The role of an accountant in your business

Many businesses do not fully appreciate the role a fully qualified and certified accountant can play in the effective running of a company. A large number of accountants are not just hired simply for the filing of tax returns, preparing of financial statements and generating of an assortment of business forecasts/reports. These professional accountants are actually invaluable consultants that can help run a business properly and financially efficient. A good accountant is capable of interpreting financial as well as operational data of businesses, and provides sound recommendation and advice for further business growth and expansion.

Here are a few roles a qualified account professional can play in the running of your business

General Bookkeeping

All financial specialists should be trained to properly maintain the financial records of all types of business organizations, obviously you will want to ensure they are porperly qualified prior to hiring them. They would also be responsible in generating standard business financial reports and documents.

Compliance of Government Rules and Regulations

For those who are just starting with their own business, the task of complying with the myriad of government requirements for new businesses can be a mammoth task. Without the assistance and able support of someone well versed in the intricacies of tax law, a business owner may end up wasting too much valuable time and money trying to muddle through it themselves.

Business Tax Planning

On top of the general assistance provided in compliance with the required tax reporting, the business consultant will also provide the business with a comprehensive tax planning guidance in order to maximize business tax exemptions.

General Financial Consultancy Service

A good accountant, as well as doing the menial tax returns work, can also operate as a business consultant for your company. As such, he/she can offer expert advice on effective management of company cash flow, PAYE and relevant financial options especially for start up businesses.

The role of accountants is now to do tax planning for their clients. The best accountant is one that drags you into his or her office once a year to look at your finances and plan a strategy to limit what you will pay the tax man. This should occur at some point during the beginning of the tax year, not a week before your tax returns are due!

A few weeks ago I was asked:

I operate a small business, less than 10 employees, but the accounting side of things is now starting to take up too much of my time So I need to hire an accountant.

Can you recommend me an accountant in Middlesbrough or the surrounding area that specialises in small business and preferably engineering companies?

What I would say to that is, and this is true no matter where you are in the country, you need to call a few accountants in your area and discuss your needs with them. See what experience they have, what they specialise in and whether they have worked with companies in your industry before.

Heres an article on questions to ask a potential accountant if you are stuck.