The Costs and Savings of Hiring an Accountant
How much would it cost and what are the benefits of hiring a tax accountant and bookkeeper for your small business?
If you’re considering hiring an accountant for your small business, you’re likely asking how much it would cost. However, what you should actually be asking is what hiring one will save you? When choosing an accountant for your business, it is important to know that they’re the right fit for you, instead of choosing one just based on price. If you engage the wrong accountant, you might spend even more in the long run. Choose one who will help you minimise your tax and add value to your business.
Accounting costs are often related to your business size, type of tax structure and the complexity involved in working on your accounting and annual tax return. Your business will grow along with your expenditure, and as it grows your accounting will become more and more complex. A sole trader does not need the same level of support as a business under a company structure, so the former will likely pay less for accounting services. Choose an accountant who specialises in your industry and size and make sure you get the right service.
Your business tax accountant should support you in meeting and maintaining your compliance obligations with the ATO and ASIC. Sole traders have the same tax requirements as an individual but businesses under a trust or company structure need to submit annual tax returns and financial statements, monthly or quarterly BAS lodgments, annual ASIC lodgments, tax minimization planning and personal tax returns for the owners.
Generally, a business tax accountant may cost based on your annual revenue. You want to get the best value for your money so choosing your business tax accountant based on cost is not really the most effective way to go. You get what you pay for so engaging an accountant solely based on price can come with a certain amount of risk. Avoid hiring staff with limited qualifications and experience and make sure you get good quality accounting work by qualified and experienced professionals who will dedicate their time to your needs.
Good accounting work cannot be rushed because it involves careful analysis to ensure accuracy and compliance with Australian tax law. Inaccurate work has to be re-done and costs extra fees. If your accountant misses opportunities for strategic tax planning, you also miss the opportunity to save thousands of dollars in unnecessary tax.
When looking for a new accountant, make sure they can provide you with more than just a tax return. They should be able to guide your business in the right financial direction. Can this new accountant review and ensure that your business and personal tax structure are as tax effective as possible? Find out if they can offer advice on how you can grow your profit every year and if they can assist you with your accounting software. Make sure they take the time to understand your business goals so they can give you the right advice. Remember that an accountant who doesn’t give strategic advice means you’re leaving money on the table. A good accountant may cost more at the start but they will save you more in the long run.
To find the right business tax accountant, you should look at the level of work they do to make sure the tax work is compliant and correct. See if they give proactive advice or if they only assist you when you ask. Check the success of their business and what they can teach you about business operations.
As you look for different ways to grow and improve your business, seeking professional advice could prove to be an important and helpful decision.
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