Whether your business has just started or you are reaping the rewards of growth, if you do not use a company accountant, you could be costing your business money. Here are the top 5 reasons you should be hiring a service for your accounting needs:
- Taxes: Lodging a tax return for your business is tricky. Do you really know all there is to know about taxes? Do you know about tax laws, tax write offs and how to avoid a tax audit? If your answer is no to any of these questions, than hiring a Chartered Accountant you can depend on each year to do your taxes, save you money and avoid complications is the way to go.
- Avoiding ATO Fines: If you don’t know how to do your taxes than you could end up being audited and this could result in ATO fines. This is something you do not want to stumble into and without direction from an accountant you could end up with some costly consequences.
- Credit Rating: Staying on top of your accounting takes a lot of time. Having someone deal with your finances on a regular basis will keep you ahead of the game, watch for pitfalls, cash flow issues and wage problems and most of all keep you making money instead of wasting money. By being on top of things, your cash flow will be managed properly which means your bills will be paid on time. Good credit means good opportunity to have funds available to you to grow your business. You’ve got to spend money to make money.
- Tips on Spending: An accountant can also help you with decisions involving spending. From hiring to firing, ordering supplies to building leasing, your accountant will know how to keep you on the lighter side of spending.
- Wise Investments: Not only is hiring an accountant a wise investment, it is also a way of understanding how to invest. An accountant can offer you advice on whether your investments are sound and a good firm will often have a broader number of services to help with your financial needs such as business advisory services, business compliance and multiple tax services.
As you can see using an accountant will help you grow your business, stay focused and to avoid costly tax errors and fines.