Business owners and entrepreneurs have a lot on their plates. Having a business accountant on staff or on-call makes things much more manageable. But what exactly can a business accountant do?
Business Accountant’s Basic Responsibilities
A business accountant is expected to do the following:
- Prepare and regularly update financial reports such as business taxes, profits, and purchasing;
- Ensure that their company is compliant with relevant national and local business laws and ordinances;
- Maintain the accuracy and integrity of any and all financial documents generated by the company;
- Prepare regular tax returns and ensure that these are paid property at the right time;
- Evaluate the company’s financial and operational performance to identify critical issues, formulate strategies for their resolution;
- Consider and implement best practices concerning corporate finances;
- Offer guidance to management regarding the maximisation of profits, increased revenue, and even cost reduction in operations and procurement; and
- Conduct projections and risk assessments on an annual or quarterly basis.
Also read: Things to Consider before Hiring a Business Tax Accountant
Other Things a Business Accountant Can Do for a Company
However, we have to point out that accountants can do a lot more in some companies. Indeed, there are enterprises where their accountants play more active and significant roles in ensuring corporate growth.
To illustrate, many business accountants can:
Help Launch Startups
Accountants can help entrepreneurs road-test concepts and identify initial operating costs. They can also present credible revenue forecasts before you make your first pitch to investors. Outstanding business accountants can also advise their employers which lenders can (or should) be approached and prepare a sound pitching strategy beforehand.
Formulate Sound Business Strategies
Your accountant can help in the goal-setting process by coming up with a customised list of key performance indicators (KPIs) to help monitor your progress. If your company uses accounting or management software, your accountant can also set up accomplishment dashboards for monitoring.
Craft an Effective Loan Application
A business accountant isn’t just someone who crunches the numbers for you. They can play a crucial role in getting working capital for your venture.
For example, your business accountant can create a structured presentation that shows would-be lenders what your company is all about. From here, you can demonstrate what direction you’re taking it in so that they can see the opportunities you offer.
Launch and Grow Your Business – Get A Business Accountant
Whether you’re a startup or an established company, having a business accountant doesn’t just make the daily running of your business easier. It also helps change the game when it comes to your company’s growth.
Related Posts:
– How to Choose an Accountant for Your Business?
– 5 Reasons Your Small Business Needs a Tax Accountant
