Why You Should Consider Hiring an Accountant: 5 Helpful Benefits
On the first few days of your new business, things may go smoothly for you, but as your business starts to grow in both operations and clientele, you might need to ask for some help. Delegating tasks can be challenging for any entrepreneurs, especially when it is your first business. However, you would eventually need to let go of some tasks to speed up your process and focus on more important things.
Trusting someone else to overlook the financial aspects of your business can be unsettling at first. However, letting someone else take over―especially those with knowledge and experience in the field―can bring your business many advantages.
If you need some good reasons to get an accountant, here are the five things you should know:
1: Helps You Get More Tax Deductions
Taxes can eat up a significant portion of your business’s capital. That is why you need to take advantage of all the possible deductibles. Most startup businesses in Australia are entitled to a non-refundable carry-forward tax offset in its first year. An accountant can help you identify and claim particular business expenses to lower your taxes. Moreover, they can devise a plan so you can maximise your year-end deductions in the years to come.
2: Ensures Your Business Escapes an Audit
The ATO audits businesses which seem to be evading taxes. They conduct official inspections to check if business statements are accurate with how much companies make and spend.
Many things can trigger an audit. It can occur because of multiple report mistakes or too many write-offs, but an accountant can prevent these from happening in the first place. If all the business reports you submit for the year are correct, well-monitored, and fiscally sound, you do not have to worry about getting audited.
3: Saves You From Stress and Expenses
One reason entrepreneurs avoid hiring an accountant is to save on their expenses. However, bookkeeping and accounting are not simple tasks. These are full-time jobs that can consume a lot of your work hours. Unless you do not have anything else to do, you might want to consider hiring someone else to do this work for you. Furthermore, committing mistakes, not strategising your deductions, or forgetting to file necessary paperwork may cost your business more in the long run.
4: Helps You Navigate Any Financial Decisions
Entrepreneurs should always weigh their options whenever they need to come up with a business decision. Even the simplest choice, such as the type of paper to use in the office, can affect your cash flow. If you want to make the best financial decisions, you need to hire an accountant. An accountant can help you make real-time decisions and inform you how your options can affect your cash flow.
5: Gives You Advice on How to Grow Your Business
One of the essential things an accountant can do for you is to advise how your business can perform better. Since they have access to your year-round business performance, they can make a more accurate and informed business projection. They can tell you how else you can save on expenses or what services or products render the most sales, so you would know what to prioritise in the next business year.
An accountant is not just someone who documents all the numbers for you. They do more than filing your taxes. Think of them as a partner who can help you achieve your business goals. They perform financial assessments, enable you to save on expenses, ensure you have a healthy cash flow, and guide you towards the best economic paths for your business.
Are you looking for a reliable business accountant in Gold Coast? New Wave Accounting can help you maximise your profits while minimising your taxes. Let us help you grow your business with our end-to-end accounting and bookkeeping services. Call us today to learn how we can help.