Accounting 101: Why you should outsource your tax preparations

Written by Anni Mari Wyk

On Nov 28, 2019

Small business owners are always on the go and already have enough to deal with. Why should tax preparations add to the pressure?

From what I have discovered with working with entrepreneurs, tax preparations can be frustrating especially if you have no idea how to go about doing things, what papers you need, what to submit, where and how to submit to SARS etc, etc.

Reaching out to a professional is an entrepreneur’s best bet in making sure that all proper processes are followed and that their business is tax compliant and that they are transparent in how they operate, how they generate and manage their cash flow.

Here are the top 5 benefits for why you should consider outsourcing your tax preparations.

1)   Save Time & Focus on Your Business

Accounting and tax preparation can be highly time-consuming. By outsourcing your accounting and tax preparation work, including tedious tasks related to bills, payroll, mandatory declarations, and other ancillary issues.

This saves you a lot of time because as a busy entrepreneur, you get to focus on other aspects of your business and find ways to generate more income and grow your business.

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2) No Tension Regarding Tax Laws

Tax laws and legislation are always changing, and it is challenging for an accountant or tax professional, no matter how good he or she is at the job, to stay up-to-date with them.

The outsourced accountant is always a step ahead when it comes to their knowledge about the tax laws and legislation. As far as the accountant is concerned, he or she can take it easy and focus on doing their job without having to worry about missing out on any local tax incentives.

3) Best Accounting Software

Not using the best technologies at work is detrimental to an accountant’s career. A lot is at stake because he or she is dealing with sensitive information. Tax preparation outsourcing for accounting firms will make sure the most recent version of the tax and accounting systems is used since the outsourcing provider will support them with the latest technologies.

4) Reduce Costs

Many companies have made the mistake in hiring and training too-green bookkeepers or accountants for the low cost and high convenience. By outsourcing, companies save money on expenses related to recruitment, employee benefits, training, accounting software, hardware, and office supplies, so entrepreneurs can focus on daily operations, team management and customer acquisition which are more important for your company growth.

5) No More Mistakes

If an accountant inputs copious amounts of data into the accounting tools daily, there are bound to be mistakes that could put the accountant’s reputation in jeopardy, and cost his or her clients big bucks. Tax preparation outsourcing for accounting firms keeps such worries at bay as they typically deploy a two-step review system to ensure the job is completed with 100% accuracy.

Take the hassle out of dodging SARS because you keep delaying and postponing your tax preparations because you are unable to find the time to do them. Take the initiative to do what is best for your business and outsource. It not as difficult as you may think it is.

Still unsure? Message me directly and let’s get you started.

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