How an accountant can help your business
12th June, 20160 Comments
Written by: Pros Assist
Firstly, ask yourself, why do I need an accountant?
You may have recently started up a new business either as a sole trader or a partnership, or have incorporated a company.
You may have rental income from properties.
You may have made a capital gain from selling a property.
You may have foreign income that you wish to or are required to declare.
You may just have a business idea in your head that you wish to discuss.
If you can relate to any one or more of those above, then you may need an accountant.
Accountants can offer your business a range of services from basic bookkeeping to specialist business advice. They can save you time and help to make your business more profitable by letting you manage your business as the accountants look after the statutory and compliance requirements.
You could decide to do some of this work yourself, but many businesses prefer to turn to an accountant for at least some of it.
Weigh up factors such as time, cost and know-how and ask yourself:
What does my business have the skills to do in-house?
What would be more efficiently and effectively outsourced to an accountant?
What must, by law, be done by a qualified person?
You may need a business start up package including such products as a business plan, business structure development, company secretarial and also tax planning.
Amongst the annual statutory filing, accountants can prepare for you management accounts to assess your businesses profitability, to examine how well the credit control of your business is, and to establish cash flow forecasts in order to plan major capital expense.
As an accountant, we are not just professionals but business people too. We understand that we need to be an extension to your business and not a separate entity from it. Working for you and working with you to ensure the growth of your vision!
About the author
Alom is an Incorporated Financial Accountant and a Qualified Practising Member of the Institute of Financial Accountants. He has been in the accountancy industry since 2002. Throughout the years, he has gained a vast amount of experience in evaluating sole trader and partnership clients to assess whether they would be better off incorporating.
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