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Managing your finances is one of the most important parts of running a business.

You don’t have to do it all on your own. Financial professionals can take care of your trickiest money tasks and help you make smart financial decisions. And if you’re struggling with money, a financial counsellor can help you get back on track. 

Understand important financial terms

Learn the financial terms you might need to know when dealing with financial professionals or running your business.

Work with a financial professional

Financial professionals have different areas of expertise. Take some time to find one that's right for you.

Accountants

An accountant can:

  • analyse your business finances
  • prepare financial statements
  • help you make the right financial decisions.

This includes giving advice on:

  • starting a business
  • buying or leasing vehicles, equipment and business premises
  • expanding your business
  • tax
  • your financial obligations to staff
  • what you need to report and when
  • managing your financial records.

Many accountants are also registered tax agents or business activity statement (BAS) agents.

Bookkeeper 

A bookkeeper keeps track of your day-to-day financial transactions in account books or accounting software.

They may also:

  • look after your banking
  • prepare invoices
  • chase overdue payments
  • pay staff wages
  • monitor your cash flow
  • prepare some financial statements.

Tax agents and BAS agents

A tax agent is an expert in tax law. They can:

  • prepare and lodge your tax return and business activity statement (BAS)
  • advise you on tax laws relevant to your business
  • deal with the Australian Taxation Office on your behalf.

A BAS agent is similar to a tax agent. However, they can only prepare and provide advice on your BAS. They can’t help you with your tax return.

Tax agents and BAS agents must be registered. You can find one on the Tax Practitioners Board (TPB) register.

See a financial counsellor if you’re struggling

Many people and businesses face financial difficulties. If this happens to you, a financial counsellor can help. They’ll help you address your current money problems and plan for the future.

Financial counsellors provide a free, confidential and independent service.

Small Business Debt Helpline

Phone: 1800 413 828

The Small Business Debt Helpline is a free service for small business owners in financial trouble.

Its team of qualified financial counsellors will listen and give you practical advice to help you get back on track.

The helpline is open from 9 am to 5 pm, Monday to Friday. If you don’t want to talk on the phone, use the live chat service on their website.

National Debt Helpline

Phone: 1800 007 007

Talk to a free financial counsellor at the National Debt Helpline by either:

  • calling the helpline between 9:30 am and 4:30 pm, Monday to Friday – you'll be transferred to the service in your state
  • using the live chat service on the website from 9 am to 8 pm, Monday to Friday.

Mob Strong Debt Help

Phone: 1800 808 488

Mob Strong Debt Help gives free legal advice on money matters to Aboriginal and Torres Strait Islander people anywhere in Australia.

The service is open from 9:30 am to 4:30 pm, Monday to Friday.

Rural Financial Counselling Service (RFCS)

The RFCS provides free and independent financial counselling to farmers, fishers, foresters and related small businesses.

Visit the RFCS website for details and to find a financial counsellor in your area.

Find a business adviser

Many business advisers offer free or low-cost financial advice.

Use our advisor finder to connect with a business expert in your area.

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