5 important things that accountants help you with
Accountants are an invaluable resource for business owners. They help businesses with a variety of tasks that allow them to focus on what they do best: running their business. It is important to hire the right accountant though because there are many different options out there.
We’ve put together five things that accountants can help you with in order to get your finances in order and make sure deadlines are met on time!
1. Managing finances
One of the most important things that accountants do is help manage a company’s finances to help achieve business goals. Accountants will prepare budgets, create business plans, track expenses and will also provide forecasting for future financial needs.
2. Tax preparation
The other main task that accountants are known for is preparing taxes. They can help businesses file their taxes correctly and on time to avoid any penalties.
Accountants can advise on all aspects of tax, ensuring that all your obligations are met, whether corporation tax, partnership tax, employment tax or personal tax returns.
Accountants are also able to complete tax planning to ensure that you are tax efficient and prepared for upcoming tax liabilities.
3. Auditing
A company of a certain size, or that is part of a group of a certain size, will require a statutory audit by law. The reason for an audit is to determine if the financial statements are a ‘true and fair’ representation of the company’s financial position.
Some companies may also require an audit due to their governing body, for example SRA/Solicitor’s audit or for the FCA. Whilst some firms may require audited accounts to be able to tend for contracts, such as for governing bodies, councils and so forth.
Only a registered auditor will be able to carry out and sign for a statutory audit.
Alongside that, an accountant would be able to identify and advise on any weak or high-risk areas in the company’s processes, help identify any potential problems and make recommendations for improvement.
4. Advising on business decisions
Accountants can also work in an advisory capacity managing your accounts, providing valuable advice to business owners on a variety of topics including tax advice to aid business decisions such as the most tax efficient way to get a company car or how to pay yourself. Or advice may be sought on whether or not to sell stock, merge with another company, or help with other important decisions.
Through regular engagement and close monitoring of financial forecasts accountants will help keep a business owner on track should anything unexpected happen.
5. Accounting services
Finally, accountants can provide accountancy services to businesses that need help keeping track of their finances and operations. Accountants are trained in this area so they will be able to handle everything from payroll processing to bookkeeping for small businesses.
These five things are just a few examples of the many ways that accountants can help businesses achieve business goals and provide you with the advice and support you need to grow your business.
We are ICAEW Chartered Accountants based in Oxted, Surrey our team of accountants can help you navigate your financial journey.