If you are operating or thinking of starting a business, it is almost certain that you would want to keep your initial operational costs low by doing your own taxes without using the service of an accountant. So, what are the benefits of using an accountant’s services? Below we are going to discuss the reasons in more detail.
Reason No 1 – Saving you Time
Your time is best spent doing what you’re trained for. If you have a very simple business then you can probably complete most of the forms by yourself. But will you be completing them correctly? Will you be getting them in on time? If you miss a deadline for important documents, such as submitting company accounts to the tax department, then you can face quite heavy fines.
An accountant will complete the appropriate forms for you and return them to the appropriate authority in order and on time leaving you free to focus on earning more money, the real reason you are in business..
Reason No 2 – Saving you money by paying less tax within the law!
Completing the forms correctly is one thing. Doing them in the way that’s going to save you the most money is another. A good accountant will make sure you take advantage of every legal way and frugal tax efficient route to minimise your tax.
A worthy accountant will make sure that you and your company takes full advantage of the tax laws to make sure you pay as little tax as possible.
Reason No 3 – Growing Your Business
A few bad decisions in the early days of starting up your business can put you out of business! An accountant can act as a lifejacket. He knows your business almost as well as you do and probably knows the financial side of it even better.
An accountant’s advice and input can be as valuable, if not more so, than the number crunching and form filling, they can see through the numbers and find ways to make your business more profitable.
Reason No 4 – Improve profitability
An accountant will take care of your day to day business cash, they can help you with budgeting and forecasting your cash flow, they will be able to offer advice on how to free up cash flow and where you can make savings. As your business grows they can advise you on how to manage the growth to help maximise your profits.
Reason No 5 – Accurate accounts
Accurate financial information will help you analyse your business performance, it will enable you to assess what you have achieved as well as forecast and plan for the future.
Reason No 6 – Invaluable business advice
Whether you’ve just started or are now beginning to grow your business, an accountant has experience across a variety of industries and can offer you good quality professional advice and business solutions.
It’s not a matter of whether you can afford an accountant – can you really afford not to have an accountant?
Reason No 7- Networking
Networking is the contemporary way business find fresh business to talk to, in order to develop and nurture their pipeline and database, an Accountant will already have a decent network on their books and probably attends many decent networking clubs make sure to ask and to get to know their clients, as well as availing your clients to your Accountant
Supreme Life group is a well-established Thai and European Tax and business Accountants for all your business needs. Contact us to see how we can grow your business.
