Do you know what is the importance of having good tax and accounting advice? Many businessmen and entrepreneurs with little experience are convinced that having some basic accounting knowledge and knowing how to fill out the VAT or personal income tax model is enough. In addition, they believe that with this, they save the expense that a tax and accounting advice may entail for carrying out these steps.
On the other hand, many of the clients who go to an advisor in tax and tax, Accounting Consulting Firms in Australia or labor matters, do so after having received some sanction from the Public Administration for not having done things well. Unfortunately, they do this when the costs to solve the accumulated problems exceed the savings by not hiring a good advisor.
The consultancies require keeping up to date due to the changing regulations. Being up to date avoids problems when complying with the requirements and processes established by the public administration.
Importance of having good tax and accounting advice
In this article by NumberPro , we will talk about the importance of having good tax and accounting advice for our business or company. In addition, we will show you how to recognize a company that offers good tax and accounting advisory services, among others.
An accounting consultancy advises us and takes charge of all the affairs of our company that have to do with taxes and finances. In every company, it is essential to keep correct accounting in order to have greater control over our resources and thereby achieve greater efficiency.
What motivates us to hire a consultancy?
Hiring a consultancy in tax and tax, accounting or labor matters, provides us with the following advantages:
- Commercial support : We can ensure our commercial future when we have at hand the possibility of having a specialist to assist us in making certain decisions.
- Saving time : When an experienced advisor focuses on a problem, he solves it more quickly. This saves our precious time, and time is money. In addition, a large part of that saved time can be invested in our business.
- Peace of mind and calm : We can feel confident and calm when we have access to good advice that acts with knowledge and speed in solving problems.
- Saving resources : We will be saving money if our advice is able to achieve that we optimize resources and improve the finances of our business.
These are sufficient reasons to hire a good tax and accounting consultancy for our business or company. Furthermore, if our best option as entrepreneurs is to overcome the characteristic risks of any commercial venture, then good advice is not an expense but an investment.
What scenarios can we find that require advice?
The main scenarios that may require the services of a good advisory are the following:
- Work scenario : If we have employees, we can always find problems whose difficulty can be somewhat complex even for the best specialist advisers in the labor area. In addition, due to the constant changes in our labor legislation, being able to stay informed is a matter that requires time and dedication. Especially when personnel control is increasingly related to the administrative area.
Any error or omission in the matter of contracts , payroll and leave can lead to breaches of the labor law. We as entrepreneurs or merchants do not necessarily have to be specialists in the matter. However, we do need to know how to select the best person to advise us on the labor issue. - Tax and accounting scenario : Advice related to the tax and accounting area is usually essential in good and bad times of the company. Knowledge in managing balance sheets and financial movements is a specialty that can be used to improve our finances. They are a reflection of how our company works.
On the other hand, the fulfillment of the commitments with the public administration requires constant vigilance. This, to avoid errors or omissions that may later be subject to fines. - Administrative scenario: Part of the work of the advisers in the administrative area is to improve the availability of our time. This will make us focus better and for longer on activities related to the accounting and finance of our business. Consequently, we will save time and money.
On the other hand, accounting programs or software have a high cost and we can do without them by hiring a good consultancy. These companies, in general, have these IT tools, which will avoid us having to bear these expenses.
What makes a good counseling?
The advisory team of a good tax and tax, accounting and labor advisory company must have solid knowledge both theoretically and practically in the matters that it advises.
The daily routine in an advisory company focuses on compliance with administration. This is done monthly or quarterly. The advisers must have an updated management plan under control within the submission deadlines imposed by current regulations. This will facilitate the development of a schedule for the presentation of documents and payment of taxes in a planned manner. Additionally, this will make it easier to sort and save invoices for future checking.
Fiscal and tax area
Regarding the fiscal and tax area, the advisers must know each of the figures that make up the Spanish tax system. That is, everything related to Personal Income Tax (IRPF), Value Added Tax (VAT) and corporate taxes . In addition, they must be up-to-date regarding the tax models designed for the presentation of taxes, such as models 036 and 037 for the processing of the NIF, invoicing and VAT registration books. Also, know everything related to communications with the tax agency through tax returns, electronic notifications and electronic certificates. Additionally, they must be clear about the tax issue and be aware of all the variations that may arise in tax matters.
Accounting area
Regarding accounting management, the advisors must master everything related to the General Accounting Plans. In addition, they must know how to carry out the accounting closings and be aware of the deadlines for the registration of financial statements. They also need to know which books to legalize and when to do so.
Labor area
Regarding the labor issue, the advisers must be aware of all possible forms of hiring personnel as well as collective agreements. In addition, handle matters related to payroll, payment receipts, requirements to contribute to Social Security and dates for their presentation
Confidentiality
Those sensitive areas related to labor and tax issues require a certain reserve. The advisory companies in these and other matters must guarantee professional secrecy or the confidentiality of the information provided by their clients. Confidentiality allows the client to maintain a relationship of trust and encourages honesty between the parties to avoid future contingencies.
We hope that this article on the importance of having good tax and accounting advice has been useful to you.NumberPro is committed to providing a quality service of professional legal advice. It is for that reason that if you need any information regarding this guide, you can contact us and we will respond to your request as soon as possible.
