Does Your Business Need An Accountant?


Accountants obviously do work out your tax liabilities, and they can look after your payroll. But they can do other things too, things that will save you time in the short term and money in the long term. What else can a contractor accountant do for you? 

One thing contracted accounts experts can do is help you with your business plan.

Although they won’t be able to write it for you, they will be able to go through the projected figures for your business, and ensure they are accurate. They will also be able to add financial projections, to show how well your business should do in the future. 

On top of this help, they will be able to discuss these figures with you and explain them.

Sometimes a company’s financial numbers can be confusing, and it might be difficult for business owners to truly understand what is good – and what isn’t.

Speaking to an accountant who knows your business can be invaluable. They can also show you different ways to reduce your liabilities. Check out https://www.tri-merit.com/services/cost-segregation/ for a good example of this.

An accountant may even be able to assist when it comes to the legal structure of your company, which is why it can be so important to hire an accountant right from the start. Setting up a company in the right way at the beginning will save you a lot of worries later on.

Your accountant will be able to discuss the different financial and tax reasons behind deciding to be a sole trader, limited company, or limited liability partnership. This way you can make the best decision for you and your business. 

What Is A Financial Audit? 

Once a business reaches a certain size and is turning over a larger amount of money, it may need to be audited. A financial audit can be a stressful time for business owners and staff. It is very time consuming, and it is also expensive. 

The best contractor accountants will be able to be on hand to help you through this difficult situation.

Your accountant will be able to offer information about the auditing process so that you know what to expect. They will also give you advice to ensure that you comply with all the correct tax and audit compliance laws.

During an audit of a company’s financial records, an external third party (the auditor) will come to your place of business. They will examine the company’s financial records and the reporting activities associated with them. The auditor will be checking for accuracy – to make sure that every invoice has a service or product related to it.

There may be a long audit trail to work backward from, but the auditor will require to see it. This is why it is essential to keep accurate records of your income and outgoings from the very beginning. The larger and more successful your business becomes, the more you will need those accurate records.

You will need them for accounting purposes, and for any potential financial audits.

Jeff Campbell

Jeff Campbell is a husband, father, martial artist, budget-master, Disney-addict, musician, and recovering foodie having spent over 2 decades as a leader for Whole Foods Market. Click to learn more about me

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