Owning and operating a business is not an easy task, no matter how rewarding it may be. One thing all business owners learn at one time or another is that you cannot do it alone. If you do not have the skills to run a certain function of the business, it’s best to leave that up to professionals who do. This is especially true for accounting, as financial management is such an essential part of a business. Here are a few reasons why hiring an account could be the most important decision you make for your business:
1. Timely and accurate financial statements
Keeping track of how your business is doing financially can influence a lot of the decisions you will be making. Without consistent and up-to-date financial information you might not be able to do what is best for your business. If you run a business, it’s good to look into accounting services that use Mind Your Own Business or MYOB software in Wellington because then you can have a great platform to check out the business’s finances in real time.
2. Proper and lawful tax compliance
Complying with all New Zealand tax laws is very important to avoid trouble with the IRD down the road. Ensuring your taxes are done correctly throughout the year is a tedious task to which you must pay close attention. If you don’t have enough time to do this for yourself, a certified accountant will be able to assist with the process. Applying for tax refunds for your Wellington business is also easy for accountant as they know how to apply for tax breaks which you may not have even known you were eligible to receive.
3. To find cost savings in regular operations
Having a professional accountant on hand to check over budgets and financial statements could help you to find any leaks in your finances and plug them up before you lose too much money. Hiring an accountant, even part time, can pay for itself in the long run as you will be able to reduce expenditure and help to polish up your spending. Avoiding unnecessary costs is difficult if you don’t have another pair of eyes to look over your financial statements and assist in finding areas that can be trimmed down or better managed.
4. Advice on how to handle growth/expansion
Businesses that don’t know how to manage their money to accommodate growth will run into a lot of problems as they expand to meet demand. Accountants can be extremely helpful in an advisory role before and during growth periods to help you keep track of what is happening to your funds, where they will be needed later on, and how they should be allocated to bring the best returns.
If you don’t already have an accountant working full or part time with your business, it’s probably time to start looking. You will be better off hiring someone now before you think you need them instead of when you are in the midst of financial troubles. Who knows, you might even be able to find money you didn’t even realise you had!
Count on Us is a company that specialises in giving you excellent services from their certified accountants in Wellington, NZ. Hiring this team of experts could be the best decision you make as a business owner. Check out the Count on Us website, www.countonus.co.nz, today to find out more.
Contact our friendly team to make a booking!