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Top 3 Benefits of Hiring Professional Accounting Firms

Updated: Apr 23

Every business needs professional accounting services. But there are many who attempt to manage their accounting workflows by themselves or use an unqualified accountant.

The result? Most tend to fall short of the outcomes they could have obtained from a professional accounting service provider and their businesses suffer. Honestly speaking, the practices of professional accounting services are not easy to adopt. They achieve professional accounting efficiency through years of training and practice. There is no room to fashion it out by using a “DIY” attitude. It calls for regular practice and the accountants to stay updated with the latest changes to tax legislation and sometimes complex tax calculations.

In short, there is no alternative to professional accounting services. They know each area of accounting services and can aptly suggest and provide their accounting services depending on the nature of a businesses requirement.

Some of the areas accounting services include:

  • Consulting

  • Taxes

  • Bookkeeping

  • Analysis

  • Advisory

There are many other services which are not covered in the above list. Below we explain some of the reasons why you need a professional accountant sooner rather than later.

Set up a Company Structure

Professional accountants are experienced advisors. They can help you in several ways to set up a company, from explaining the company mission and vision, partnership and sole trader legal structures, to enabling you to decide on the best option for your organisation. In addition, once your company is set up, a professional accountant can also provide ongoing business consultation.

Provide Business Planning

A professional accountant can provide financial analysis required by finance companies or banks when applying for funding, proposing new projects, and investing in growth opportunities.

Save Time and Money

Using the services of a professional accounting firm is an investment. The opportunity costs of not using a professional accountant start from your time spent doing something you are not qualified to do. Spending time and money on training/software which might not be of much benefit and failure to do things properly, you will end up in trouble with the Inland Revenue Department. Again fixing your accounts will cost more in terms of time and money. Hence it’s better to do it properly and correctly the first time by using a qualified accountant.

At Elite Accountants, one of the trusted accounting firms in NZ, has a country-wide reputation from providing services for setting up a company, filing tax returns, business planning, growth analysis, to helping clients through a tax audit.

Thinking of changing accountants or starting a new business? Get in touch today for a free phone consultation.

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