Australia has always been a strong entrepreneurial nation, with small businesses forming the backbone of the economy. The Central business district of Sydney is home to a sprawling number of small businesses that are growing by the day. Owing to Australia’s 30% flat rate taxation policy, it makes it an even more attractivecentre for small businesses.
As a small business owner in Sydney, it’s understandable that your life can get tedious with your day to day operations and added to the woes is adhering to the taxation norms of ATO. Hiring the services of an experienced and well-versed tax accountant in Sydney can give you an upper hand when it comes to handling the stress of the tax season and managing the financial ins and outs of your business.
In fact, 72% of SMEs or small businesses in Sydney hired external accountants or accounting firms as the most common source of advice to manage their business’s financial accounts. Below are some reasons why small businesses in Sydney should consider hiring a tax accountant:
1. Save Time, Money and Sanity
A qualified professional accountant in sydneywho specialises in working with small businesses can help you generate accurate financial reports and avoid errors, especially when you are starting.
They will take care of your finances while you are free to focus on critical aspects of your business that need more attention.
2. Minimise your Taxes
When it comes to the tax season in Sydney, which typically falls from July 1 to October 31, as a small business owner, you need to stay prepared to file your taxes on time and avoid last-minute balance sheet preparations that tend to get erroneous. Apart from helping you file your taxes on time, a great accountant in Sydney knows how to manoeuvre through several taxation norms and identify opportunities to reduce your tax burden.
3. Maximise Tax Returns and Deductibles
Business accountants also ensure that you are aware of how to receive the most from your tax return. Likewise, they also help you identify possible sources of deductibles that you are eligible for. They take an all-rounded look at deductible business expenses that include contracted labour, rent and vehicle expenses to ensure that you have an optimal write-off possible.
4. Enable You to Manage Your Business and its Growth
Not every small business owner has a thorough knowledge to comprehend their finances. This is where an accountant can help you analyse and understand your financial statements and know where your business stands. They can help you examine areas for growth and receive warnings for areas that need improvement.
5. Budgeting and Forecasting
Budgeting is a prime aspect in any business that you cannot afford to overlook. An effective tax agent will help you develop a business budget that will help achieve your goals and thrive in the long run.
Besides, they also use your financial data to forecast and monitor future costs and revenues so that you can make smart decisions to propel your business forward.
6. A Lifelong Mentor
The biggest benefit of hiring a tax account is that they are always there for you and travel through the ups and downs of your business to suggest the best course of action. As a result, your tax accountant can become an irreplaceable mentor that works closely with your company.
It may feel intimidating to let an outsider get an inside view of your business. But hiring the services of the best tax accountant in Sydney will help you achieve your business goals and set the stage for long-term success. You don’t have to plough through your invoices and receipts at the end of the month or year all alone; partner with an accountant to set your finances right.