Posts Tagged ‘institute of chartered accountants’

Professional accountants play crucial roles in businesses, especially for start-up businesses looking for a complete financial help. It is indeed, very easy to get confused with the numbers or overlook certain digits altogether, especially if you don’t have experience in business accounting or finance.

Also, it is imperative to set-up accounting system right from the start, even if you’re using a basic DIY software package, as changing it after is almost impossible to do.

Also, when your business starts to roll, you’ll definitely need more from your business accountant, from making comprehensive financial reports, financial planning, etc. Basically, they can free up your time from various tasks in finances and allow you to focus more on building and running your business.

How Accountants Work

Professional accountants are well-trained personnel who are capable of adding value to your business and save your business money in the long run. Most starting businessmen overlook the importance of these professionals, as they tend to associate their importance solely for tax time.

Accountants are capable of doing more than just file tax returns, generate financial reports and maintain financial records of the business. They’re more than capable of being business consultants as they can always read the business’ operation data and offer valuable advice for the growth of the company.

Here’s some of the many things they can do for your business.

Government Legislation Compliance

The legislative of legislative is constantly changing, and getting more and more complicated each year. Accountants, particularly the CPAs , are very familiar with both the corporate law and the tax law needed for compliance with government legislation. Not to mention they keep up with these changes.

General Bookkeeping

This is the most basic role of accountants, and they’re well-trained to keep the financial records of a business and generate financial reports or standard financial documents. They can also provide professional assistance in opening bank account for the business and set up a direct deposit system for payrolls and vendor payment.

General Financial Consulting

Again, an accountant is more than capable of providing professional advice for business, especially for business financing, flow management, price control and inventory management.

Tax Planning and Reporting

Aside from the standard tax reporting, professional accountants can also offer general tax planning and maximize tax deductions of the business. This is very important, especially for small businesses and home-based businesses.