Businesses in a capitalist system are required to file tax returns and pay their income tax and sales tax. What if you can’t handle it on your own?
As you focus on your business’s ins and outs, filing taxes should probably be the last thing on your mind. Because of a business owner’s hectic schedule, hiring an accountant is non-negotiable. Why? A tax accountant keeps your financial cycle in check.
Read on to find out more.
Why Is It Crucial for a Business to Hire a Great Accountant?
Here are the many benefits to hiring a qualified tax accountant for your business:
1. Saves Money
Tax accountants know how to claim tax deductions, cut your taxable income and how much tax you need to pay. A tax accountant may even help you find tax credits. Hiring a professional tax accountant will keep your finances in order.
2. Saves Time
If you are running a business you spend a lot of time on many things, because your focus is how to get profits. Tax obligations will rob you of your time, especially if you have less knowledge in this field.
A tax accountant saves you valuable time and frees them up for you so you can focus your attention on what you do best.
3. Organised and On Track Systems
Ensuring your accounts are in order helps your business run smoothly so you can avoid big mistakes. A tax accountant helps establish a good system with seamless accounting software. They have certain techniques that will keep all your financial data in one place that can be easily accessed.
4. Corporate Compliance
An accountant helps you with tax returns, business activity statements, installment activity statements and other compliance areas. Having someone who knows the ins and outs of these requirements keeps you out from stress.
5. Grows and Improves Your Business
Regardless of whether you are starting your business, feeling stuck or trying to improve your business, there are several ways a tax accountant advisor can benefit you. These professionals assist with business plan development, financial modelling, business growth and profitability strategies to help your business expand specific to your goals.
6. Establishes the Right Business Structure
Having a tax accountant who gives sound advice is a must for finding the best business structure for your needs. Whatever type of business you have, the right structure helps ensure you are not paying too much tax, have protection for your assets and manage risks.
7. Makes Wise Business Decisions Backed by an Expert
Are you starting an exciting new venture or tackling business investments? An accountant is a great help when weighing up alternatives to ensure you make an informed decision.
From selling a business, assisting with business valuations, drafting exit strategies and preparing financial reports and documentation, getting the most out of your assets is vital, so you do not end up with unexpected tax bills. Accountants help you liaise with third parties and business valuations to ensure you are gaining an excellent investment when buying a business.
8. Network Expansion
Business accountants help you access other industries related to your business. They can provide you access to a talent pool that can be a part of your business and assist you with other areas of your business.
9. Reduces Tax Liabilities
Accountants will look into your financial transactions so you can save taxes and get tax deductions. They can compute your taxes and advise you on the most tax-efficient method of running your business.
10. Payroll Issues
Compliance issues surrounding wages and labour can burden even the most profitable business. As with sales taxes, there are application programs that help you with compliance issues on an ongoing basis. But you will need to hire an accountant to oversee your data at least quarterly.
11. Decreases Workload
Once your business starts expanding, you must focus on other aspects of your business instead of micromanaging business accounts. As your business finances start becoming complex, you need someone to be in charge of them.
Managing these accounts is the responsibility of an accountant. Hence, you must hire a reliable and knowledgeable accountant for your business. It is recommended that you hire a tax accountant in your area to file your business taxes.
Should I Hire Someone to Do My Business Taxes?
It is crucial to hire a tax accountant if you have complicated tax situations that involve dependents, investment assets or charitable contributions.
Almost every financial transaction comes with some tax consequence. The more transactions you deal with, the more things you need to consider. For example, deductions for home offices, business meals, travel and vehicles are things that need to be audited. Business owners need the assistance of a professional to iron out their unique tax situation.
An accountant is also of great help if you plan to itemise your deductions. This can be challenging to navigate on your own if you have no experience.
How Malkoun & Associates Can Help You
Hiring an accountant should be top of mind in your business. But where can you begin the search for a qualified one?
If you are a member of a professional organisation, consult fellow members if they can refer you to a good accountant. In most cases, they will be familiar with the accounting needs of fellow business owners.
Another option is to look into accounting websites for a good tax accountant in Sydney.
For all aspects of accounting and tax services, you can count on Malkoun & Associates. We can help you get the best results with your business goals. Let’s drive your business to success! Call us on for (02) 8626 7562 more details.