Qualified accountants perform a number of roles and provide an essential service to businesses, both start-ups and long-term established ones. The great thing about accountants is that, as well as having great knowledge related to their job, they also get great experience of various other industries meaning they’re able to give advice and guidance on all manner of things.
Here is a look at the roles accountants can play in the context of your business.
Have a business idea or are the owner of an existing business and thinking of expanding? If so, then your accountant will be able to help you. Whether you need to plan the financials or just want to get an idea of whether it could be successful, having a chat to an accountant could be a great help to you in this regard.
This is the obvious thing a accountant does; they provide accounting and bookkeeping services for businesses, ensuring that everything is in order so that the correct submissions can be made to Companies House. Accounting services will include giving an overview of the cash flow within a business and help the business owner to always know the financial situation of the company.
When a accountant completes your accounts, they will calculate your tax liability at the same time. However, they will also be a great help to you in terms of forward planning your tax. As your accountant will be able to calculate your longer-term incomings, outgoings, and also give recommendations around what you can do to reduce your tax bill, you’ll be in a much better position to know exactly what you’ve got to pay and use this knowledge to keep your business secure.
Knowing every aspect of the law as it relates to business and finance isn’t something most people are going to know, but it is an area accountants are strong in, enabling them to provide you with clear and accurate guidance on whatever issue you need solving.
While accountants are most often discussed in the context of business, they are also a great personal resource to have at your disposal, too. Finance and tax planning, in particular, are strengths of accountants, although they can also be useful for general wealth management and even investment matters, too.
The role of a accountant is wide ranging, and while many will specialise in a certain area, most will be able to provide general guidance on almost everything.