As a business owner, you probably don’t know much about bookkeeping and if you do, you probably don’t have time to run your business and take care of your books of accounts at the same time. This is the primary reason why you have to hire a professional accountant to look after everything that surrounds the business’ financial environment – accounts, ledgers, the cash-books, daily transactions, and expenses. Having a professional account to manage your finances also reduces the potential for your business to be at risk financially, because it removes the possibility of inaccuracies occurring.
Managing accounts is not an easy task. At the initial stages, it might be simple, but as the business grows, it gets complicated. Paying suppliers, remunerating employees, and managing everyday expenses efficiently are only possible with the services of a qualified accountant.
Once your business is off the ground, there are some specific actions an accountant can take including explaining to you the financial statements and inflows and outflows of cash and other financial assets and liabilities of the business. A professional accountant will also help you in overseeing the process of payroll and other payment processes of the business. In addition, the accountant will advise on tax-related issues and payment procedures.
When you are ready to expand your business, a professional and experienced accountant can help you with tips and advice to assist with the process of expansion. These tips and tricks include providing you with a comprehensive insight into the existing cash flow trends, management of inventory, pricing of products, and determining if the business is ready for an expansion. Furthermore, a competent accountant can assist you with financial forecasts that will help you with making necessary decisions regarding the future of your business.
The accountant will not only manage an efficient bookkeeping service for your business, but will also close out the books or journals and complete the financial reports at the end of each financial year. Maintaining accurate records of financial inflows and outflows will help you avoid being audited by the South African Revenue Service (SARS). In addition to completing your tax returns for you, an accountant can monitor your tax affairs and advise you on any tax-related matters or decisions.
Hiring a qualified professional to focus on your accounts and financial needs enables you to focus your time on growing and tending to your business and helps you avoid any major financial crises.