When you outsource your accounting, you’re generally looking for someone that can help improve the efficiency of your business, doing it yourself isn’t the best solution for most people, you can lose expense receipts, make mistakes on your annual return, and more. Whether you’re just starting up, or you’re an established business, it’s a great idea to outsource your accounting, here are some reasons why:
It will save you a lot of time
Most people start businesses because they love the industry they are entering, they don’t actually think about the amount of paperwork, legal issues, or expense related issues that can come up when running a business, this is a great reason to get an accountant, as they will handle everything for you.
Accountants will help you prioritise your efforts on the important stuff, your accountant will take care of other important aspects such as bookkeeping, tax filings, annual audit, payroll, etc. It’s a win-win.
They are experts in their field.
Tax laws and regulations always change, and as a business owner without an accountant, it’s your responsibility to keep up to date with the most up to date laws. If you don’t, you can find yourself paying huge fines. This is a great reason to get an accountant, as they guarantee that the deadlines will be met, and they keep up to date with all the recent regulations and new laws on your behalf.
You will save money in the long run
If you think that outsourcing accounting is expensive, think again. A skilled accountant will be able to find areas to save money (such as expense claiming), which means that not only will they help you save you money on your tax bill, but they could pay for themselves in the long run.
And it will cost you much less than hiring an accountant in-house who you may have difficulties to retain.
They can provide expert support on financial issues
One of the greatest benefits of having an accountant is that they are able to help with any financial issue, if you’re looking to arrange a new budget, or manage the outgoing expenses of the company, then your accountant can help with this. They will also be able to help with any tax investigations, which can put your mind at ease.
Full account management
Even though you will be legally responsible for the accuracy of documents and expenses, you’ll be able to hand over all the management of your accounts to your accountants, this means that they will be able to do everything on your behalf. This ranges from filing your withholding tax to arranging your annual accounts & personal tax return.
If you need investment, your accountant can help
At some point in your business, you will need an investment, this can come from a bank loan, venture capital investors, or family and friends, for this, you will need your company accounts to be clear and up to date.
Your accountant will be able to give you guidance and ensure that you’ve covered everything for the investors to look at.
They make your life easier
Spreadsheets, invoices and tax returns aren’t for the light-hearted. If the thought of just opening up your accounts gives you increased stress, then hiring an accountant would be a great idea – some accountants might even give you access to software so you get a hands-on picture of your finances.
Not only will an accountant keep your accounts in check, you’ll also have the added assurance that you won’t be penalised for late payments.
Plizz provides cloud-accounting services for SMEs in Thailand, if you need help with your company or personal taxes, we are here to help. Get in touch today!