Accounting and tax services go hand in hand, yet many businesses still choose to have them overseen by different financial professionals. There are, however, many reasons why your business should consider consolidating your tax planning and preparation into your accountancy provider's general service.
Creating The Right Synergy
Accountancy is about building relationships - the relationship between you and your accountant is a very important one, and one that will continually build over time. That relationship allows them to better serve you by better understanding your business, the way you operate, and the financial goals you have.
This is a relationship that carries through into your tax planning, should you choose to involve tax services as a part of your general accountancy. An accountant that knows your business best is going to be able to understand how to negotiate your tax planning, preparation, and the filing of the return itself.
You're building up this relationship continuously as a part of your outsource general accountancy - why would you not want to make the most of it and apply it to your tax planning too?
The Advantages & Disadvantages
The key advantage is that it makes your business tax returns that much easier to deal with. All of the key information is handled by the same accountancy provider, who will already have important knowledge about the way your business and your finances operate.
This means that the tax return is prepared for and filed that much more efficiently - saving time means saving money, as less time will need to be spent understanding your cash flow, compared to when outsourcing to a new provider.
A disadvantage could be that you're missing out on the fresh insight and perspective of a tax specialist. Your accountant may be a general accountant, who might not be familiar with the ins and outs of the tax system like a dedicated tax specialist would be.
This isn't anything to worry about, however, as most accountants will either have tax specialists working internally who can handle your case, or they will be able to consult with a tax specialist if necessary.
Take The First Step
Consolidating your tax preparation into your general outsourced accountancy is one of the most cost- and time-efficient decisions your business can make. Get your tax returns completed quicker and easier, by trusting it to the people who already know your business inside out. We can help you deal with tax planning in a much more timely and cost-effective manner - contact us at David Howard today for more information.