Most small business owners ignore the importance of having an accountant as they most probably do not like spending money on it, and find it difficult to justify the cost of hiring an accountant. But hiring an accountant is very important for small businesses as you will have a professional advisor at hand at various stages of your business. Let us see why hiring an accountant is much better than doing your own personal taxes.
At the initial stage
At the initial stage of your business, an accountant can help you to put together your business plan since they are trained experts at compiling cash flow plans. Brisbane accountants can also help with adding financial projections and other reports, as well as advise you about what company structure will work best for you. He/she can also advise you about which accounting system will work best for your company and also provide you the training on how to use the system.
Proper functioning
The day-to-day activities of new businesses are never-ending. And in such a situation, the last thing you would want to do is manage and focus on your books. In such a case, an accountant can help you with managing the costs, keeping a watch over the creditors, and taking care of the taxes. This will allow you to concentrate on managing your other business operations.
Dealing with the government
The accountant can help you to deal with the government bureaucracy, by completing and filing the relevant compliance documents, preparing annual statements of accounts, keeping your company's status updated in the government's company register, and maintaining the records of directors. Thus, saving you a lot of time by completing these time-consuming tasks. The best accountants in Brisbane will also advise you about working within the audit process and will ensure that you do not violate any tax laws.
Expanding your business
As your business grows and expands, the need for having an accountant will increase, to secure your finance by compiling all the documentation needed for the bank to approve the business loan. The accountant will also help you if you need new premises or need to hire more staff, by providing the correct advice on payroll and other employee taxes, leasing arrangements, and property taxes. He/ she can also advise you on the financial strategies like whether to lease or buy or where to save on costs and how to grow the business.
To conclude
Accountants can also be very helpful if you are planning to sell your business as they know how to value your business. Hence, instead of seeing this as an unnecessary expense, consider this investment like the one that will make your life easier, so that you can focus on running your business.
