How an Accountant Can Help You with Business Accounting Services
When people mention the word “accountant,” you may instantly think of a man with glasses surrounded by pencils, calculators, stacks of paper, and numbers. But people don’t know what accountants do exactly, usually having a vague idea about finances.
Accountants can do corporation tax services, business finance consulting services, and more—and hold more power than we actually think. In fact, accountants were the ones who brought down Al Capone, who was ultimately arrested for tax evasion.
So what exactly can accountants do? Here’s a quick rundown.
They keep and analyze financial records
The primary role of accountants is to prepare, log, maintain, and decipher important financial records and documents. They also make sure these records are accurate, and taxes are paid on time.
You can rely on them for business accounting services such as:
- Making sure financial records and statements comply with tax laws
- Computing taxes owed and preparing tax returns
- Inspecting account books and keeping account systems updated
They can help with starting a business
Accountants can play a more important role in launching your business. If you have a good business idea and need to convince investors, an accountant can help you.
They’ll use their expertise to test if your business idea is lucrative by identifying startup and operating costs, as well as forecasting revenue. You can also rely on them to know which lenders are playing ball, allowing you to approach the right people for financing.
They can assist you with taxes
Taxes can be complex for businesses, but there is more to it than completing and submitting company returns. A skilled accountant can help you save money legally through corporate tax planning services. They can also help you fix poor bookkeeping, deal with old tax debts, avoid audits, and more.
They can help you with business strategy
Things can happen pretty fast when you’re running a business, making it hard for management to know what to focus on. When this happens, accountants can help figure things out.
They’ll start by sitting down with you and setting personal, professional, and financial goals. These are the key performance indicators (KPIs) that:
- Your company needs to reach
- Will let you know on your business performance
An accountant provides the right tools to measure your progress, too. An accounting software will help you check if you’re meeting KPIs anywhere, anytime.
If things aren’t going as planned, accountants will help you troubleshoot issues, test solutions, and adjust KPIs accordingly.
They can help you go digital and set up an accounting software
Digitising and making backups of your financial records and statements is no easy task, but there is no doubt that it will streamline and make future financing and accounting work more efficient.
Your accountant will understand the needs of your business, find the suitable software, set it up, and teach you how to use it. Depending on your program, an accounting software allows you to:
- Set up an invoicing system
- Send reminders to company clients who haven’t paid
- Let you know where you stand through cash flow dashboards
- Check business performance through KPI tracking
- Stay on top of expenses automated accounts payable
- Manage your finances on the road if it comes with a mobile app
They can help you with managing debt
Debt can be a scary thought for most people, but businessmen know that debt is a powerful tool in making profit. It is important to note that there is good debt and bad debt. With an accountant, you can distinguish the two.
Using their expertise, an accountant will help you find the least expensive borrowing strategies that have the right combination of low interest and repayment flexibility.
You can also rely on them to tell you if you should use spare cash to pay back loans or make another business investment.
Work with a Corporate Accountant You Can Rely On
Finding an accountant you can trust can be challenging. You want to look for someone who has great experience, communication skills, and analytical skills.
Asking friends and family for recommendations may be a good idea, but if that doesn’t work, contact AY Accounting financial experts. We offer business accounting services to companies of all sizes.Get in touch with us today for a free quotation.