Speaking of starting a business, many companies start their business by accident – with borrowed money, hiring a family member as an employee. Even relying mainly on their luck and good business acumen – with no idea to what extent their business will grow. Most small business owners are usually not qualified in the field of accounting.This is the reason to look for an external accountant. Hiring such a specialist can ensure that accounting is kept in the right way and in accordance with legal requirements. However, many small business owners choose to try to keep their own accounts for many reasons. Some of them include fear of delegating financial information, a desire for complete control, and cost avoidance. These reasons, while certainly valid for beginners and smaller businesses, are becoming increasingly inapplicable as your business grows.
Basic functions of the accountant
The task of every professional accountant is to take care of your accounting operations. To keep reports and current operations of the company. To identify inconsistencies in the books and to recommend ideas for cost savings. But the main task of an accountant is to make a chronology of business and financial operations, to have accountability for this information.
Among the daily tasks of the company accountant are:
- Record of sales, expenses, due and receivables;
- Cost monitoring;
- Wage management, withholding taxes, sales tax, payroll insurance;
- Preparation of reports;
- Analysis and comparison of costs;
- Identification of problem areas of the company’s finances, mismanagement, fraud and theft;
- Tracking of invoices for materials, consumables, inventory and human resources;
- Preparation of taxes and daily, monthly or quarterly tax reports for the municipality, state institutions and other stakeholders;
- And many others.
Why hire an accountant?
Hiring an accountant to take care of your business brings a number of benefits. The professional accountant will be fully dedicated to maintaining the company’s accountability. Thus, instead of a single accountant in your company, you will have an entire office that works for the interests of your business. This way you will be able to use services that are fully tailored to your specific needs.
And last but not least – all accounting firms have a strict policy on the protection of company secrets and protection of information. These policies prevent important data from leaking to your competitors. This security is much more difficult to achieve if your accountant works as an employee of your company, because when they leave they could easily start working in a competing company, sharing company secrets with them.
Advantages of hiring an external accountant for the company
Accounting by external specialists allows optimizing the reporting and company accounting, turning it from a chaotic accumulation of document flow into a convenient workflow. In addition, the company saves time by communicating with government, tax and other institutions, organizing staff and solving payroll tasks, monitoring legal issues and can focus exclusively on the business side of the issue.
Choosing an external accountant for the company is a great option for small and medium-sized businesses, as outsourcing services are already offered by experienced, established and competent professionals.
T&G Consulting – We will take over most of the financial worries, your business affairs will pass and will be under full control.