Can I take care of my own Accounts?

Technically, yes, anyone can take care of their own accounts. But there is many reasons why we advise using a qualified accountant.

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.

Completing end of year accounts is time consuming, particularly if you are not familiar with tax and accounting costing you late nights or long weekends to meet IRDs tax return due dates. Accountants can relieve a huge burden by taking care of your bookkeeping and accounting needs. Additionally, IRD allows filing extensions for qualified tax agents.

Modern accounting services, like Consol, use accounting software platforms such as Xero that help accountants work more efficiently than ever before. Streamlining workflow means accounting services have become incredibly affordable in recent years.

Accountants are experts in accounting and tax. It is part of their job to continue to upskill and stay up to date with current legislation and requirements. They will manage your tax obligations, identify where your business can save and where it can grow. Their in-depth knowledge can help you save more in tax than accountancy fees as well as reduce your chances of being audited by the IRD. Finally, if you are looking to sell your business, potential buyers tend to practice due diligence by contacting and discussing finances with your accountant.

If you hire an impartial advisor like an accountant, you get the power to make better decisions in your business.