Many business owners are the captain of the ship for most, if not all, aspects of your business. You will handle a variety of responsibilities, such as branding decisions, handling client/customers, stocktake and everything in between. So, you may be wondering if you should also handle your finances and taxes yourself. Although this has increasingly become a possibility for many business owners, there are some important benefits associated with using a business accountant that should be considered.
What are the benefits of using a business accountant?
If managing your own business finances, including tax, is an increasingly accessible option, why are so many local businesses still using accountants? There are some valuable benefits of working with a business accountant that should be considered before jumping into the deep end of self-managed business finances.
Time and efficiency
As a business-owner, you will know how valuable time is – and how quickly it can escape you. Engaging a business accountant to handle your businesses’ finances and taxes will allow you to focus on other aspects of your work that you are more passionate about.
Financial guidance
The business and wealth advisors at LBW are armed with industry knowledge and experience to ensure that your business is set up for success.
Advice on laws and regulations
The laws and regulations surrounding finances and taxes for business owners can seem nuanced, and it is crucial to get professional advice to avoid any issues or accidental misdemeanours.
Making the most of tax time
Tax time can be stressful for business owners, and filing all your business expenses and tax offsets can be a tedious process. Enlisting the help of a trusted accounting firm can help to streamline the process and ensure that you get the most from your tax return.
Geelong business accountants who can help
LBW has the expertise, resources, and understanding necessary to fulfill all tax compliance obligations while also providing guidance and implementing your business’s tax requirements.
If you are a business owner seeking expert assistance with accounting and business management, we invite you to contact the team at LBW.
This blog provides general educational information only. The content does not take into account your personal objectives, financial situation or needs. You should consider taking financial advice tailored to your personal circumstances.
LBW Business + Wealth Advisors is an Authorised Representative of LBW Wealth Pty Ltd ABN 56 652 382 128 AFSL 534569. Please see our website www.lbwca.com.au or call 03 5221 6111 for more information on our available services.
