4 Reasons Why You Need an Accountant for Your Business

Do you own a small business? Here’s how an accountant can help you.

As a small business owner, you may be thinking that hiring an accountant is expensive and unnecessary. Perhaps you even assume that accountants only deal with tax filings at the end of the year.

Read on to discover the astonishing benefits of hiring an accountant and the variety of jobs they can do for you.

Here are 4 reasons you should consider hiring an accountant for your business.

Tax law is complicated & constantly updating (especially with more than one income)

Tax law is actually more complicated than it seems on the surface level. The Federal, State and local tax authorities can all have different rules- which are frequently amended and updated. This becomes even more complex when you have more than one source of income. 

Keeping up with such changes without being in the industry can be highly challenging, especially if you have your own business to run. You may miss great tax deduction leeways and opportunities, which a certified accountant would have been aware of and could have easily navigated you through.

Save time & error (and get onto your actual work)

Did you know that nearly half of small business owners spend more than 80 hours a year, just to tackle the administration of taxes, internal costs, legal fees, and other financial assets? 

Time is your best asset as a business owner, and you will want to make sure you are spending most of your time completing your important business tasks and growing your company- not sitting at a desk, squinting at endless numbers or Googling the definition of an ‘accrued expense’.

An accountant will take over all of it for you, simplify and explain the concepts for you and complete it faster and with more accuracy.

Save money (long term benefits outweigh short term)

If your main concern is whether you can afford an accountant for your business or not- fret not, for accountants could be hired from as cheap as $30 an hour. 

Even if you decide to hire someone more expensive, often accountants identify and advise financial strategies for your business which saves you from spending thousands of dollars in the long run.

Accountant =  a Polymath!

If you still think it isn’t worth hiring an accountant for your business, remember – an accountant does not only manage your tax filings.

Here are some other things an accountant can do:

• Payrolls
• Financial projections & planning
• Loan applications
• Reviewing contracts & documents
• Insurance related work
• Provide virtual Chief Finance Officer (CFO) services

Hiring an accountant and knowing their capabilities becomes a great asset for your business. Why would you not take the step towards becoming a more efficient and time-saving business?

Tips for hiring an accountant

As you decide to hire an accountant, it is best to list out in advance exactly what your needs are and quote it out. This way, you can effectively communicate to your accountant what you need help with, to ensure they don’t do any extra payable work.

Another great tip – if you would like to save money on your accountant’s fee – is to gather all your financial data throughout the year prior to your meeting with them, so that their work would be faster. This will also help keep you organised throughout the year.

If you have questions about hiring a qualified accountant or a Certified Practising Accountant (CPA) and what we can do for your tax situation, please contact us today at (02) 8328 1350 or email us at contact@collappor8.com.au.