Starting a small business is an exciting prospect, after all, we know that being your own boss is the best. However, once the dust settles, you may find yourself up to your ears in paperwork, working all hours of the night, trying to turn your business from good to great.
When June 30 rolls around, it’s not surprising that many small business owners dread tax time duties. Poor financial management is just not an option when it comes to running a successful small business, so here’s why hiring an accountant to do your taxes is all-round smart idea.
What is an accountant?
An accountant is a qualified financial expert who can offer valuable advice on the monetary aspects of your business. In additional to analysing and reporting on financial records and reviewing profit and loss statements, they can also help prepare your tax return.
Completing tax returns can be a confusing and labour-intensive task for many small business owners. Hiring an accountant to help will not only save time, but they may also be able to help lower your tax exposure, deal with any tax debts and ensure your finances are in order in case you are audited.
You may be surprised to learn that accountants can also help with long-term business strategy. They can review your financial records and offer ways to save money or even boost revenue. They can also help with cash flow and offer advice on long-term strategy when it comes to a spending plan.
What tasks can an accountant help with?
Accountants can help with big picture financial tasks, including:
- Providing financial advice
- Ensuring taxes are lodged correctly and on time
- Troubleshooting cash flow problems
- Dealing with unpaid invoices
- Conducting business audits
- Looking for any discrepancies in financial data
Accountants and tax
Lodging your tax, especially after you’ve started a small business, is complicated. Keeping track of your finances is vital, and that’s where a tool like QuickBooks Online can come to the rescue. Paying staff, keeping track of your expenses, and monitoring your cash flow are all under control.
However when it comes to tax time, there’s many more tasks to consider, such as understanding your deductions, calculating capital gains, and determining potential asset write-offs. Not to mention understanding your duties when it comes to GST and BAS.
Hiring an accountant to do your taxes can not only help you save time, but also money. A good accountant can help you reduce your risks, ensure you don’t miss out on critical tax savings or lodge incorrect tax deductions. You can rest assured you have paid the correct amount – not too much, or even worse, not enough.
To find a QuickBooks accountant who can help you lodge your tax return this year, check out our Find A ProAdvisor program.