With June 30 looming on the horizon, there’s no better time to get your paperwork sorted. As a small business owner, tax time comes with its own set of obligations, from calculating GST to claiming tax deductions. However, if you have the right accountant on board, tax time can be a breeze. Here are 5 reasons to love your accountant this tax season.
1 Paying the right amount of tax
When you choose to employ a professional to help you calculate your small business tax, you can rest assured you’re paying the right amount of tax. With tax rules and regulations changing each year, it’s important your business is compliant and always following the rules. Having an accountant help submit your tax return will ensure you’re not paying too much tax or too little. They can also help maintain your books, in case your business is ever audited.
2 Claiming tax deductions
Tax deductions can make a big difference for small businesses. The Australian Taxation Office (ATO) allows small businesses to claim a number of deductions, particularly on items or ongoing costs that are directly associated with the running of the business. These can range from depreciating assets to marketing costs. Your accountant can make sure your small business is claiming every deduction it is eligible for, which can save your business real dollars in the long run.
3 Consulting on business decisions
There are so many ways an accountant can help your small business grow and expand. Not only can they help you prepare your tax return, but they can also offer professional advice on big business decisions. You can talk to your accountant about how to improve cash flow, settle bad debts and deal with unpaid invoices. The start of a new financial year could also be the perfect time to discuss long-term business strategy or even conduct a full business audit.
4 Helping to cut costs
When you’re a small business owner, particularly in the early stages, it can be easy to get weighed down by your ever-growing, all-consuming to-do list. Your business is your livelihood and it can be hard to view the facts objectively. If you’re looking to cut costs or work on improving your cash flow, an accountant can offer objective advice on the best ways to make changes. They have their eye on your books and can offer practical suggestions to help you take your business to the next level.
5 Saving you time
There’s no doubt about it, calculating GST, working out tax deductions and submitting your tax return is time-consuming work. When you’re a small business owner, your time is valuable, and having an accountant onboard can save your serious time and effort. If you work with cloud accounting software, like QuickBooks, you can share your dashboard with your accountant, so they can easily track all your business details in real time.
Looking for an accountant for your small business? Check out our ProAdvisor program.