Talking Cents

Do You Need A Business Accountant If You're Self-Employed?

As a self-employed person, you must be handling or managing a plethora of things in your business. And since there may be a lot of things to outsource, it is definitely a reasonable assumption to seek financial management advice from a business accountant in Sydney.

Figuring Out Your Business Needs

Even with a small business, a self-employed individual should rather have an accountant handle this, making sure their bookkeeping is organised, and their revenue is reported appropriately.

And with the right amount of tax being paid, you can stop stressing about taxes and instead concentrate on running your business.

Why is a Business Accountant Necessary for Self-employed Individuals?

1. They save time.

By handling all the effort required to file your tax returns and fulfil all other financial duties imposed on running your own business, an accountant can save you time.

They can ensure that you don't miss out on important tax savings because they are intimately familiar with the system's complexities. They'll also make sure you don't incur any unpleasant penalties for missing important deadlines.

Hiring a small business accountant frees up more of your time so you can focus on what you do best, saving you both time and money.

2. They help minimise tax liability.

It goes without saying that you want to obtain a profit, but you also want to keep as much of that profit as you can in order to expand and reinvest in your company. Changes in tax laws can either help or hurt your firm. Can you actually keep up with all of these changes?

Keeping up with the tax systems in Australia can be tricky if you don't have a lot of experience with the process. A business accountant can help you understand all of the taxation process and benefits related to self-employment and guide you through the filing process.

3. They assist you in tracking your income and expenses.

Self-employed workers need to track their income and expenses carefully in order to make sure they're not overspending or taking on too much debt. An accountant can help you keep tabs on your finances and make sure that you're paying your bills on time.

4. They help in business planning.

While there are financing options that involve benefits, an accountant will be able to give you the best recommendation by personalising their counsel for you.

A business accountant can offer dependable counsel and direction from both a personal and business standpoint whether you wish to expand your company, purchase a home or make investments. They can provide you with money-saving tips, connect you with mortgage professionals, and assist you with other facets of fund management.

Consider M.A.S Partners For Small Business Accounting Services

Small businesses are the backbone of the Australian economy, and our team of small business accountants in Sydney and Zetland can help them grow.

If you're self-employed and need help with your accounting or financial management, consider hiring us to assist you in acquiring the best.

For more information on our small business accounting services, click here.