Running a business is hard enough without having to spend all your time worrying about keeping track of and recording every single transaction that occurs in your business. You have to worry about taxes – what’s deductible and what isn’t – as well as other issues like payroll and superannuation.
Life becomes much easier when you decide to get an bookkeeper to look after everything. With a range of services to suit your needs it’s easy to take this hassle away from your business – best of all the fees become another tax deduction.
With this article we wanted to share with you 5 benefits of using a bookkeeper to help work alongside your accountant to prepare all of your tax returns.
You’ll Pay Less Tax
A bookkeeper will help work with your accountant to help you pay less tax. By knowing tax rules back to front they will help you take advantage of all opportunities to minimise your taxable income. They will help you find more tax deductions and maximise return. They will ensure you claim all reductions by properly recording and accounting for all business expenses.
You Minimise Your Risk Of Getting Any Tax Penalties
By hiring a bookkeeper you’ll get an extension on the deadlines to submit your returns each quarter and each year. You also won’t have to keep track of all the dates for lodgements because this is the job of your bookkeeper. By ensuring everything is submitted on time you minimise your risk of getting a fine or any other tax penalties.
They Can Help With Budgeting And Forecasting
A good bookkeeper will help with budgeting and forecasting. This helps you keep track of how your business is going but also, throw planning for future income and expenses, you can make sure you have money put aside for future tax bills.
You Can Concentrate On What’s Important
You don’t get into business to do bookkeeping and do your own tax return. These tasks could take up hours when you could be concentrating on what’s important in your business. Forget about frustrating yourself and trying to fix mistakes. Get a professional to look after your books and your tax return – so you can concentrate on what’s important (serving your clients.)
Business Will Be Less Risky
By engaging the right specialist, you will be able to make important business decisions more easily. With your books constantly up to date by your bookkeeper you’ll have all the information you need when you are making important business decisions. You’ll know when it’s the right time to grow your business or purchase any hardware your business needs. You’ll know the tax implications and any other impact on your business.
It doesn’t matter whether you are starting out or you have been in business for years – things will be better for you if you get a professional bookkeeper.
If you want to discuss how we can help you with your bookkeeping needs, please get in touch today for a no obligation quote. If you are looking for a great bookkeeper, we can also make recommendations here too.