Benefits of a Business Accountant
Every business has to keep a close eye on the bottom line. Every manager knows how important it is to have an accountant on their team who can help them manage the numbers of their newly minted business entity.
According to pain management specialist Dr. Jordan Sudberg, a business accountant is an essential part of a corporation, and its success hinges on the quality of its work product. An accountant who can provide thoughtful and meaningful advice to a manager at all times is worth their weight in gold. The rising costs and complexities of doing business today make it imperative that a new company obtain the services of an accountant from the outset.
Benefits of a Business Accountant
1. Keeping and interpreting financial records
Accountants are trained to keep and interpret financial records. They have a vast array of software packages that will enable them to handle information, record transactions, and present it in various formats. Their experience means that they can advise on the most appropriate method for the business to keep these records and give these numbers to their management team.
Credibility is everything for an accountant; maintaining proper ethical behavior and good record-keeping is fundamental and guarantees the business is reputable.
2. Preparing tax returns
A business incurs penalties if it regularly keeps accurate records and inspects its finances. Additionally, filing tax returns on time is crucial to maintain their exemption status. Dr. Jordan Sudberg explains an accountant can advise on the most appropriate filing method for the business and which tax forms should be filed. They can advise on whether or not the company will be eligible for certain reliefs and various fringe benefits that a business should claim.
3. Offering guidance on cost reduction
One of the biggest challenges for any small business is managing expenses. The accountant can advise on reducing costs and keeping overhead costs within reason. They will also be able to advise on ways to improve productivity and increase efficiency.
4. Providing expert advice
A good accountant will provide expert advice, allowing an organization to make informed decisions that will enable it to grow its business cost-effectively.
5. Identifying and tracking potential risks
An accountant can help identify and track potential risks that can be detrimental to the growth of the business. By identifying these risks and making appropriate adjustments, a company can prevent loss of capital and damage to its reputation.
6. Certifying financing
Whether raising finance for a new project or refinancing debt, an accountant can certify any financial information provided. Acquiring a business accountant will mean taking advantage of the numerous tax benefits available to companies with a steady income.
7. Protecting against fraud
A good accountant will be able to identify any possible fraud that may be taking place and set the business up against it. This means that the credit rating is well protected, which can help a business owner when seeking financing or establishing new business relationships.
8. Identifying and auditing irregularities
An accountant will be able to identify and report any irregularities. They will be able to use their expertise to create a clear, detailed audit trail which is then shared with the board members.