An accountant is a qualified professional who keeps track of your financial records, and is most commonly used for submission of your tax returns. However, a good accountant can provide much more for your business, and can be a valuable asset in assisting you to grow your business.
Services Provided by Accountants
What services can your accountant offer? Are they there only to prepare your tax, or are they able to value add to your business by providing sound advice in areas such as cost savings, forward planning, financial advice, industry specific trends etc. You should not see your accountant as just a bookkeeper. They should be able to help you increase profits and keep abreast with industry trends, and that is why it is important to find a specialist with experience relevant to your business type.
Will you be able to talk to a specific accountant, or will your affairs be handled by more than one person? Sometimes, it’s preferable to have the services of just one person, however depending on the accountant’s workload, that may not be possible, and you may find yourself communicating with a secretary. Is that what you want?
Choosing the right accounting firm for your business is easy once you know the right questions to ask. Accountants will save your business big time in the following ways;
- Assisting in Planning and Management — If you’re just starting out and don’t know where to begin, a reputable team of accountants can serve as an indispensable resource in building an effective business plan. For those who already have an established business, these firms can analyze your current operations and suggest ways in which you could increase your businesses profitability.
- Managing Time — Being an entrepreneur is a time-consuming task. Hiring a team to manage your financial matters can free up time to actually grow your business. Trying to manage finances is overwhelming for most of us. Taking this on and stretching yourself thin can leave ample room for error in doing business and or managing it.
- Providing Expertise – Most business owners begin operations knowing only the front aspect of the business. They may know all about fixing cars or cooking food, but often lack knowledge of managing finances. Having an expert in these areas is the best way to keep your business going strong.
- Helping Establish Proper Accounting Procedures — The rules of handling money and recording data is different in every business. Your accounting professional can help you create a system that’s unique to your organization.
- Handling Taxes — Tax filing is a time-sensitive issue and real penalties can manifest due to incorrect or late filing. Professional accounting services stay abreast of current tax law which assists you in meeting requirements and maximizing deductions. Having a professional accounting firm working for you, will help maximize tax savings and in the event of a tax audit, they will be able to work with these agencies on your behalf.