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Every business needs good records for expenses and income, by maintaining accurate records of inventory, purchases, sales, shipping, and attendant expenses. An accountant is needed as a strategy planner and help businesses to track profit and loss, and evaluate the business status from multiple viewpoints at any moment. But there is one important thing every business must have, namely tax accountants. Tax accounting is needed so that the business is always in full compliance, and alerting business owners to potentially costly pitfalls such as penalties and fees for non-compliance. What is the purpose of tax and accounting? Personal income and company income have been regulated by the state to pay tax if it reaches a certain amount. Even though Hong Kong is an area with low taxation, every business must understand the rules and regulations, what is required for tax reporting, and how it is calculated. That's why every business must have tax accounting knowledge or hire a tax accountant. The purpose of tax accounting is to ensure compliance for accurate tracking of income and expenses, ensuring businesses fulfill their needs to pay their tax obligations. Why should taxation and accounting always be considered in business? Because accounting functions to record and analyze the company's performance in terms of financial transactions and make informed decisions about financial management. While taxation focuses on complying with the government tax laws and collecting taxes. Tax accounting is the process for every business to create reports, calculations, and filing company's documents for income and expenses. Every tax has a period, and every business must pay according to existing rules. What is the goal of a tax accountant? A tax accountant's goal is to assist businesses to fulfill their legal obligations by preparing and filing taxes. They can also create strategies to minimize tax liabilities and must always keep on track with taxation laws. Every business must always comply so as not to be subject to fines or sanctions. Tax accountants will work longer hours during tax time, and their responsibilities are organize financial records, compute taxes, examine financial statements, create budget plans, inspect accounting systems, and communicate with clients about the tax return process. Sometimes businesses can be hit by tax issues, and tax accountants have an obligation to identify solutions. Every accountant needs to manage and maintain the company's tax database, always prepare necessary paperwork and reports, and keep track on changes related to taxes. Reasons why every business must have a tax accountant Sometimes business people only have an accountant, but are still confused when managing taxes. Below are several reasons why tax accountants are needed. Saves time Having a business certainly has a lot to think about, starting from planning, marketing, selling, and managing all finances. By hiring tax accountants, business owners can focus more on other points in the business, and let the accountants take care of the company's obligations, from documents to calculating costs that must be incurred. Provides invaluable advice Every accountant who studies corporate finance can navigate through complex tax problems and make a business pay less tax. The savings in terms of tax will have big benefits for the company, because while the company remains compliant with laws and regulations, the accountant will also continue to monitor if there are changes in rules or business trends. Avoid costly mistakes Business owners can make errors such as giving the wrong income amount of taxes, because they are inexperienced or don't have knowledge of taxation.   10 Accounting Challenges Entrepreneurs Must Deal With   Honestly, the whole tax process can be confusing for business owners, and there has to be someone to take care of it. Tax accountants understand how to manage taxes easily, prevent any mistakes, and can save their client’s money. Tax preparation and filing Paying taxes are not only paid in a certain amount, but must fill the form, providing facts about income, expenses, and accounts payroll while running the business. Business owners who already have a lot of thought and energy to manage the company will not be able to withstand the stress of tax preparation and filing, release yourself from stress by letting a professional handle it. Stay updated with the new tax laws Many companies may not be aware of new policies, or even many of them completely underestimate taxes. Even though taxes in Hong Kong are not large, your company can get into big problems if it does not pay taxes regularly or violates existing regulations. It's part of the accountant's job to be well-informed about the new tax laws, and always inform the business owner about it. Can be reliable beyond taxes Tax accountants are not only useful when paying taxes, because every accountant must understand important financial concerns besides taxes. So, they can provide asset management, business advice, and retirement plans. All of this will be connected to tax, because every accountant must know the track record of the company's finances, the company's potential, and what particular expense is tax-deductible and can be paid lower than before. This means you are not only hired as a tax accountant for your tax needs, but you can also become your business partner as well. After knowing the importance of tax and accounting, you need to think about hiring a professional to manage your company's taxes. For more than a decade, SME Bro has been supporting local companies to get accurate financial services.  By hiring a reliable accountant from SMEBrother, you don't need to worry about tax preparation, tax filing, learning about company finances, asset management, and whatever company needs until taxes are met. Many SME owners do not have accounting knowledge, but SMEBrother is the best place for you in that matter. You just need to focus on expanding your business, and let us take care of the rest. We will keep the tax costs low and transparent, so you can focus more on growing your business. Immediately contact our customer service team and our CPA team will help answer your questions about Hong Kong taxes and any accounting needs for your company.