Want more money and less stress? A tax accountant can play a big role in helping you have both.
While it’s possible to manage your finances and lodge your tax online, there are some big reasons to hand the responsibility to someone else, especially if you’re a small business owner.
These are some of the benefits our clients experience after working with the experienced tax accountants at Mobbs & Co.
More time
Who has time to bury themselves in receipts, Profit & Loss statements and financial reports when they are running a business?
Time is the most precious asset most small business owners have. Don’t waste yours on finance-related tasks when you could be focused on growing your business.
Less stress
Unless you have an accounting qualification, balancing the books is tricky (it’s still tricky sometimes, even for your tax accountant).
That feeling of knowing you need to go over your accounts but being reluctant to get stuck into it isn’t a pleasant one. Walk away from the stress by handing the bulk of the responsibility to someone who can get it done in far less time than you.
Less confusion
The goalposts of paying tax change every year. One year you can claim for one thing, the next you can’t.
If you don’t have time to stay on top of ever-evolving legislation, you’ll benefit from working with an experienced tax accountant. It’s this professional’s job to know the rules and regulations inside out.
Less dealing with the ATO
The Australian Tax Office isn’t really a place you want to spend a lot of time on the phone with when you’re a business owner.
Let your tax accountant handle your relationship with the ATO by receiving and responding to correspondence on your behalf. They will reach out to you when you do need to get more personally involved.
Longer deadlines
Most Australians are expected to lodge their tax return by October 31 but if you have a good tax accountant they should be able to get extra time.
Having an extension until as late as May gives you more time to be prepared. Your accountant can give you a heads up as to what your bill will be so you can make sure the money is set aside and you don’t end up paying interest on an overdue tax bill.
Additional support
A large tax franchise may be able to support your basic tax needs but it makes sense to work with a boutique accountant who is focused on small businesses.
As well as dealing with your tax obligations, this professional can provide tips and ideas that will help you grow your business.
More money
This is the big one! Having an experienced, reliable and dedicated accountant will definitely help you pay less tax so you can keep more of the money you earn in your pocket or use it to grow your business.
For a small (tax-deductible) cost, your accountant has the potential to save you a significant amount of money. As mentioned, they can also identify opportunities for your business to generate more revenue so you have a more profitable and financially secure future.
See more: Five ways to pay less tax
Mobbs & Company are small business tax accountants with offices on the Sunshine Coast, in Brisbane and Caboolture. Contact us for a free initial appointment.
