Company accounting is advancing rapidly in accordance with modern times, it has become more comprehensive. For this and other reasons, it is important to have accounting professionals within small businesses. Not only can they provide you with the accounting service, because thanks to their capabilities they are suitable for other positions in your company.
In this article, you will be able to know extensively the advantages that you will obtain with a professional accountant. In the same way, you will know what elements to look for to hire the best of them. Next, we will show you all these aspects in detail:
1. What is a professional accountant?
2. What are the benefits of a professional accountant for a small business?
3. How to choose the best accountant?
4. How can we help you to have the best professional accountant?
1. What is a professional accountant?
Accounting professionals are those who are responsible for keeping accounting in a company. In this sense, their job is to file and pay taxes. However, to stay with this concept would be to reduce the work of these experts to working only with numbers.
In the world of today, an accountant not only performs these tasks but can also perform advisory functions. Thus, it can help you make important financial decisions, becoming a great ally of your company.
In addition, professional accountants can adapt to any global economic environment. Thus, they can propose up-to-date business solutions that are accessible to all, in terms of economic and financial issues. Therefore, in a business, it is not a question of needing an accountant, but rather it is practically an obligation to have one.
1.1 Functions of an accountant in your company
As has already been mentioned, an accountant cannot simply be reduced to a numbers professional. Here are some of the functions accounting professionals can perform in large and small businesses:
- Designs, formalizes and executes all strategies related to economic and financial matters.
- It provides the necessary information for the planning process, control, as well as decision-making.
- Establish the most convenient accounting system for the business.
- Performs the identification of the financial risks that may arise.
- It registers the operations carried out by the company through optimized procedures.
- Execute internal audits to avoid leaks and thus avoid incurring legal faults
- Verify that all tax obligations are met.
- Manage and monitor historical files, projections, budgets, as well as cost systems.
1.2 What other positions can they hold?
Professional accountants possess the analytical skills that are appropriate to their profession. In addition, they are capable of recognizing each of the transactions of a business. Therefore, these characteristics make them capable of holding other important positions, such as:
- Tax advisor
- Controller
- financial manager
- Auditor
2. What are the benefits of a professional accountant for a small business?
As a small business owner, perhaps the last thing on your mind is tax matters. However, it is clear that this is one of the most important issues for the business to stay afloat. Additionally, accounting professionals can help large and small businesses with many aspects, not just tax.
When you own a small business, you may think that hiring an accountant is just another expense. However, that expense over time becomes a great investment when expanding your small business. Below, you can see the benefits you will get by hiring a professional accountant:
2.1 Saving time
Saving time is one of the most important aspects when it comes to running a business, big or small. This is one of the benefits of hiring a professional accountant within your small business. Otherwise, you will have to handle the bookkeeping and tax strategy issues yourself.
So, delegating these and other accounting-related tasks to a professional is guaranteed to save you time. This will help you focus your efforts on other aspects such as the growth of your organization. Remember that accounting professionals are experts on the latest tax laws, rules, regulations, and deadlines.
2.2 Saving money
One of the questions small business owners have is whether or not to hire an accountant. This is because many consider that this type of hiring is an expense that can be saved. Despite this thinking, a professional accountant could actually save you money in many ways.
These professionals can identify unnecessary expenses, as well as opportunities to save in other aspects. Likewise, you can ensure that the operations carried out have the best cost-benefit ratio for your business. Also, you will save on excessive expenses that occur when not accountants are in charge of this task.
2.3 Reduction of tax obligations
In this sense, a professional accountant will save you money, in addition to advising you to be more efficient with taxes. These types of professionals will guide you through the process of tax efficiency according to your circumstances. Also, it helps you understand how to be tax efficient concerning business expenses and profits.
2.4 Professional image
A professional image helps improve the company’s credibility with its customers. This can be achieved through the hiring of an accountant, to establish order within your finances. Thanks to this you can invoice more efficiently, as well as solve other financial matters.
2.5 prevention of penalties and fines
This advantage is also related to saving money since poor accounting can lead to expensive fines with a professional you can forget about these problems, thanks to the skills of these professionals this is because they are trained in the knowledge of the laws that are constantly updated.
So, this is one of the most important points when thinking about hiring accounting professionals. This is a relief to your small business since you will not have to worry about time limits. Likewise, not only will you not have to worry about time limits, but also about submitting incorrect forms or other common mistakes.
Also, this will help you have a much healthier bank account balance. Also, when your business begins to expand, the help of an accountant will be even more essential. Since the changes that will be presented, they will also demand variations in the tax declarations.
2.6 Saving time in tax declaration
The time spent on a tax return is very demanding. Running a small or large business takes time and effort. In this sense, many times there is not enough time to handle taxes and mistakes can be made.
By hiring a professional accountant, you can save that time. This is also because an accountant is up-to-date with changes in tax codes. In this way, errors that may occur due to how confusing this can be are avoided.
One of the reasons many small businesses disappear is due to tax problems. So, thanks to these professionals you will be sure that your taxes are properly declared. In addition, in the case of an audit, the task carried out by your accountant represents a great help due to their knowledge of your business.
2.7 Comprehensive advice
As said at the beginning, professional accountants are not only loaded with numbers. His analytical skills allow him to participate in other aspects of the business. They can do much more than just keep accounting books or file a tax return.
Likewise, thanks to the talent they possess, they can help your organization achieve the goals that have been proposed. These professionals can anticipate the challenges that may arise when making changes in your company. In addition, they will help you prepare effectively and be successful.
In the same way, they are one of the most important elements when expanding your business. This is because your accountant will help you when applying for credits, loans, as well as managing a budget. Also, make appropriate recommendations according to economic fluctuations that fit the moment and your business.
3. How to choose the best accountant?
There are certain keys to choosing the best accounting professional for your small business. It is essential to hire an accountant who can offer you the advantages mentioned above. You must be able to be constantly updated regarding the established laws and regulations.
In addition, he must be a comprehensive professional in handling everything related to his work role. It must be someone trustworthy as this will handle one of the most delicate aspects of your business. Below you will see the factors to consider when hiring a professional accountant.
3.1 Studies carried out
Something basic in any profession is that the person who exercises it must know how to do their job. In the case of professional accountants, as well as in other professions, the margin of error must be as small as possible. It may seem obvious, however, even if you have the necessary knowledge, it does not mean that you are the best.
For this reason, when hiring an accountant, the ideal is to analyze the titles and certifications that endorse him. What your company needs is a professional who is competent and who is in constant preparation.
3.2 Validation
For an accountant to be enabled to carry out his functions, he must be endorsed by the corresponding institutions. This helps to trust your reporting capabilities that meet all legal requirements. Due to this, as a business owner, you must verify the veracity of the documents presented so as not to incur legal inconveniences.
3.3 Business references
There are many advantages to hiring an accountant who has previously worked for other companies. This is because the experiences gained help strengthen the skills necessary for the position. For this reason, you must know how the professional employment relationship with other companies has been.
There is the possibility that not only does this professional work for your company, but can do so simultaneously with another. If this happens, you can ask that company for references about the performance of the person you want to hire.
3.4 Fiscal domicile
Even if it may not seem like it, this can be important when submitting reports and receiving official correspondence. The place must be of your own and has to be known, it can be an accounting firm in your own home, and you can even establish it in your company if you are hired.
3.5 Proactive attitude
A trained professional performs their work independently without expecting constant encouragement. Therefore, it is important that the person is a proactive one so that you can really benefit from their services. This is essential since you must be in charge of establishing the steps that must be followed accordingly.
Therefore, you have to count on the professional that you chose for the position in this matter. When there is an accountant that you have to constantly encourage to do certain things, many of the advantages get lost. Hence, if the person does not have the initiative to do the work, you will lose time and you will have a person that is not a solution but a problem.
4. How can we help you to have the best professional accountant?
It is important to assess the accounting needs of your small business. This is an issue that is very important as it represents the success or failure of your company. Having a professional in the field will give you all the benefits you need to grow even more.
In our organization, we assure you the best advice when it comes to accounting. In addition, you can count on our professional remote worker recruitment services. We also have a comprehensive human resources management service, thanks to our committed professionals.
Would you be interested in learning more about accounting professionals? You can contact us by sending an email to [email protected]. In the same way, you can let us know your doubts through the telephone number +97143316688.
On the other hand, if you want to be part of our work team, you can leave your CV on thetalentpoint.com website. In the same way, you can write to us by email, at [email protected].
