Do you fully understand the minefield that is tax? As a freelancer, contractor or small business owner, getting your taxes right is a big deal! Often you do not have the time, energy, or ability to understand the complicated intricacies of tax. Getting it wrong can mean that you pay more, you face fines, or worse.
Having an accountant do your taxes for you gives confidence that they are done and done correctly. Every single dollar counts when you work for yourself and knowing where it is going can be a massive task. An accountant is not just another expense to manage, they can actually save you time and money.
Here are some other benefits of having an accountant…
Save You Time
When you are in small business your priority is securing and producing work for your clients. Managing your finances can be time consuming, so takes time away from your core priority.
Employing a professional accountant will give you access to their expert knowledge. That means tax laws, rules and regulations, deadlines and anything else you need to comply with. They also give you the time to fully focus on your core business while they take care of the pesky finances!
Save You Money
A good accountant will be able to save you money on your tax obligations as they will understand all the aspects you can claim on. They will also be able to give you advice on the most tax efficient way to run your business.
Instead of relying on generic information you have looked up online, an accountant will be able to assess your individual situation and provide financial advice accordingly. That means how best to pay yourself, how to manage your tax and how to manage your GST or VAT obligations.
Save You From Tax Penalties
You might be doing everything right within your business, but if you don’t lodge the various paperwork requirements on time, it negates it all. Remembering and servicing those deadlines is second nature for an accountant, not so much for busy small business owners, contractors or freelancers.
Having an accountant prevents you from needing to understand complex legislation, remember looming deadlines and navigating confusing paperwork.
Meeting your various financial obligations to the taxman will prevent you from needing to pay penalties and fines. Which is good news for your business bank balance!
Help You Grow Your Business
Accountants work with finances and business all day everyday. Which often means that they are a great source of advice and wisdom where your business is concerned.
Working one on one with an accountant means that they will have the time to truly understand the ins and outs your business. If they work with you from day one they will be able to see where you have come from and what things have worked. They can help you build on that momentum and continue to grow your business.
Remove Your Stress and Worries
No one wants to be in trouble with the authorities when it comes to their financial and tax obligations. And with the complexity of tax and the like, it can be a real source of stress and worry. Your accountant will remove that worry for you.
Reducing your stress levels can have so many benefits for you, from your health to your productivity. It allows you to maximise the time you have to work on your business and dedicate that time to the tasks that truly matter.