Date posted: 29/07/2019 3 min read

Making it easier for small businesses to find funding

The ASBFEO acknowledges the important role Chartered Accountants have in guiding successful small businesses during the launch of their Business Funding Guide.

The Australian Small Business and Family Enterprise Ombudsman (ASBFEO), Ms Kate Carnell AO has today acknowledged the important role Chartered Accountants have in guiding successful small businesses during the launch of their Business Funding Guide.

This is reinforced by previous findings from the Australian Taxation Office that the primary source of information and advice when starting in business is an accountant.

Previous Findings from the ATO

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"Small businesses operators are often time and cash poor, working against a backdrop of wide ranging business and regulatory issues,' said Chartered Accountants Australia and New Zealand Senior Tax Advocate, Susan Franks CA.

"Accountants are valued for their ability to simplify and personalise financial and tax information and advising clients about matters that they don’t know."

"Government entities have recognised the immense help the accounting profession provides small business to navigate financial and tax challenges and are developing resources to assist the profession, such as the guide released today by the ASBFEO."

"This is a handy checklist that accountants can use to step their clients through important funding choices beyond relying on loans secured by the family home."

"It focuses on understanding the existing cash flow, ensuring the separation of personal and business finances and developing realistic business plans which are essential foundations for any successful business in the start-up and growth phase."

"This guide is not a magical wand as the underlying business still needs to have good fundamentals and not all businesses do, however it helps accountants coach clients on sound business practices."

"Australian Small Business and Family Enterprise Ombudsman is to be congratulated on this initiative for the small business community during tough economic and lending conditions."

Making it easier for small businesses to find funding

Pictured left to right: Scottish Pacific CEO Peter Langham, ASBFEO Kate Carnell AO, CA ANZ Senior Tax Advocate Susan Franks CA and CA ANZ Australian Tax Leader Michael Croker CA.

Business Funding Guide

Getting your clients finance fit and finding the right funding option.

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