So, you are a business owner too? I am sure, that one thing as a business owner you DO NOT enjoy is accounting/book keeping and, just like most of them out there, you end up doing it on weekends or late at nights. Yet you carry on because you have an attitude of DO IT YOURSELF (DIY). In your opinion, seeking the services of an accountant is a luxury you can’t afford. Well, let us assure you here that, us as a tax accountant are not as expensive as others yet, when it comes to quality, we sure take pride in our services.
Yes, you do save some bucks here and there by doing the accounts yourself but, by doing so, you might face the following potential downsides too:
- The tax breaks get missed out by failing to claim valid expenses
- The tax bill gets underestimated
- The tax returns and other compliance paperwork is filed late, resulting in fines
- The books may end up with mistakes that take hours to fix
These mistakes/omissions may result in huge loss of time and money and at times, that loss could be much greater than hiring a professional. As a business owner, you are flooded with tasks and the list never ends. It becomes difficult to manage the accounts alongside. So, an accountant can help you in bringing desirable results you want by taking away that time consuming and brain consuming hassle so that, you may use those resources back into your business.
Need to Get an Accountant
An accountant helps the business owner in maintaining proper accounting or bookkeeping records.
There are so much a Business Accountant in Melbourne can do for your business. Some of the key areas where the accountant would help your business are listed as below:
1. Clean up your books once and for all
Very often, when the business owners get time, they do the bookkeeping on their own. This results in:
- Late completion of books
- Data-entry errors
- Some of a few documents get lost (like a proof for purchase of expenses)
An accountant will cleanse such records on time hence, ensuring that the records are accurate and, that they are backed up with appropriate documentation. An accountant would also set up software to prepare easier and faster record of future incomes and expenses.
2. Do your tax really well- and on time
An accountant would help you as the business owner in resolving the problem of late payments that at times keep increasing as a result of accrual of interest and penalties. Hence, a reliable accountant as we are would set the pins well in advance to ensure that the tax filing is smooth and stress-free.
In addition, an accountant also reduces the amount of tax a business owner needs to pay. If a business owner engage an accountant in the start-up of the year and ask for tax planning services, then the accountant, obviously a good one, should come up with a strategy to retain more money in the business.
3. Improve Your Invoicing Cash Flow
The invoicing system is central to the health of your business. This factor sounds very basic as it alone undermines a lot of businesses.
A business accountant should assist in setting up an automated invoicing system using which, the business owner should be able to:
- Send the invoices instantly
- Check which bill is paid and which one is not paid
- Give the customers a choice of multiple payment methods
A good Business Accountants should also provide advice on the invoice payment terms to reduce the time spent on waiting for the credit to come in.
Medvisor Consultants for sure will be your best bet if you are willing to hire a good Business Accountants in Melbourne who would keep a good control on tax obligations, identify savings, and helps you to grow your business. Contact us today for more insights!