“I’LL DO IT LATER”
How many times have you said this to yourself?
If you own or run a business that is anything other than an accounting firm, the chances are the prospect of doing your own tax or finances is met with a feeling of either dread, boredom or confusion. These are generally the tasks we put off until we are in the right frame of mind to actually focus and want to deal with them.
Not only is an Accountant expertly trained to manage your tax and business finances, but it’s also in their best interest to make sure you receive the best return possible come the end of financial year, make sure your business is functioning efficiently in regards to processes and finances, and keep you up to date with the latest policy changes and incentives.
Why do we so often think we are the expert of our business finances and tax obligations?
For example, if you’re a tradesman, let’s say an established electrician in your local area, and after you have fixed the electrics of your client’s malfunctioning porch light, they ask you to have a look at the toilet as the pipes seem to be clogged, do you then attempt to do their plumbing, even though you have no experience as a plumber?
Why is it in their best interest?
Because just like you they are also trying to be the best at what they do amongst their competition, which means taking away their clients’ headaches and simplifying their compliance struggles.
Let’s put it into perspective. If you want to be the best amongst your competition you need to know your product, or service, inside out.
You need to be all over your marketing, You need to make sure you have staff who are assisting you to grow but also deal with all the drama that goes along with having staff. You may need to schedule appointments daily, be on time for them, and be able to quote for the job. Or you may need to be assisting clients and customers with their needs all day and ensuring your attention to detail is impeccable.
In any case, you need to be focused on doing what you do best, without being distracted by the things in your business that you’re not the expert in.
COST vs EFFICIENCY
So, now you know you need to focus on being the expert at what you’re good at, what else is holding you back from using a qualified accountant to do your tax?
We hear you:
“It’s too expensive, I’ll just do it myself”
Using an Accountant to do your tax and manage your business finances is definitely a cost to your business. Naturally, if you need a service from someone who is an expert in that area, you need to pay them for this expertise. Just as you would pay the electrician, so you don’t get electrocuted or burn the house down, or a plumber so you don’t flood the bathroom in sewerage.
When you run a business we know every penny counts. Keeping a check on money coming in and going out is a job in itself. It’s easy to see an accountant as just another expense.
By not using an accountant the house may not burn down and the bathroom may be saved, but other problems may be there that you just can’t see…yet.
Top 5 benefits to using an Accountant
There are many good reasons why spending a little extra to get a good accountant can not only take away the headaches, confusion and tension at tax time, but also can actually help to grow your business.
Yes, the end of the financial year is the perfect time to use an accountant. However, there is so much more they can relieve you from in your business:
SOME OTHER "TAXEY" TOOLS TO HELP YOUR BUSINESS.
IT’S NOT A TRICK, THIS IS SMART!
Letting your tax obligations fall behind or get the better of you is not the answer as it may create some long term problems for your business, and potentially put you into debt with the ATO.
Using an Accountant to do your annual compliance and financials is a smart decision, especially in the current climate. More so than ever it is for your business to be up to date with your tax compliance duties. Consequences in failing to do this may include: