Many owners of startups don’t want to hire a chartered accountant (CA) mainly because they think they don’t need one. In addition, a lot of startups have limited budgets, which might be the main reason why hiring a CA is often out of the question.
While that may be true in the beginning of the business venture, it could prove to be a mistake later on as the startup begins to evolve. There are many reasons why startups should hire, or at least consider hiring a CA as it can make all the difference between success and failure.
Many people choose to do their own taxes as a way to save money. The catch here is that, in many cases, this will actually cost you money. Using an accountant and getting the benefits that come with knowledge and training, can save you money through allowing you to make the most out of deductions and other tax benefits. Doing your own taxes may seem like a good idea, but before you make the decision, take a look at the money saving benefits an accountant can offer you.