Many small business owners think they’re saving money by handling their financials themselves. While it’s a real asset to learn bookkeeping basics, cash flow management and your tax obligations, hiring an accountant to oversee your finances has many benefits. Leaving your bookkeeping to a licensed professional will free up time so you can focus on serving your clients and implementing plans for growth. Here are a few ways a licensed accountant can help you save money that you can reinvest back in your business.
Hire an accountant and engage with some tax planning to help reduce your tax payable and ensure that your business is set up for success by putting money aside and creating tax strategies to reduce your liability. An accountant can spot trends that you can take advantage of to earn greater profits – and even find savings with vendors, staff and operating expenses. Hiring someone to manage your accounts will also reduce the costly errors that are commonplace when business owners try to manually track their expenses.
Carbon Accounting specialises in exactly these and even more, as we love working with businesses and understanding what makes them tick so we can provide even better, tailored services.
Avoiding tax penalties
Working with your accountant who can be your trusted advisor when it comes to staying up to date with the latest regulations from the ATO. Your accountant can also provide you with expert advice on how to maximize your benefits and minimize your taxes each year. Don’t underestimate the cost savings of hiring someone to complete your tax forms correctly and submit them on time. Penalties for small businesses who neglect to file their taxes on time – or at all – can quickly add up; the longer you wait to file, the more interest you’ll be charged and the likelihood you’ll incur additional penalties. A business that is already struggling may not be able to pay a tax fine and find themselves closing their doors. If your small business is ever audited, having an accountant on board will let you rest easy knowing you won’t be hit with a penalty for errors or omissions.
Get the most out of your business tax accounting with Carbon Accounting licensed, professional accountants and tax accountants. Make sure that your business stays on the right side of the ATO.
Business advisory services
Your accountant possesses business knowledge that can help you make more informed decisions. Rely on your accountant for advice when you draft or review your business plan; those key insights on assessing profitability will help you move your business in the right direction – and avoid wasting time and money on strategies with a lesser chance of success. Look to your accountant to help you determine your most valuable clients, how much money you need to invest in a growth plan and which marketing strategies yield the best ROI. Having someone you can rely on to help set targets and monitor your progress is an invaluable asset that can help you not only save money, but earn higher profits.
This is where Carbon Advisory specialises in. Giving you an overview of your cash-flow or risk assessments, our team at Carbon Advisory combines the best accounting practices with the best available technology to give you a boost for your business.
The bottom line? Your accountant can do much more for you than simple bookkeeping or ensuring you’re on the right side of the tax authorities. Hire a small business accountant or outsource your accounting and bookkeeping to Carbon and you’ll be doing a lot to help increase your chances for long term growth and success.
Read what our clients have to say after they’ve worked with us as their accountants and bookkeepers.