Should you hire an accountant when you work from home?

Why you should hire an accountant

Should you hire an accountant when you work from home?

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Are you on the fence about hiring someone to help with finances? You need to hire an accountant when you work from home.

When I first started working at home, I didn’t bother hiring an accountant. Plenty of people I know who work at home don’t bother with an accountant, but is that necessarily a good thing?

Hiring an accountant is one of the best things you can do in business. It’s especially important when you’re running your own business or you’re going through a major financial change like a divorce.

Why not having an accountant is a mistake

I’m going to admit that I made a big mistake. Even if I have friends who know finances, they’re not official accountants. It could still lead to making mistakes on tax returns, and I could end up liable for thousands of dollars if I get it completely wrong.

While you would not completely remove all the risk by hiring an accountant, you will limit most of it. There is the expectation that the professional will know about the things you can claim as expenses and will make sure that all the paperwork is filed on time. You will need to make sure you give all the receipts etc., but some of the liability is removed from you. There is also less chance of a mistake actually occurring.

Accountants are not just for tax time either. One will be able to help set up your business, and make sure you choose the right type of company, even if you’re a sole trader. You will also be able to discuss your business expenses throughout the year with a professional from an accounting firm hong kong.

Hire an accountant to save in the long-term

When you’re just starting your work at home business, you may view accountant fees as just another expense. I certainly did, and that’s why I decided against it.

According to an Accountant in Perth, these fees are really an investment. You will end up saving money in the long run. Not only will you save money because there will be fewer mistakes, but you will also save on the amount you pay Uncle Sam. Accountancy fees can be claimed as a business expense. Again, an accountant will be able to discuss this with you.

Accountants will also help you save on tax with other business expenses, and explain loopholes in the system. Now, these are not morally right but they are legal. It is then up to you whether you follow your accountant’s advice to save money while the loopholes remain. I’m certainly not saying you should, but I’m not saying you shouldn’t either. As long as it’s legal, I refrain from judging.

Will you get an accountant for your work at home business?

So, what do you think you’ll do? There are many reasons to hire an accountant for your work at home business. Of course, you may not have the money for it right now.

In the end, it really is a personal choice. Legally, you’re not required to have one but you will end up with all the tax liability on you. Do you really want to risk that if your business suddenly takes off?

You don’t need to have an accountant right away. Some businesspeople choose to wait until a year or two to see if their business will take off or not.

MORE: How to get our children involved in your business?

Get in touch to help with some of your financial needs, especially to talk budgeting, life insurance, and investments.

Alexandria Ingham is a professional writer. She predominately ghost-writes in various niches, including fitness, finance and technology Everything is fully researched and well-written. Under her own name, she writes in the technology, business, history and weight loss niches

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