One of the most frequently asked questions by self-employed people is: “How much does an accountant cost?” And of course, that’s a fair enough question to ask, – it’s important to know exactly how much something is going to cost you before making any commitments. That being said, it is also important to learn how much money an accountant can save you as well.
A troublesome and common misconception is that accountants “cost you”. Certainly, in the beginning you aren’t going to see an instant return on your investment; however, with the right approach, some hard work and careful consideration, an accountant can take your business to new heights.
Now, before going on any further we will answer your question and share our fees below. This will give you an indication as to where you stand as a self-employed individual seeking professional accounting assistance in Sydney.
Business Activity statements from $200
Income tax returns: from $300 for a sole trader, from $500 for a company or trust, from $1000 for an SMSF.
Now that we’ve established our prices, its our job to justify to you, why it’s worth every penny. Below you will find 10 reasons why we believe this to be the case:
1 – No More Stress
Life is busy and stressful enough as it is without having to sift through piles of paperwork and receipts and make zero mistakes. Tax and accounting are time-consuming and complicated processes that are best delegated to the professionals. If you work with a reputable and reliable company, you will be able to relax in the knowledge that everything is in hand.
2 – Time is Money!
As cliché as it might be, time is money. There is nothing more valuable (or finite) in life than our time. Do you really want to spend hours going through your books and trying to stay up-to-date with current tax legislation and its requirements? Let the professionals handle the nitty-gritty and you can focus your valuable time either making more money, or with your friends and family.
3 – They Know More Than You
Do you know of any legal loopholes that can save you vast amounts of money? If you did, you wouldn’t be reading this. The benefit of working with a high-class accountant is that they will be able to offer you plenty of sound, well-informed and perfectly legal financial advice to help save you money.
4 – They Can Spot Deductions Where You Might Miss Them
Tax and accounting is a very complicated business and many people miss out on a number of savings that can be made. A decent accountant will be happy and willing to look back over your books and spot any potential deductions that you might have missed. That was you’ll be able to keep an eye out in the future and get your moneys worth the next time-round!
5 – Plan for Your Future
An accountant will want to know what your plans and aspirations are both for your business and for yourself. What are your financial goals? Do you know exactly what you need to do in order to get to where you want to be? An accountant will have the expertise and the know-how to help you achieve those financial goals.
6 – Help You Get Everything in Order
You might be up to date with your books, or you may have left everything for too long and have only just decided to get your act together. Whatever the case, an accountant will be able to help you get back on top of everything and have your books in order so that you will not come into any trouble down the line. Get it done right!
7 – You’ll Never Miss Another Deadline
Again, life is stressful and there’s an awful lot to remember. Add being self-employed into the mix and you end up with yet even more tasks to stay on top of. The beauty of working closely with an accountant is that you’ll never miss another deadline again!
8 – Pay Exactly What You Owe
It’s always nice having a large tax-rebate, but that money could have been generating interest for you instead. Hire an accountant and they will be able to ensure that you pay exactly what you owe when it comes to tax, so that your hard-earned money can continue working for you!
9 – They Will Advise You on the Best Practices
As a business owner you should want to carry out the very best practices in everything that you do. A trusted and reputable accountant will advise you accordingly and ensure that you are running your business by the books. It’s easy to grow complacent and to start making silly mistakes, but with someone watching your back, you’ll have nothing to worry about. (The last thing you need is accidental criminality)
10 – You Won’t Necessarily Need Them all of the Time
Some people worry that they will be bound to spend out monthly fees indefinitely, even when they don’t need their accountants’ services. You are not bound forever. You just need to figure out how much help you need and how regularly you’d like that assistance. Iron that out with your accountant and they will tailor the most suitable possible package for you and your business.
Of course, there is going to be an element of bias in this post. An accountancy blog writing about how hiring an accountant is worth every penny. We appreciate how that might come across, but like it or not, the facts are there. When done correctly, an accountant truly can help you get the most out of your business, save you money on your taxes and free up more time for you to focus on growing your business.
If that is something you would like to explore further, then please feel free to get in contact with us today. We’re always happy to help!