The end of the year means one of the inevitable things in life other than death and that’s your taxes. And every year you go to the same accountant to help you arrange your tax return, only to irritate him in the same exact ways. Their job is already fairly tedious, let alone having to deal not just with your mistakes but your lack of planning and consideration to how certain things you do are going to affect your tax situation. So this year, make their life easier by reading this list of biggest gripes from accountants.
Don’t Put It Off!
Now we are all victim to this, for the majority of us, our taxes aren’t really something that we put a lot of consideration into until after the new year’s or for some particularly busy people, after April. If you approach your accountant way before then not only will it save you preparation time in the long run, but potentially your tax accountant can actually help you to make the most of your individual financial and tax situation, far more so than if you left it till after the new year. Certain industries like online retail have different assets and situations from one another. If their accountant is given enough time then they can fully explore the best options for them and help them to lower their individual tax liability.
Always keep your business finance and personal separate
This is probably the most annoying thing you can do to your accountant. Your tax return is already a fairly annoying and tedious thing to do as we discussed earlier, so why would you mix your business and personal expenditure together? All this is going to do is confuse you in the long run, annoy your accountant in the short run, and make your tax return cost more as the time taken to sort through all of the individual transactions in your account. As a lot of reputable accountants suggest, you should treat your business like a separate person to make everything easier and cheaper.
No using a system to help
Its never been easier or cheaper to invest accounting systems such as Xero or QuickBooks so there really is no reason you should be using one of them to keep an extra eye on your business. If you are still handing over paper invoices and expecting a human to be 100% flawless in the same way as a computer then you will always run the risk of missing something important. With these accounting systems, it is so much easier to spot deductions and help file returns that are as accurate as they can be.