Just as you would not hesitate to call a professional for your plumbing job you likewise need a professional tax consultant for your tax matters, The cost of not using professionals not only means hours of additional work for you but also, could cost you more money in long-term from poorly made decisions.
Studies have shown that 80 percent of start-up fails within 18 months and one of the main causes is inadequate management of finance. Despite this alarming number, many start-ups choose to “wing it” when it comes to managing their finances. A recent research found out 53 percent of start-ups do not use an accountant at all and even the 27 percent of these respondent simply use pen and paper to keep their account.
Even though we should not conclude that these start-ups are going to fail for not having consultants but we cannot underestimate the knowledge and experience an accountant can provide.
It is absolutely normal as humans that one feels uncomfortable letting an outsider in on the intimate details of how your business is run, mostly when you’ve had trouble managing your finances in the past; but partnering will actually help you set up for long-term success.
Consultants can do more than tax filing. They can take a comprehensive assessment of your finances and create a forecast through the year to keep your business at a healthy, prosperous state. With that, here are reasons why it’s important to hire a professional tax/account consultant.
- GET ALL YOUR DEDUCTIONS: An accountant can support you by easily identifying these potential deductions throughout the year and advise you how to make strategic decisions for year-end deductions. Many business owners forget to track and account for items like depreciation, out-of-pocket expenses and home office space. Don’t leave money on the table.
2.YOU ARE FRED UP TO FOCUS ON YOUR BUSINESS GROWTH: What is your time worth? Probably a lot more than you realize. Put a value on the time you spend on taxes and tax-related tasks, and then compare that to enlisting professional help. The time that you spend on trying to do taxes yourself is time that could be much more wisely spent on focusing on your business.
3.YOU GAIN PEACE OF MIND BY ENLISTING A PROFESSIONAL WHO KNOWS YOUR BUSINESS AND YOUR TAXES: Not only will you save money, but you are gaining peace of mind that comes from knowing that your taxes are being handled by professionals –they understand all the tax minutia and details, and how to leverage tax laws to minimize your tax burden. Tax law changes so frequently, it is nearly impossible to keep up – which is why a professional can make all the difference.
4.YOU HAVE SOMEONE TO GO TO FOR ADVICE: Any time of the year, for any tax-related reason ideally, the tax professional you choose should be available to you all year – not just at tax time. The reality is that tax issues and savings opportunities can arise any time of the year. Whether it’s how to structure investment in inventory, or how to handle an unanticipated tax notice from the FIRS or IRS, a tax professional can provide timely, informed guidance that optimizes your financial business decisions and minimizes risk.
5.YOU HAVE A PROFESSIONAL THAT UNDERSTANDS YOU AND YOUR BUSINESS: The ideal small business tax advisor will have not only proven expertise in all areas of tax preparation and tax planning, but will also have experience with your particular business and its unique tax opportunities and challenges. You get the advantage of understanding how you compare with other businesses like yours and where there is room for improvement.
6.YOU HAVE A PROFESSIONAL TO FOCUS ON ALL YOUR SMALL BUSINESS TAXES: Let’s face it; small business taxes can become quite complicated. You need to comply with multiple tax codes, including sales and payroll taxes. For sales tax, a tax professional will work with you to ensure you are in compliance with all the latest requirements and government processes. For payroll, tax, a professional can help you understand how various compensation models will impact your bottom line.
A good tax consultant will be there for you as a partner, any time of the year, ready to help you optimize your business and grow it successfully.
What aspect of taxes is threatening your bottom line? Contact Us today