Can I take care of my own accounts? Or do I need an accountant?

  • Modern accounting practices using accounting software platform work efficiently so the accounting services are becoming affordable over the years. Also, accountants will be likely to save you more in tax than your accounting fees. 
  • Accountants are experts in accounting and tax. They will do your tax really well and on time. They are required to constantly improve skills and to comply with legislative changes and requirements. If you try to do it yourself, you might learn and update your knowledge again each time your complete end of year accounts. They will keep manage of your tax obligations, identify savings and business growth. Also, having an accountant reduce the chance of being audited by the IRD. Finally, if you want to sell your business, the purchasers often tend to talk to your accountant for due diligence.
  • If you get an impartial advisor like an accountant, you get the power to make better decisions in your business.
  • It takes a lot of time to complete your end of year accounts, so you end up doing it late at night or on the weekend. Accountants will relieve a huge burden by taking care of your bookkeeping and accounting needs. Another benefit in having an accountant is that IRD allows qualified tax agents to have the extension of time to file income tax returns.
  • As a business owner, you are responsible for accurate financial reporting and tax compliance. If you get it wrong, you will receive financial penalties. Having an accountant will give you a peaceful mind and reduce your contingent liability.