The Reasons for Hiring an Accounting Firm

The roles of an accountant include bookkeeping, taxation and auditing. Economic policies have changed ever since the accounting concepts were introduced. Companies have with time seen the need for hiring qualified and experienced limited company accountants to facilitate these functions. Accountants are recommended for small and large companies as well as local and multinational companies. Depending with the size of the company, a team or a single accountant can be hired. Larger companies often hire a bookkeeper and outsource the rest of the roles to accounting firms. The reasons for hiring an accounting firm include:

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• Performs important financial roles Professional accounting firms are recommended because they possess the necessary skills and experience in handling many roles. They play an oversight role in handling assets and preparing financial accounts. They also help with business planning, made possible by forecasting. They recommend viable transactions and thus these accounting firms are a trusted confidant of many companies. • Prepare tax returns The accounting firm plays an important role in preparing tax returns and submitting the same on a timely basis. This ensures the company is up to date on their tax return and thus they avoid being penalized for late submissions or failing to submit tax returns according to the law. Therefore, the accounting firm keeps you from the worries of tax and in the process saving the company money.

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• Offer financial advice The accounting firm offers financial advice on a regular basis- they advice the company on better ways of managing assets and cutting down on costs. Furthermore, they advise the company against items that contribute to costs and recommend transactions that contribute to increased profits. They help to review the business transactions before management reports are prepared. The right firm helps to review business deals and leases to make sure they are appropriate for the company. • Provide networking contacts Many of the accounting firms have been in business for many years and have served many clients in the industry. As a result, they have over time gathered useful contacts. Therefore, they are able to provide useful contacts to the company. The company can reach out to these contacts to help grow the business.

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