Why You Need an Accountant for Your Business
- June 26, 2017
- Posted by: Quarles Business and Financial Strategists
- Category: Tax and Accounting
Why You Need An Accountant For Your Business In Perth
That attitude needs to change. Getting an accountant or bookkeeper is not a lifestyle decision, it’s a business decision. Investing in professionals – or changing the way you use them – can bring considerable returns.
They’ll keep control of your tax obligations, identify savings, and help you grow your business. And yes, as a bonus, they’ll give you back your weekends. You just need to use them in the right way to make sure your money is well spent.
Here’s What You’re Missing
As a small business owner in Perth, you have to do a lot yourself. There simply isn’t the money to outsource much. In deciding whether or not to get outside help on something, you have to ask if doing it yourself creates extra risks or costs.
Here are the potential downsides of DIY bookkeeping and accounting.
- You miss out on tax breaks by failing to claim valid expenses.
- You fall behind with invoicing (and with chasing unpaid accounts).
- You underestimate your tax bill and get into trouble with the government.
- Tax returns and other compliance paperwork is filed late, resulting in fines.
- The books end up with mistakes that take hours to fix.
- You don’t have reliable information to help you make business decisions.
Why You Need to Get A Bookkeeper Or Accountant in Perth
There are so many things an accountant or bookkeeper can do for you but here are some key areas where they’ll help your business immediately.
Clean Up Your Books Once And For All
When business owners do their bookkeeping, it often only happens when they can find the time. That’s not giving your financials the attention they deserve, and it results in:
- Data-entry errors
- Lost documentation (such as proof of purchase for expenses)
- Missed tax breaks
- Books that are out of date
If you get a bookkeeper or accountant in Perth, they’ll clean everything up, so you have accurate records backed up by documentation. They’ll even set you up with software that makes it much faster and easier to record future income and expenses. That way you’ll never fall behind again – and you won’t have to pay for someone to come and enter data for you.
Do Your Tax Well – And On Time
Late filing or payment of taxes results in penalties and interest. We’ve taken on clients in the past who’ve lost thousands this way. When you get an accountant, you won’t miss any more deadlines. The good ones will work well in advance so that tax filing is smooth and stress-free. You’ll forget what it was like to dread tax season.
Improve Your Invoicing And Cash Flow
Your invoicing system is central to the health of your business. If you don’t bill efficiently, you won’t get paid quickly – and that’ll leave you short of money. It sounds basic, but this factor alone undermines a lot of businesses.
As an example, I think of the plumbing and heating engineers that service our building. About two weeks after they’ve been, they send me an invoice, which gives me 30 days to pay. If I pay on time, their business is waiting more than six weeks for the cash, even though the employees who did the work were paid the week the job was done.
Get a bookkeeper or accountants in Perth to set up an automated invoicing system, and you’ll be able to:
- Send invoices quickly
- Check at any time to see which ones have been paid and which haven’t
- Give customers a choice of multiple payment methods
Accountants and bookkeepers can also give you good advice on invoice payment terms, to help reduce the time you spend waiting for money to come in.
So as you can see, there are a number of ways that a small business would benefit from a qualified accountant. Want to know more about how an accountant can improve your business? Get in touch with the experts at Quarles today.