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03 9548 1589 

 

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reception@hilarywijeratne.com.au

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Is It Worth It To Pay More Money For An Accountant?

21/07/2021

If you have a company and have not yet employed an accountant, what are you doing? Having a professional accountant is important for any business, regardless of its size. How else do you plan to keep track of how much money is coming in and how much is being spent? After all, as a business owner, your schedule will become more hectic as your services become more popular.

Here is why you should employ an accountant:

 

Saves Time

The best thing about having an accountant is that you do not have to manage everything alone. An accountant works with you and can help you manage your company's expenses, including paying taxes and can ensure that you do not forget any crucial deadlines.

Moreover, an accountant is always aware of any latest changes in tax updates and regulations. This means that you do not have to worry about getting into trouble with the law or any tax liabilities that may occur.

 

As a business owner, it is essential that you have a good work-life balance. However, if you are always drowning in work and finances, your productivity will start to suffer. Instead, let your accountant take care of the book-keeping, recording receipts, tax returns, as well as meet all financial targets for the year.

 

No More Hefty Tax Penalties

Business owners who intentionally or unintentionally forget about tax payments get penalised and can also face tax suits based on tax evasion.

 

Having an accountant significantly reduces the chances of filing for tax returns past the due date. Hence, you manage to save loads of money and do not have to suffer the penalties that may otherwise be implied. Moreover, an accountant will ensure that your bank balance is healthy since you will not have to pay any fines.

Reduced Paperwork

Regardless of whether you are a company owner, consultant, or freelancer, you have to generate business and ensure that you do not face any loss.

However, how can you do this if you are always buried in paperwork? An accountant will keep a record of every penny that you spend and every penny that come into the business. This significantly reduces the amount of time you spend on paperwork.

 

Free Advice

Of course, you will have to pay your accountant. However, accountants have a wealth of knowledge and experience as they have worked for many businesses before yours. This means that they can provide advice on any financial problem that you may have and ensure that your business is kept running smoothly.

 

Moreover, since accountants are financial experts, they will always keep an eye out on numbers so that your business can grow consistently and the amount of revenue you produce is always more than expected.