Ashok Parekh Accounting

13.03.2018 um 09:24 Uhr

For What Reason You Should Hire An Accountant

Accounting is an important aspect of any business, regardless of the size of the business. Keeping your accounting in proper order should be a top priority. If you are like most business owners, you probably have trouble maintaining the accounts and tax paperwork yourself. If this is the case then you need an accountant to handle the accounting aspects of your business. This will free up your time to perform other tasks to help your business run efficiently. Last-minute problems, especially during tax season can be stressful and frustrating. You may find at tax time that some of your account balances are incorrect. This happens a lot with small businesses. A professional that specialises in small business accounting can correct these mistakes and prevent them in the future. tax consultant near me


Here are some of the reasons that accountants are regarded so highly:

Are Key to Financial Success

Most new entrepreneurs are unaware of how important accounting is to their business and they end up with some major mistakes. Making blunders in your accounting can have grave implications, for example, significant fines for suspected tax evasion. For a large corporation, this can damage both the finances and the reputation of the company. For a small business though, it can have a vast blow and perhaps even cause the company to go under, if there is not sufficient money to pay the fines. The solution to these problems is to hire an accounting firm that specialises in small business accounting services. 

Are Year-Round Financial Advisers 

When choosing a firm, examine its credentials and explore its services to help you decide if the firm is right for your business as they are the year-round financial advisers. Don't hire the first firm you come across. What is suitable for one business may not be suitable for another. Consult with the accountant about your precise requirements. Since, they are an important foundation of information and advice for making serious business decisions on a weekly, even daily basis. Once you've hired a firm, you can hand over your accounting to him and you no longer have to worry. However, keep track of the work that is being done and check from time to time to make sure your business accounts are being properly maintained. Share all your questions and concerns with the accountant. 

Will Help Cut Down Costs

Some businesses hire accountants on a long-term basis to keep the company financials in order year-round. Inmany cases, it is more efficient and affordable to hire a bookkeeper to handle day-to-day financial operations. Other businesses only use accountants yearly to prepare tax returns. Bookkeepers cannot legally prepare tax returns for a business. You may want to prepare your taxes yourself, but hiring an accountant to lodge tax returns is a wise choice because these tax professionals know how to maximise the number of tax deductions for their clients and how to organize financial documents such as receipts. 

Will Save Your Time

The main reason for hiring an accountant is that it is the easiest way to have your financial records put in orderand your tax returns completed. Most accountants guarantee their work and complete it in a timely manner, so there's really no reason to not hire one. Instead of spending hours sorting through your company finances, pick up your phone and schedule an appointment with a local accounting firm. Remember, time equals money, and you may find that the hours you save by hiring an accountant is well worth the cost.

28.02.2018 um 05:54 Uhr

How You Can Select A Best Accountant

1.     Reputation

Ask your friends and colleagues what accountant they use and contact them now (before the end of the financial year)for recommendations. Check out reviews on Facebook or Google Business listings. accountants kalgoorlie



2.     Look at the size of the firm

Larger Australia wide firms may offer low prices but there are some that train their tax consultants over a 16 week course rather than small to mid size firms that hire experienced and qualified accountants who study for years to become experts in their field. You may get a more personalised service, with a smaller team or individual more committed to your account, whether you are an individual or business.


3.     Does location matter to you?

It used to be important to have an accountant located nearby. But today, with the internet and cloud-based technology this means that location is less of an issue. With cloud accounting, you and your accountant can view identical real-time data at the same time – no matter where you are.


On the other hand, you may prefer face-to-face contact. If this is the case, then you’ll need to limit your search to accountants who work nearby or are willing to travel to your premises from time to time.


Wherever they happen to be based, make sure they’re an expert in the tax laws that apply to your business.


 4.     Are they proactive about saving (and making) you money?


They may charge a little more, but a proactive accountant who will do more than manage your accounts and complete your tax return forms will pay for themself. So before choosing an accountant, ask what they could suggest to save your business money.


They should warn you of any future pitfalls (such as putting private expenses through the business) and ensure your business structure is protecting your assets and minimising tax. For personal returns, are they advising you of all the records you should be keeping and what you can claim to maximise your tax return?


5.     Are they legitimate?


There is a big difference between tax evasion which is illegal and tax avoidance which is legal. The Australian tax law is one of the most complex in the world so you need an accountant who will save you money legally but not taking things to far and gain the attention of an ATO audit, as ultimately it is you who signs of on all the tax documents and you who will pay the penalty if the law is broken.

22.02.2018 um 10:00 Uhr

5 Major Reasons why you should use a Tax Agent

1.      The cost pays for itself

Using a Tax Agent Who Has Extensive Knowledge of the Complex Australian Tax Law. kalgoorlie bookkeepers

The fee charged by a tax agent is tax deductible in the following year, along with your accountant!


2. Avoid going to jail    

Ok, so that may be the most effective way of avoiding penalties and fines. You can be reassured knowing that your taxation activities are compliant and legal so you do not end up in trouble with the ATO.

3.      Long-term benefits

Having a good relationship with your accountant is always beneficial. The ATO auditor comes knocking on your door - they do not want to be alone when they come knocking !

4.      More time to lodge your tax

If you have a tax agent, the October 31st submission deadline does not apply to you and you are eligible to receive an extension.

5.      Free up your precious time

Time is money and hiring a professional to outsource the tedious task of completing book and tax returns could be effective for you. Focus on the things you do best! Tax agents have access to ATO records and are competent with dealing with ATO for any inquiries you may have.