Small business accountants are responsible for the most
critical functions of an organization. Their work involves tedious activities
such as analyzing, interpreting and presenting intricate data. Unlike
bookkeepers who mostly monitor and track daily transactions of a business,
accountants are involved in business planning and management. Many small-scale
entrepreneurs overlook the duties of an accountant and prefer to employ a
bookkeeper who knows how to do simple journal accounts. What such entrepreneurs
do not realize is that small business accountants are mulch-purpose
professionals. They can offer the following five services in addition to data
entry work.
Financial Consulting - Small business owners are easily
tempted to mix personal and business finances. An accountant can advise them on
how to separate and invest both personal and business finances in profitable
ways.
Tax Consulting - The issues of tax plagues many small-scale
businessmen. Most of them want more than just having their tax forms prepared.
Small business accountants are actively involved in tax planning and counseling
in order to help their clients spend less money on taxes and avoid tax related
issues with the IRS.
Internal Business Consulting - Accounting firms that
specialize in small enterprises services are perfect consultants. They consist
of big teams of experts in various fields of business such as Accounting, risk
management, inventory management, human resources, auditing and taxation,
financial planning and Information Technology among others. As a result, they
are dependable when a small-sized organization is seeking a growth and an
expansion strategy.
IT services - Small business accountants have changed the
way they carry out their duties because of the ever-changing Information
Technology field. In the few past years businesses were faced with the
challenge of introducing computers to their work stations. Today the internet
development has brought about major changes in the accountancy work. Reliable
clerks should not only up-date the existing accounting software versions but
also provide advice and guide entrepreneurs on IT matters.
Borrowing Advice - Since an accountant prepares the loss and
profit accounts of an organization, he or she is in a better position to offer
borrowing advice. If the company lacks enough money to maintain its projects or
add others, an accountant can advise it on the best lenders to approach and if
there are other viable sources of funds.
Proper choice of small business accountants should not be
disregarded. A business owner or manager must decide if the best candidate
should work on a full-time or a part-time basis. To make this decision he or
she must focus on the cost of hiring any of the two candidates. The best
part-time bookkeepers are outsourced accountancy firms. They control the functions
that take place in a remote accounting department from their office. These
firms do not require health benefits, office space or any other requirements
that a full-time in-house small business accountants do.
When selecting the most appropriate small business
accountants one has to focus on education background and competency levels.
Certified Public Accountants are accepted everywhere in the US. They have
passed various tests that are offered and administered by their states. They
are knowledgeable in many areas of the accounting and finance profession. When
interviewing a representative of an accountancy firm or a CPA candidate, a
small-scale business proprietor should ask questions about the hourly fees they
would charge. He or she should also ask if the fees charged include other
advisory services too. see more tax minimisation
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