Nobody wakes up and thinks… getting an accountant sounds fun!
It’s one of those things, like going to the doctor or getting a lawyer that no one is excited for.
Should I Hire an Accountant for my Small Business?
Absolutely you should.
In fact, if you don’t hire a top accountant, you’ll be leaving money on the table, and creating a world of unnecessary stress for yourself.
Actually making the change and hiring a new business tax accountant has far too many benefits to ignore, as you’ll see below.
1. Professional Accounting is a Massive Time Saver
Using the wrong accountant is a nightmare. On top of all the usual paperwork and number crunching, it is very time consuming to keep up to date with the latest changes in the tax code.
That means lots of homework, research & Technical skills.
By hiring a great accountant, you know they’ve already done their homework and know the latest changes which will save you a ton of headaches.
2. Accountants Can Reveal Legal Loopholes To Save You Money
There are more tax write-offs available than you might think. And it’s all legal.
By choosing a top business accountant, you could be putting a lot more money back in your pocket through your reimbursement at tax return time.
Everyone’s situation is different. If you’re a small business or sole trader, you’ll benefit from seeking the advice of a specialist accountant for small businesses.
They’ll happily fill you in on any beneficial (and legal) loopholes. Plus, they’ll be able to dive into your personal and business expenses to hunt down any missing deductions that you’re missing out on (that you probably wouldn’t have been able to find yourself).
3. An Accountant Will Tell You What’s Not Deductible
While being self-employed has its many perks, including write-offs, there are some things to be careful of. The fact is, not everything’s a write-off.
It’s not always easy to know. Especially if you work at home, there can be some lines blurred between “home” and “office”. Something as small as allowing your child to use your “work” printer for homework could disallow you from writing the printer off 100% as a work expense.
Not only can a top accountant tell you what’s deductible… They’ll tell you what’s not deductible, and fill you in on any potential mistakes you could be making that will cost you a lot of money come tax time.
4. Hiring an Accounting Firm Can Prevent You From Becoming An Accidental Criminal
Running a business is not an easy game. There are thousands of moving parts. And the financial aspect is just one of the many facets of a business.
Needless to say, business financials are quite possibly the most important aspect of any organisation. Especially considering there are more opportunities for illegal activity without even knowing it’s happening.
When you have a lot going on, you may forget the cash in your PayPal account is actually income. You might have forgotten the “junk” you’re selling on Facebook Marketplace is really inventory.
A top accountant makes sure any seemingly small activity is accounted for, legally. Accidental tax evasion is one of the easiest ways to break the law.
A good accountant will make sure you stay on track, preventing unnecessary problems.
Hire An Expert Business Accounting Firm
If you’re interested in saving time when it comes to your accounting or bookkeeping tasks, we can help.
Whether you are located in Capalaba, Redlands or anywhere in Brisbane, contact Accountants 2 Business today for a free introductory meeting.
