Nobody wants to spend on accountancy services unless they feel that they’re getting good value for money. Luckily, accountants are one of the professional services who can literally save you bucks due to their expertise! No matter what size or type of business you have (or if you have personal tax affairs to handle), there are lots of ways that using a seasoned accountant will save you money. Below we explore seven of them.
Still interested in saving cash through high-grade accountancy services?
1. Accountants ensure you don’t miss deadlines
Missing deadlines set by the ATO for the submission of tax information is a sure-fire way to end up with a financial penalty. Part of the accountant’s role is to ensure that your tax information is submitted in time to meet ATO deadlines. If you have any other deadlines where specific financial information needs to be submitted (for example, BAS deadlines), your accountant will take care of those, as well.
2. Accountants check you’re claiming all the expenses that you can
It’s surprising what you can claim for! A key part of your accountant’s role is to ensure that you’re not paying tax on anything that’s exempt. Expect your accountant to go through your expenses rigorously, to ensure nothing has been overlooked.
3. Accountants will pick up errors in a timely manner
Even if you have professional bookkeeping services involved, it’s all too easy for an error to creep into your accounts. If left undiscovered, this can potentially lead to the submission of false information to the ATO, which is never a good thing. A good accountant will spot if something is amiss, allowing remediation in a timely manner.
4. Accountants assist with forward planning
Sound financial strategy can see you enjoy tax savings in the longer term. An accountant can discuss your options with you when it comes to making decisions that give you the most favourable outcome. In many cases, the best tax savings are made when good decisions are taken in the first instance.
5. Accountants can advise on your business vehicle
Many businesses start off as a one-man-band. Working out at what point to evolve into a different entity (for example, a limited company, partnership or trust, or whether to stay as a sole trader) can be a challenge. Each has its own tax pros and cons: your accountant can advise on what might work best.
6. Asset management
Assets can be extremely costly in tax terms: use your accountant to let you know how best to reduce tax obligation on your assets.
7. Not just tax!
An accountant doesn’t just advise on tax! They have a wealth of experience in business development, optimising growth and wealth creation that can put both personal and business finances on a more favourable footing.
Interested in saving money? So are we! Get in touch with our accountancy teams on the Sunshine Coast and in Redcliffe to find out more about how we can work with you to minimise tax obligation and optimise income. Call us today on (07) 5493 2111 to get started!
Jason is the director at Total Accounting Partners on the Sunshine Coast and in Redcliffe. He has been working as an accountant for over 16 years. He has experience in Public, Corporate, Management and Government accounting services and all aspects of accounting including Tax Planning, Superannuation, Structuring and Acquisitions. Jason is Xero certified and lead the team to Gold Partners with Xero.