Doing your own accounting:
- You may fall behind on your invoicing which can drain your cash flow and result in more work when you need to chase up any unpaid accounts.
- You risk a call from the IRD if you get anything wrong or miss important deadlines causing you a lot of unnecessary stress.
- As a business owner, you spend a lot of your energy and time managing your business. This means that doing your own accounting can take up a lot of your extra time.
- Thorough knowledge of accounting and taxation is required to minimise any risk of inaccuracies. You might be saving money by doing it yourself, but the long-term penalties and interest could cost you.
Hiring an accountant:
- An accountant will complete your tax return on time and ensure it’s accurate so you won’t have to pay penalties or interest. This will make it a stress-free experience and you’ll avoid the IRD giving you a call.
- An accountant provides you with sound financial advice so you’re always clear on your obligations.
- Hiring an accountant will reduce your stress levels overall because they’ll be in charge of tidying up your books so all of your records are supported by the relevant documentation.
- An accountant can help you set up an invoicing system so you can send invoices efficiently and keep track of who still owes you money. This will save you a lot of time and give you great oversight and control over the cash flow of your business.
If you’re tired of trying to manage the business accounting yourself, get in touch with our friendly accounting team today. With our comprehensive knowledge and expertise, we can offer you advice and solutions that are right for your business now and in the future.