Published 5 July, 2023
Determining to work with an accountant or not is one of those decisions which is rarely discussed but can make a significant difference to how much tax you end up paying (amongst other things). In our opinion, there are seven compelling benefits of working with a trusted accountant:
1. Saves you tax
This is one of the most obvious advantages of working with an accountant. A good accountant will generally save you more tax than the cost of their services for the simple reason they know more about the tax regulations than you do.
2. Reduces the risk of tax penalties
Many individuals and business owners have found themselves in the ATO’s bad books by lodging their tax return late. Working with an accountant reduces this risk and the associated risk of penalties.
3. Saves you time
For many people, completing their tax return is a lengthy and tedious process which detracts from the time they could be spending with their family or working toward their career goals. By employing an accountant to complete your tax return, you’re freeing yourself up to do the things you want to do.
4. Reduces stress
Completing a tax return has become more complex in recent years and the associated stress has compounded as a result. By outsourcing this step to an expert your tax-related stress will be considerably lower.
5. Improves your organisation
A good accountant will help you get your personal and business affairs in order. You’ll also be more inspired to stay organised each year in the knowledge you’ll be presenting your tax affairs to a third party. You can use your accountant as a financial coach of sorts.
6. Access to quality business advice
A good accountant is often well positioned to provide valuable business advice in addition to the tax advice they’re providing.
7. Networking advantages
Accountants often have a network of high value contacts who can offer opportunities for business growth or career advancement. Leveraging these connections can lead to partnerships, mentorships, or strategic alliances that propel your business forward and expand your professional horizons.
Landen’s Head of Wealth, Malcolm Strain, shares his experience on the subject:
“Deciding whether to work with an accountant is a personal choice that depends on individual circumstances. However, clients who choose to collaborate with trusted accountants often find themselves well-equipped to make proactive investment and business decisions. By leveraging the expertise of these professionals, businesses can position themselves on the front foot, ready to seize opportunities and navigate growth effectively.”
If you need assistance with your business or personal finances, call us at Landen, to consult with one of our Wealth team specialists.