Any small and medium enterprise (SME), corporation, public, or Proprietary Limited company (Pty. Ltd.) doing business in Australia means filing a tax return and annual report. Business owners might see this process complicated and challenging, but it’s necessary to keep their operations going.
Fortunately, there are two ways to do this – you either do it yourself using tax software, or hire an accountant to do the job. Here’s a comparison guide to help you choose:
Which Is More Budget-Friendly?
A software package costs about a hundred dollars. There are some websites that are willing to offer them for free. An accountant, on the other hand, charges fees depending on the time or difficulty of the work. Choosing the software might seem like a good idea, but remember that you’re paying for the expertise of a professional. The decision is up to you, whether to pay higher or not for peace of mind.
Which Is Better for Long-Term Investment?
Most software packages last about three years or more, but need continuous updates to keep track of the advances in the industry. An accountant, however, can be your business support for a lifetime. Femia-accountants.com.au shares that many experienced accountants can support the present and future generations of your business and you don’t have to shoulder the software expenses.
Which Gives Faster Results?
As you’ll be handling your tax manually, it might take a while to prepare the necessary paperwork, especially when you don’t know where to get them. After accomplishing these, however, you only need an hour or more to complete your taxes.
From filing the forms to processing multiple documents, an accountant does everything for you. You’ll have more time to focus on how to make your business successful. They might take a few days or weeks, but rest assured that they’re doing their job properly.
The choice between an accountant and software depends on the results you want for your tax computations. Think about both their pros and cons to help you decide which is best for your business.