If you’re self employed do you really need an accountant?
Do you really need an accountant?
Yes, a Randwick accountant is writing a blog about whether you do really need an accountant. We can definitely be accused of bias in this one! But you can also say we have a unique insight into why having an accountant makes all the difference.
So if you’re a freelancer, small business owner or working on a startup, pull up a pew.
Here are the real reasons why you should have an accountant if you’re self employed.
Knowledge is power
As both Greg and Amelia mentioned in their profiles, the most common mistake made with tax returns is claiming stuff you shouldn’t be claiming. No matter how fastidious you are as a business person, deductions are a common place where people get it wrong.
You only had to see how many people were scratching their melons about the Budget announcement regarding the small business tax changes. There was a lot of conjecture and not a lot of useful, easily digestible information for a while.
As accountants, we know what you shouldn’t be claiming. And we also know that a seemingly harmless claim can lead you to an audit or to keep making the same mistake year after year.
We also know what you can claim on tax as a business. Plus we make a point of keeping up with the changes made by the tax department and government as they happen. We pass that information onto our clients and help you understand it far better than a guess by a friend or fellow small business owner.
An accountant can help to make sure you get it right. We use our knowledge to make sure you don’t end up with issues in the short or long term. By sticking close to the facts and acting as your guide to taxation and financial information, we help keep you informed.
Accountants do more than taxation
Some accountants can help you with financial advice and a variety of different services outside yearly tax returns or quarterly BAS statements.
Take The Orbit Group for example. We can help you setup online accounting systems in the cloud so you can better manage the books. We can step into the role of virtual CFO or act as a point of contact for your business’ financial matters. Assistance with looking after self managed super funds, and general advice on creating a safe and secure retirement are all things we can do for you.
We can also help you with tactics to extract late paying customers, better ways to manage your cash flow and help you pole vault the odd ATO hurdle.
Dropping in to discuss a tax return or getting on the phone when you want to check your BAS deadline is a part of what we do. But it’s also the tip of the iceberg in what we can offer you in proper financial support.
Accountants rock at creating time
We can’t lend you a time machine. But let’s be honest here. We can get you back a lot of time. Whether you scramble each EOFY and/or BAS quarter or chew your nails off trying to manage your SMSF administration, we can help.
Richard Branson once said “If you really want to grow as an entrepreneur, you’ve got to learn to delegate.”
One of the first places you can train yourself to play to your strengths is your company’s profitability. By putting someone in charge of your financial situation who is as invested in your profitability and smooth running of your finances as you are, you’re really saying you take making money seriously.
There are some big hurdles facing Australian small businesses and entrepreneurs. Most of them start with time and money. Don’t hamstring yourself by devoting time to tasks that don’t need your individual attention in order to succeed. Or worse still, would be better off in someone else’s hands.
At The Orbit Group, we also offer business advisory services. We know that sometimes, we all get a little too close to our own business and a fresh pair of eyes can help. We also know as fellow business owners, getting the right advice on your next big business move is an important part of making sure it’s successful.
Helping you understand the business structure required or what you need to incorporate is part and parcel of what we do. Looking at your financials and how you can safely expand, what risk you can realistically take on and explaining any news from the bank or opportunities from private investors also helps you make the right decision for your business future.
The time you spend resenting, struggling with and muddling through your accounting and business’ financial health is time spent away from business development, product creation, marketing, looking after your staff and making your customers happy.
If you want the time to tackle bigger and better opportunities, you need to learn to delegate.
The final word on why you need an accountant
One of the main motivations for getting an accountant is to work to your strengths, not your weaknesses.
We’re the people who went to university and did the hard yards to be where we are in accountancy. You shouldn’t expect you as a busy professional to not only do what you do for a living, but to do our job as well.
There’s a big difference between being involved and in charge. Be invested in your financial future and ensure it happens.
At The Orbit Group, we are pro-accountant because we help people after they’ve had a rough trot financially. Through taking on too much of your financial responsibilities, you can put yourself in tricky situations with the ATO and you can also take away time you desperately need to put towards your core business. And you could be too close to the glass to see future issues and wonderful opportunities.
And that’s why we believe you do need an accountant.
Why not call us and find out what adding an accountant can do for your business? We offer a no obligation discussion of your financial situation. And some incredibly tasty baked treats to go with.