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If you run your own business or are self-employed, taxation is something you simply cannot afford to overlook and without expert advice, you could end up paying a lot more than you should. It is essential to start how you mean to continue which involves keeping and documenting all receipts and recording all financial transactions. If you have just started a new business and have yet to source an accountant, here are just a few of the reasons why you should outsource your bookkeeping and tax returns to a qualified accountant.
- Free Up Valuable Resources – Finding a good tax accountant in Sydney CBD, for example, will allow you to focus on what you do best – running the business – and with sound business advice, your company will enjoy sustainable growth. Even a small enterprise requires daily entries and unless you have enlisted the help of a qualified accountant, you could get into difficulties at the end of the financial year.
- Avoid Paying Penalties – If your tax returns are not submitted within the allocated period, you could face penalties. The Australian government, much like any other, issues strict guidelines regarding the paying of tax and many small businesses got into deep water as they did not correctly submit their annual returns within the allotted time period.
- Save Money – Taxation is an extremely complex system and without the help of a qualified accountant, you might pay much more tax than you should. This is the prime reason why businesses employ the services of accountants and with their expertise, you can avoid paying more tax than is necessary. Don’t make the mistake of trying to maintain your company accounts yourself to save a little money, as this usually results in paying more tax than is necessary.
- Planning for the Future – A qualified accountant has the experience and know how to help you plan for the future and with some wise advice regarding investment and insurance, your business will develop into a major player in your chosen industry. There is an informative article that every Australian business owner should read, which highlights the many reasons why a business plan is essential for every company.
- Sound Business Advice – Managing any business is all about making the right decisions – When is the best time to expand? Should I be insured for every eventuality? Questions like these are best answered with the help of a qualified accountant, who can help you to formulate a 3-5 year business plan.
Whatever your chosen industry, you need to maintain your books and pay your taxes and with an experienced accountant in your corner, you will always stay on the right side of the tax department. Risk management is another area where an accountant can help a small business, as he or she can advise you on the right types of insurance cover to have. Starting out on the right foot is the key to keeping your business records in order and with an established accountancy firm on your side, your business will steadily grow into something that supports you and your family for many generations.