• New Wave Accountants

Common Reasons to Hire an Accountant for Your Small Business

Just because a business is small doesn't mean that it does not need additional employees. While start-up entrepreneurs think that they will be able to save a lot of their resources by doing everything by themselves, that cannot be further from the truth.


As a matter of fact, one of the most vital personnel that they could hire for their venture would have to be an accountant.


The question is, "why?"


If you are curious to know the reasons as well, look no further than our examples below.


1. Provide Informed Financial Data


This is a very good and fundamental reason why you should hire an accountant for your business.


An accountant could provide you with the necessary financial data that you will need to keep your business afloat.


It is important to be as informed as possible when it comes to your business's financial standing.


An accountant could provide you with the necessary information that you need for crucial decisions.


2. Provide Taxanticipation


Many small business owners out there do not like the thought of paying taxes.


And why would they not? After all, taxes take a large chunk of their profit. However, they do not have to pay their taxes to the government if they do not want to.


This is because the government has the right to forecast its taxes. If they forecast your taxes and actually receive the payment, your business will be clear of any tax liabilities.


3. Give You a Business Plan


One of the biggest mistakes that a business owner could make is not having a business plan at all.


Yes, it is true that a business plan is not a magic pill.


However, it could, and will, help you stay on track with your business objectives, goals and vision. Your accountant could help you develop and write your business plan.


4. Help You Efficiently Manage Your Finances


This is true, especially for small business owners that do not have an eye for the financial side of their business. An accountant would be able to get your finances in order.


In fact, they could help you set up your finances to be more efficient and profitable for your business.


5. They Could Provide You with Tax Planning


We all know that annual tax returns need to be filed. However, there is something that you should know:


There are taxes that you will have to pay year-round.


This is where you would have to hire an accountant to help you out with your tax planning. They would be able to help you plan and budget your taxes in order for you to achieve a better tax strategy and also to avoid any penalties.


6. Handle Your Audits


The government and other tax agencies have the right to audit your business.


Fortunately, if you hire an accountant and your business is audited, you would not have to hire your own tax specialist to handle the situation.


As we have already said earlier, accounting is a vital component of a business. Therefore, you should hire an accountant.


Conclusion


It is not enough to just have a business plan; you also need to have a financial plan. However, whether you have a business plan or not, you would still need a good accountant to help you out with your finances.


It is true that you do not need to hire a full-time accountant to help you out with your business. But you could hire an accountant on a part-time basis to help you.


And if you are still unsure whether you need one or not, then it is ideal to hire one now before your business starts to suffer.


If you are in need of an experienced tax accountant in the Gold Coast, look no further than our experts here at New Wave Accounting & Business Advisory. Unlike many small business accountants on the Gold Coast, we provide end-to-end accounting and bookkeeping services that help scale and grow businesses. Call us today and let us tend to your business’s sales and tax numbers.


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