Updated for the 2025–26 income year (tax returns lodged from 1 July 2026), with 2026–27 changes noted. Reviewed 19 October 2026.
Owner-managed businesses often do their own accounting and bookkeeping to save money. Sometimes that works – but when it backfires, it usually costs more than professional help would have. Getting an accountant isn't a lifestyle decision, it's a business decision: the right adviser keeps your tax obligations under control, finds legitimate savings, and gives you reliable numbers to run the business. And yes, they can give you your weekends back.
The hidden costs of DIY accounting
- Missing valid deductions and GST credits
- Falling behind with invoicing and chasing unpaid accounts
- Underestimating your tax bill or PAYG instalments
- Late lodgment of BAS, tax returns and other reports, leading to penalties
- Bookkeeping errors that take hours to unwind
- No reliable information to make business decisions
Late payment is now more expensive: from 1 July 2025, the ATO's general interest charge and shortfall interest charge are no longer tax-deductible.
What an accountant or bookkeeper does for you
At Top Accountants we work with many business owners who started out doing their own books and came to us when the job got too big. These are the areas where help makes an immediate difference:
Clean up your books once and for all
Reconcile bank accounts, fix coding errors, and set up your chart of accounts and GST codes properly in Xero, MYOB or QuickBooks so future reporting is accurate. See our bookkeeping service.
Get compliance right and on time
BAS and GST, PAYG withholding, Single Touch Payroll, super and annual tax returns. A registered tax agent can also give you access to the ATO's agent lodgment program, which can mean later due dates for some returns. See BAS and tax returns.
Stay on top of payroll and super changes
The super guarantee rate is 12% from 1 July 2025. From 1 July 2026, Payday Super requires employers to pay super for each payday (calculated on qualifying earnings) rather than quarterly. Getting this wrong can trigger the super guarantee charge.
Plan, don't just report
Before 30 June, an accountant can review timing of asset purchases (the $20,000 instant asset write-off for eligible small businesses), super contributions, bad debts and stock, so you're not surprised by your tax bill. See benefit from financial year end.
Better decisions
Cash flow forecasts, profit reports and pricing advice help you decide when to hire, borrow or invest.
How to choose an accountant
- Check they're a registered tax agent (or BAS agent for BAS-only services) on the Tax Practitioners Board register.
- Ask which software they support and whether they're certified advisors.
- Ask how they price (fixed fee vs hourly) and what's included.
- Look for someone who explains things in plain English.
Top Accountants: Registered Tax Agent No. 25377345, Registered ASIC Agent No. 38112, Certified Xero, MYOB & QuickBooks Advisors, with over 20 years' experience, working with clients Australia-wide.
Frequently asked questions
Do I legally need an accountant?
No, but tax and BAS rules are complex and penalties apply for mistakes and late lodgment. Only registered tax or BAS agents can charge to prepare your tax or BAS.
Is an accountant worth it for a small business?
Often, yes – through deductions found, penalties avoided, time saved and better decisions. Accounting fees for managing your tax affairs are generally deductible.
What's the difference between a bookkeeper and an accountant?
A bookkeeper records transactions and keeps your books current; an accountant or tax agent prepares returns, gives tax advice and plans. Many businesses use both.