Finance 101: Should You Hire a Business Tax Accountant?
Running a business will inevitably bring you face to face with different facts and figures. Thanks to automation and digitalised engagement, business owners have more access to vital information to further their growth. This ranges from their website’s online activity measured in bounce rates or profit margins measured in Return on investments (ROIs).
Every aspect of your operation will have values and numbers, whether it’s interpreting your online reach or revenue streams. These values will be necessary to fulfil one of the most important jobs you have to accomplish, filing your business tax.
What’s the Problem with Tax Filing?
The Australian Taxation Office (ATO) has a set of formal guidelines for businesses in different tax brackets to submit their tax forms. However, every year comes with various challenges to the economy, whether locally or internationally. With the threat of COVID-19, many taxation offices worldwide had to adjust their collection procedures and tax rates to account for the economic downturn.
Different implementations of tax relief and extended deadlines were set in place for the benefit of all businesses, large and small. After 2020, the following years will be rough and turbulent until economies start stabilising. For these reasons, frequent changes to the tax filing process will be inevitable. Unless you want to miss out on tax benefits or essential deadlines, it’s in your best interest to hire a business tax accountant.
Should You Invest in a Business Tax Accountant?
Every decision you make for your business will alter and affect your tax filing processes. This applies to anything from everyday choices to major company decisions. For example, choosing a specific vendor for a certain price will reduce your monthly overhead costs. Even the act of adding another member to your team will have significant consequences on your payroll taxes and total revenue predictions.
It’s a business accountant’s responsibility to account for all your business’s processes. This gives you more chances to focus on your growth instead of having trouble with your tax filing chores. For this reason, many startups hire business tax accountants to oversee their tax and other financial needs.
What’s the Benefit of Hiring a Business Tax Accountant?
A business tax accountant does more than just adapt your tax filing processes. They can also perform routine accounting responsibilities essential to running your business.
They can oversee payroll management to ensure that wages are accurate and paid on time. This also includes accounting for the necessary tax calculation for the specific quarter. They can also assist in cash flow management to ensure your punctuality to pay different business contractors. This ensures that you’re submitting and collecting payments without missing crucial deadlines. Finally, they can also give you an insight into the profitability of your enterprise.
Besides the effort it takes to master the yearly adjustments of tax filing, you also lose an essential resource a business owner can’t earn back: time. The value of hiring a business tax accountant is more than just optimising your expenses; it’s also about giving you more time to oversee other critical aspects of your company. A distracted company manager will spend too much time fixing problems in the present than projecting plans for the future. For this reason, a business tax accountant will be an excellent addition to your operations.
Our business tax accountants at New Wave Accounting allow our clients to easily track their business's progress through modern accounting strategies. This allows your team to focus on scaling up your operation while properly managing your tax forms. If you want to work with the best accountants in the Gold Coast, contact our team today!