales, expenses, and purchases
- Bank reconciliation
- Invoicing and bill tracking
- Categorising transactions
A solid bookkeeping setup keeps things clean and accurate—and makes everything else, from tax to reporting, a whole lot smoother.
2. Tax Lodgement & Compliance
This one’s the biggie. Tax time is where most business owners first look for help, but it’s not just about lodging one form a year. Tax services also cover:
- Business Activity Statements (BAS)
- PAYG instalments
- Super reporting
- Fringe Benefits Tax (FBT)
- Annual tax returns
A good accountant makes sure you’re not only on time, but that you’re not paying more tax than you need to. They’ll also act as your go-between with the ATO—so you don’t have to.
3. Payroll Services
Hiring staff? Now you’ve got payroll responsibilities. And it’s more than just sending out payslips.
This service usually covers:
- Employee wage calculations
- Superannuation payments
- Leave tracking
- Single Touch Payroll (STP) submissions
Payroll mistakes are one of the fastest ways to end up in hot water. Even if you only have one employee, outsourcing payroll can free up time and reduce risk.
4. BAS and GST Services
If you’re registered for GST, you’re also on the hook for regular Business Activity Statements. This is one area where small mistakes can cause big problems.
These services include:
- BAS prep and lodgement
- GST calculations
- Reconciling accounts with ATO expectations
- Lodging on your behalf
Most business owners find this process stressful. Getting help here means peace of mind—and no missed deadlines.
5. Business Structure Advice
Choosing the right structure can change your tax, legal exposure, and growth options. Many businesses start out as sole traders, then shift to a company as they expand.
This service includes:
- Assessing your current structure
- Recommending a better one (if needed)
- Registering your business or new ABN
- Ongoing support as your structure evolves
The right setup can save you thousands in tax and protect you legally—two very good reasons to get professional advice.
6. Budgeting & Forecasting
Knowing your numbers today is great. But knowing where you’re headed next quarter—or next year—is better. Forecasting helps you plan smarter.
This includes:
- Cash flow projections
- Budget planning
- Profit & loss forecasting
- Break-even analysis
It’s especially useful when you’re making big decisions—like hiring, expanding, or applying for a loan.
7. Strategic Business Advice
Need more than just compliance help? Some professionals go beyond the basics and become your financial sounding board.
They can help you:
- Understand key metrics
- Spot growth opportunities
- Reduce overheads and increase margins
- Navigate periods of change or risk
This is where the relationship shifts from “they do my tax” to “they help drive the business.”
8. Financial Reporting & Performance Tracking
These reports go way beyond the tax office—they tell you how your business is actually performing.
You’ll typically get:
- Profit & Loss reports
- Balance sheets
- Cash flow statements
- Custom dashboards (for tracking KPIs)
Regular reporting helps you spot trends, identify weak areas, and take action before small problems become big ones.
9. Software Setup and Support
Using cloud-based tools like Xero, QuickBooks, or MYOB? Great. But they only work if they’re set up properly.
Setup services usually include:
- Choosing the right tool for your business
- Creating a customised chart of accounts
- Linking your bank feeds and integrations
- Staff training and support
This service alone can save hours of admin time each week—and helps reduce human error.
10. Business Health Checks
Think of this as a tune-up for your finances. It’s a review of how your business is performing behind the scenes.
Health checks often look at:
- Your financial position
- Compliance risks
- Tax effectiveness
- Areas for improvement
You’ll walk away with insights and practical recommendations for getting things back on track—or levelling up.
What’s the Cost of Accounting Services?
Let’s talk money. The cost of services depends on how much help you need, how often, and how complex your business is.
Rough estimates for Melbourne:
- One-off tax return: From $300 – $600+
- BAS services: From $500 – $1,200+ per quarter
- Monthly full-service packages: From $500 – $2,500+
- Hourly advisory sessions: From $100 – $300+ per hour
Some providers offer bundled packages to help you manage your budget more easily. Others charge by the hour or service. Either way, always get a detailed quote up front.
Conclusion
Not all businesses need all services—but every business needs some. The right mix depends on where you are, what your goals are, and how hands-on you want to be with the numbers.
So take a moment. Think about where you’re spending the most time (or feeling the most unsure). Then find a provider who offers exactly what you need—without locking you into services you don’t.
Because the right support doesn’t just help you survive—it helps you grow smarter.
