The top 5 reasons you should outsource your accounting

Posted by Bryn Harwood on Jul 7, 2020 3:09:44 PM

Put down the books and get back to the tools.
Let an accountant take care of the things you
shouldn’t have to.

When you’re a master at what you do, you don’t want to spend your day trying to be a jack-of-all-trades. 

When you own and run a small business, administrative tasks can eat up your day, leaving you no time to do the thing you actually love. And if you make mistakes with this part of your business it can actually end up costing a lot of both time and money.

Letting someone else deal with the bookkeeping and accounting side of your business will allow you to get back to the tools or to run your business. A lot of the time builders, plumbers and electricians think they can save money by doing the books or accounting themselves. However, in my experience they are doing a task that they would pay a lot less for than if they were out winning new work for their business! 

Still not convinced? Here are our top 5 reasons why you need to put down the books and let Tradies Accountant take it from here.

#1 - ATO deadlines

Throughout the financial year, there are multiple deadlines for reporting and submitting financial information to the ATO. If you miss a deadline or do not follow the correct process you can leave your business exposed to a potential audit or you could become personally liable as a director. 

With an accountant, you’ll never have to worry about deadlines again, knowing that your accountant has your back.

#2 - Staying legal

Laws that affect small business owners, such as taxation and employment laws, will change periodically. As a business owner, it’s your responsibility to know what the current law is - “ignorance of the law excuses no one”. 

It’s also crucial that you are paying your employees correctly and honouring all of their entitlements. An accountant can help you keep track of payroll obligations and ensure you’re doing right by the team that drives your business.

#3 - Having a business snapshot

When everything is organised and up-to-date, you always have a true and accurate readily-available snapshot of your business. Why is this important?

Say an opportunity arises to invest in new machinery. Being able to quickly understand the financial health of your business means you can make time-efficient decisions with all the relevant information at your fingertips. 

Plus, if you’re ever audited by the ATO, you’ll be able to provide everything they need without a massive disruption to the everyday running of your business. 

#4 - When it’s time to sell

No one wants to work forever. If selling your business and relocating permanently to a pool-side chair in Bali is in your plans, then having your business administration sorted should be top of mind.

Selling a well-documented and organised business is far easier than pitching from your shoebox of receipts. 

If you’re able to communicate to potential buyers everything they need to know about your business, you’re more likely to sell quickly and to receive the full value of your business.

#5 - Deductions at tax time

We’ve saved the best until last...

Accountants are able to ensure you are correctly claiming tax deductions. They know the ins and outs of what you can (and cannot) claim.

By outsourcing, you can be certain that you’re getting every possible deduction you can, making tax-time a breeze.

Tradies Accountant is here to take the ease off the ownership of your trades business so you can get back to what you’re great at!