5 services that an accountant can offer your business
Running a business is not always a very easy matter. It gets even more tedious when you need to manage your finances properly. There can be so much to do that you are forced to start early and finish very late at night when you own the business. It is for this reason that every business person deserves to have assistants in the different areas of the business and accountants are the professionals you need to manage your finances and make sure everything is in order and running smoothly.
You can decide to hire a company accountant or you can hire the services when you need them most. The truth is that accountants offer different types of accounting services and therefore you need to be careful when hiring the services so that you can get a professional who can meet your expectations. Below are some of the main services that a professional accountant should be able to offer your business.
Bookkeeping
It is one of the most basic functions of Brisbane accountants and encompasses tasks such as recording financial transactions, preparing financial statements, and keeping sales journals and books. Accounting is necessary for businesses because it helps in the day-to-day running of the business and ensures finances are under control.
payroll preparation
Your employees are indeed the most important in your business and they should get what they deserve. An accountant helps record his wages, deductions, and taxes, taking the burden off his shoulders so he can focus more on the business. In addition to recording wages, deductions, and bonuses, your accountant will also prepare financial statements, assist with payroll taxes, and handle any related queries.
VAT filling
VAT can be a bit tricky for many, especially when it comes to determining what to pay. Accounting services can make everything easier for your business. The accountant you hire for your business will be in a position to fill out and file VAT returns, negotiate and resolve any tax issues you may have and also deal with established filing dates with the relevant agencies. You’ll also get helpful VAT advice from your accountant so he can make all the right decisions.
tax advice
The only thing that makes taxes a complicated matter is that the legislation is constantly changing and this means that new tax regulations are inevitable from time to time. Professional accountants are always up-to-date with the latest changes and will therefore ensure that your business is in compliance with regulations to avoid fines and other types of fees. With tax advice, your company can reduce the amount of taxes to be paid by using tax benefits and reliefs, claim tax refunds when applicable, stay up to date with upcoming changes in tax policy, and meet tax return deadlines.
Audits
Financial audits are a requirement depending on the nature of the business and the size of the company. Accountants who can perform audits are very helpful to businesses and will help you comply with regulations, gather relevant financial information, and analyze and compare financial statements. From the audits, they can also provide you with instructions on what needs to be done next to improve the business.
Of course, the services you can enjoy from your accountant depend on the selection you make. Make sure you choose not only a qualified accountant, but also one you can fully trust with your finances and get along with as you work together as a team.