Some entrepreneurs block their time in their diaries to properly take care of the bookkeeping. You can save valuable time with a tax consultant and outsource the bookkeeping: It pays off in the long run! How? We reveal that here.
Every entrepreneur has an endless to-do list that he has to work through every day. Bookkeeping is often one of the less popular tasks. This area is one of the most important. Of course, having an overview and basic knowledge of all facets of entrepreneurship is not a disadvantage, but wouldn’t you prefer to spend your time running and growing your business? It is high time to get professional support on board for the following reasons.
We know: Financial accounting is the heart of every company. This is where the threads such as invoice items and business transactions come together. And this is where, unfortunately, many young entrepreneurs fail if their bookkeeping is not well organized and entrepreneurial foresight is lacking. In case you are still doing your bookkeeping yourself, here is an article on how to avoid common small bookkeeping mistakes.
For business tax agents, bookkeeping is much more than collecting receipts, assigning accounts and digitally recording them. Because: here they can find the information they need to help you with your business decisions and to advise you competently. Tax advisors are numbers people and therefore quite meticulous when it comes to your number goals. Accounting also means checking whether the entrepreneurial direction is correct and whether goals can be achieved.
ANNUAL ACCOUNTS AND TAX RETURNS
Annual financial statements, tax returns and balance sheets close the financial year. But for tax advisors, the work begins long before that. Because financial statements, declarations and balance sheets are merely the results of the entrepreneurial path that you have taken during the financial year. And your advisors like to accompany you on this – right from the start.
They will want to understand what is on your mind, then take care of it and proactively advise you on all your business matters – regardless of the industry and legal form of your company.
They regard the annual financial statements and the completion of the respective annual declarations merely as documentation of the joint work. The real core is that they work with you to develop tailor-made strategies and plans on how they can structure your financial year in a tax-optimal manner.
They are familiar with all tax benefits and depreciation options and know how you can optimally and of course form legally compliant reserves and provisions for your tax profit minimization. They are also familiar with the tax audit process and help you understand what your business needs to know about the tax audit process.
In addition, they help you with disputes regarding taxes, duties or third parties and take over the entire communication with the authorities. With a perfectly formulated tax return or annual financial statements, you also avoid liability risks.
Finding good employees is difficult these days. While tax advisors can’t always help you find employees, they can help you keep them. Transparent, timely payroll accounting is one of the things employees appreciate. They are happy to take care of the monthly payroll accounting in an uncomplicated and trusting manner and ensure that all legal requirements are met and that no pitfalls are waiting for you.
Now that you know how tax agents can help you, here’s a list of all the benefits that you can reap when you hire a competent tax advisor.
You avoid fines
The wonderfully complex world of tax rules and regulations never sleeps: new legal changes are constantly being added and changed again. It can be very time consuming to keep a close eye on all these developments.
A tax advisor can do this for you. After all, it is part of his job to stay informed about the latest innovations and developments in the tax field. He also knows all the deadlines for specific registrations, forms or tax returns, so you never have to Google when what is due and where you have to file what.
Late or incorrect information can result in a fine. These are not always necessarily high, but over time this small change can add up to a tidy sum. And wouldn’t you rather invest this money in your company? Get a tax advisor to take care of these things.
They increase your bottom line
A tax advisor will be aware of all the possible tax benefits, deductions and regulations to which you are entitled.
In addition to tax advice, a tax advisor can also give you business advice. Most accountants have extensive experience in the business world and can use this knowledge to provide you with expert advice on all areas of your business. Accountants can use their overview of the latest tax developments to check your cash flow: your accountant keeps track of your finances, has an excellent overview of your income and expenses and can see how and where you can save money.
Many tax consultants will keep you up to date on this regularly so that together you can align the corporate strategy based on the latest financial status. Together you can look at the company’s strengths and weaknesses and set a solid financial strategy with realistic goals. The result: higher profits, smarter investments, and a thriving, attractive business.
You save time
Of course, you can do the bookkeeping and tax matters yourself, but time is money. Every hour you spend on these tasks and duties instead of developing your business comes with an invisible cost. The bookkeeping alone can quickly take up a few hours of your valuable time.
An accountant can help you save valuable time and get more free time on your calendar. You can in turn invest this gained time in your company – a win-win situation.
Start your search today
A tax consultant can do so much more than just bookkeeping. However, it can be time-consuming to find the tax advisor that is the perfect fit for your business and your expectations. Here is something that will help you find a good tax consultant for your business.
Hi, I am Mike Morleye. As a professional writer, I put together my writing skills to share knowledge on diverse topics in a readable, understandable and appealing format. Follow me back on Facebook, Twitter and LinkedIn.