Reasons to Hire an Accountant – by Grace

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An accountant can help you in the various stages of your business’s growth from setting it up to providing financial advice. For instance, if your work pay rate is $50 and you use 20 hours to do your taxes. Then, doing your taxes will cost you $1000 with the possibility of making errors. Is it a good use of time? If you get an accountant to do it, you have more time to earn. Moreover, you do not have to worry because it will cost less to let the expert deal with it.

Why & When to Hire an Accountant?

1. Advice on Business Structure, Business Plan & Setup

If you’re planning to start a new business, you want to start on the right foot.  To avoid the all the hassle and dilemma on business decisions, an accountant can help ease your life. Hire an accountant so they can assist you with:

  • Determining the best business structure for you;
  • Determining whether you need to register for GST;
  • Estimating the business start-up costs, operating costs and revenue forecast;
  • Providing advice on the accounting procedures and software that suits your business;
  • Providing advice and assistance on opening business bank account;
  • Creating a realistic and professional business plan for your business success;
  • Providing payroll solutions.

2. Deal with Tax-Related Matters

Accountants will be able to help you with preparation of your business activity statement and GST reports. They keep up with changes in tax regulations to ensure your business complies to all tax obligations and help save cost by minimising tax liabilities.

3. Help with Financial Tasks

You can maximise your profits by having an accountant analyse your business data. Often, business owners do not realise that their business has a large overhead, are over-staffed or has an excess inventory. They have great potential in gaining more profits but lose out their opportunity due to the lack of insight. They can help you understand your business better through analysing your financial statements.

Accountants prevent you from being audited. However, if your business does get audited, they are able to provide you guidance to get you out of it.

Small businesses want to save cost and think that they can’t afford an accountant. However, you don’t always need to hire a full-time or part-time accountant because you only need a couple of hours of their time. You can contact us at Simpro Taxation Services if you require any advice or help.