If you are a business owner and are managing your own accounting procedures, then you are actually costing your company more money rather than saving. Many owners think that they are saving the overhead cost, but it is actually otherwise and end up paying a price that is higher than hiring an outsourced accounting agency. Look4Expert has worked it out both ways to show the difference and has earned clients by simply showing the below:

Keeping the procedures professional

Accounting is not just keeping a track of all the transactions within the company. It is all about creating a theory of smart business practices based on the existing financial as well as non-financial data. Some of this data is quite important and is also a business secret. If accounting were nothing but addition and subtraction, then accountants would have elementary school educations.

The biggest problem with self-accounting procedures is that there is no certainty of mistakes. Many owners who follow this would mention fiddling with previous records because they forgot to file an old receipt or forgot to make an addition. Such an accounting system is not transparent and clear. It is always changing and hence, so does the financial position of the company. Many professional bookkeepers are not all trained in accounting practices. Disciplined financial accounting is always necessary for smooth running of the business. This is one of the most important reasons for outsourcing to professionals like Look4Expert.

Taxes

Although taxes are a subject that liked by no one, still it is far better than understanding and paying all the taxes rather than not paying at all. Very few business owners understand all of the tax laws as they apply to their businesses. It is important to understand what tax has to be paid and at what time frames to avoid any legal action and penalty. Sometimes the regulations change even faster than we imagine. As soon as you get things straight, the rules change.

Owners have more important things to do for the growth of their business rather than spend extensive time over an intricate law detail. Hiring a professional accountant gives the business access to a specialist who is well-known with the tax laws as they are today and as they change. This will guarantee all tax deadlines are met and reports are up to date so the right amount can be paid. Besides only professionals often have insight into tax breaks that business owners may not be aware of. Some of such assistance can prove quite beneficial in improving the standard of the company.

Business Advice

A skilled and trained accountant would always provide a detailed analysis of the company’s financial status compared to a non-professional. This kind of analyzed report can help owners in understanding expenditure and revenue patterns which will help them concentrate on strategic planning for proper business growth. An accounting report prepared by an untrained accountant may or may not clearly portray these in a manner helpful to the owners.  Besides, owners can always consult with pros for business advice like cutting down expenses that can deem as financially non-helpful or increase revenues by expanding or the expenses that could be incurred while enhancing business operations. A professional advice would always help the owners to make the right decision.

Experts like Look4Expert know that time precious especially for business owners who have to handle many things at once. Departing financial activities to a skilled accountant would make life so much easier and organized.

Leave a Reply

Your email address will not be published. Required fields are marked *

As per the Companies Act 2013, it is mandatory for all companies to file their Annual returns for every financial year. All companies include Private Limited Company, Limited Company and One Person Company incorporation. To fulfil the compliance requirements of your Private Limited Company, follow the simple guidelines abridged by Look4expert. Step 1: Create and […]

Goods and Services Tax (GST) came into effect on 1St July 2017. Lok Sabha passed the GST ACT on 29th March 2017. This new reform has revolutionized the entire taxation system in India. The look4expert team has jotted down a small analysis regarding GST for our understanding. What is GST? The very first question that […]

The success of any business revolves around the establishment of its Brand name. Branding begins with choosing the apt name for your business, designing the best-suited logo, providing most excellent service possible, giving a unique customer experience and advertising in all possible platforms. To summarize, branding is principally how the customers perceive your business. Once, […]