A businessman, owning either a small scale or large scale business ought not to spend his time researching on a business accounting aspects. The aspects may be things like tax compliance laws, deduction of employees payroll and many other details. Instead, as a business owner, you may spend more of your energy on improving revenue, increasing the number of employees or improving your services and products. An accountant, therefore, is a professional who provides assurance of a business financial information that helps owners make decisions on resources allocation. The services offered by accountants include:
Bookkeeping and payroll
Bookkeeping is the keeping of business records regarding the financial affairs of a business. The services include: handling billing records, taxes, bank reconciliations, general ledger, and payroll records based on a period of time,(quarterly, monthly or yearly). Bookkeepers also have got the ability to generate financial statements to be reviewed by an experienced accountant.
Accounting and auditing
These are the main services provided by accountants. Accounting services include perfecting of financial services, preparations of tax returns, track expenses and revenues, producing financial records and provide consulting to a business. Through auditing, they offer business valuation services like the long-term planning of acquiring fixed assets based on either appreciation or depreciation of your assets and clients. For businesses facing issues like fraud, some accountants may also provide forensic services for the business.
Accountants provide advice to clients on the financial strategies by identifying areas that are negatively affecting the business’s profitability and growth. They also provide advice on methods to be used in lowering the tax burden and also future plans reviews. Accountants offer consulting services on computer systems, business valuations, and financial retirement decisions.
Tax planning and planning
Through the accountants, many of the accounting firms offer a wide range of tax services. In tax planning, the accountants help in developing new tax codes that help in keeping up with the country’s tax regulations and make a business meet financial deadlines and requirements.
The accountants can help firms and businesses get through the complex financial aspects of acquiring proper estate management planning.
Accountants through the knowledge of a business tax situation, financial standing and surrounding state of the business environment, can offer business advisory services. Accounts can help a business identify a new business gap, evaluate the current strategies at hand and offer practical advice for a more successful future business.
Company formation and secretarial services
The accountants can also help in the formation of different companies like the limited companies and also help in the registration of office address. Watch the video below for the services offered by the accountants;