What Are The Benefits Of Having An Accountant For Your Tauranga Business?
- January 28, 2021
- Posted by: admin
- Category: Finance & accounting
Many Tauranga businesses owners, especially new ones, find themselves wondering if they should bother hiring an accountant for their business. It can look like an expense on paper you’d rather not part with, or maybe you are going to attempt to have a go at the business accounting yourself. While doing your own business taxes works for a very slim minority of business owners, the majority end up frustrated, confused and back to square one with their financial organisation instead of being already in an optimised position to grow their business profit.
Here, we will take a look at the simple benefits that you, the business owner, will get once you hire an accountant for your business. Consider each one carefully, and then consider the alternative. Be prepared to open up your day to the time and money-saving possibilities hiring an accountant brings to your business – and to your day to day life.
Benefit 1: You no longer have to do your own taxes
Imagine not worrying about the tax filing deadline every end of the financial year. Imagine not having to rifle through piles of expense receipts, all while trying to navigate the increasingly complex forms separating different kinds of tax claims, declarations and codes to make an accurate tax return. Accountants do all of this for, on time, accurately – all you need to do is hand over the expenses receipts.
Benefit 2: You free up A LOT of time
Since you don’t have to sit down for hours to bookkeep, work out tax returns, pay invoices, pay staff, work out holiday rates, budget, create statements or try to work out the financial state of your business – you free up all of that time to do other important tasks. Spend the time improving processes in your business, or with your family, or doing literally anything other than your own accounting.
Benefit 3: Your business bookkeeping will be organised for you
Another thing that you just won’t have to do anymore. Your business finances will have their orderly place, be easily reconciled and measured, and be where you need them for reference – whenever you need them. Keeping a tidy book is hard enough for personal accounts, a business account can feel like herding cats when collecting and sending invoices left, right and centre.
Benefit 4: You can clearly see your profits, spends and budgets
Having an accountant means someone is going to be keeping a close eye on everything that goes in and goes out of your business account. This kind of overseeing means you can make plans based on very accurate budgeting, and be able to see potential growth without having to experiment and guess. Your accountant can prepare statements, reviews and any other indications that will tell you exactly how your business is tracking – and therefore, you can make plans for it. Without this invaluable information, you might be blindly guessing.
Benefit 5: You get access to relevant information and advice
Having an accountant means that you get specific advice that is relevant to the running of your particular business rather than generic information that may or may not actually be useful to you. Accountants can help advise you on your specific budgeting to get the maximum profit from your business.
Benefit 6: No more stress
Many clients come to us stressed out by their finances. Not because they necessarily are financially troubled, but because working out what to do with their business finances is stressful. With so much to consider, lying up at night wondering if you made the right financial decisions based on rocky information can become crippling. We are happy to say we take that all off of your shoulders. We can’t work miracles with the rest of your business, that one is still on you, but the finances will be sorted for you, and you’ll always have the right information to make decisions that let you sleep at night.
While the list can go on and on, we hope that these clear benefits will give you some peace of mind when it comes to hiring an accountant for your Tauranga business.