The Role of Accountants in Small Businesses Growth
Who doesn't wish to start their business? Most people who are tired of being employees think of this at some point.
Many try to start their businesses but fail to establish themselves in the market. Because running a small business or startup is like juggling a hundred tasks simultaneously.
One task that often overwhelms business owners in the middle of this whirlwind is accounting.
Well, accounting is not an easy task that everyone can perform. It requires a knowledgeable person with a degree in the subject.
But the reality is that sometimes businesses, especially small firms, try to perform this task in-house without having the ideal individual.
This led to loss many times.
Well, we don't want any business that just started the journey to end up in a few miles.
That is why we recommend that small businesses invest in accountants.
Importance of Accountants for Small Business
Small businesses always aim to expand, but managing financial aspects can be challenging during this growth phase.
If you're also dealing with the same issue, it's time to stop managing it alone.
Hire a Small Business Accountant and take a breath of relief.
An accountant can assist you by managing the entire financial system of your small business. They provide services such as financial analysis, accounting software integration, compliance, and advice on revenue loss or growth and ways to improve your business's economic health.
Accountants do more than just manage your business's finances. They can advise, suggest, and even implement systems and software that free up your time, allowing you to focus on what you do best.
Want to know more?
Let’s see the list of tasks they perform to assist you
List of Tasks Small Business Accountant Take Care of
Regardless of their industry or specialisation, the following are the duties accounting professionals perform:
Document financial transactions
Your accountant is responsible for monitoring and documenting the financial transactions of your business. They gather information to prepare entries into a company's general ledger. These professionals also ensure the information on these documents is accurate and complies with relevant regulations or laws.
Resolve discrepancies
Because accountants review your company's financial documents, they also resolve any discrepancies or irregularities they find. This involves reconciling reports, statements, or other transactions the company has documented. This can help their company save money and avoid issues when filing or disclosing financial documents.
Monitor the efficiency of accounting procedures and programs
Apart from analysing financial documents, accountants also review accounting software programs and accounting control procedures to ensure their continued effectiveness. They also provide these programs and procedures to meet state and federal regulations to increase productivity and save money.
Advise companies regarding financial problems
Accountants are knowledgeable individuals. They understand every aspect of finance, which is why they also make recommendations to companies regarding their resources, procedures, and financial issues. They also provide the ideal solution that helps companies stay compliant with regulations.
Prepare a company's year-end financial statement
Accountants prepare and analyse its end-of-year financial statements, such as its balance sheet, cash flow statement and profit-and-loss statement, so you can easily see through the details and calculate how your business performed this year. While doing all this, accountants get an idea of the company's position and thus give relevant and helpful advice when consulting with the company's management.
Submit a company's annual tax return
Once you hire an accountant, you don't have to worry about submitting the company's tax return. The accountant typically pays business taxes, ensures the filing process follows all guidelines, and helps the company avoid audits.
Summary
In today’s dynamic world where competition is at its peak. No business, either small or big, can afford mismanagement in accounting.
That is why it is recommended that you hire experts who will work closely with your company, whatever its stage, to prepare and file your statutory accounts.
The experts can help set up internal systems that will help generate management information.
An accountant's responsibility is big, so their skills and knowledge should also be good.
And when it comes to responsibility, our experts at Armando Cirillo and Co. are the ones to trust.
