Accountant services form the basis of any business’s means to stay afloat. From accountants managing cash flow to bookkeepers processing payroll, if you want to grow your business you cannot do without their services.
Whether your accountant services are outsourced to a firm or your business has these services provided from within, every business needs them.
In this blog we’ll discuss the six accountant services every South African business needs:
- Bookkeeping & managing inventory
- Taxation services
- Financial statements for budgeting and strategy
- Payroll services
- Financial tracking
- Financial advising
Bookkeeping & managing inventory
The first step to grow your business, from an SME to your ideal enterprise or otherwise, is to know your day-to-day transactions. This is recorded in your general ledger. It is one of the accountant services you will have to keep from day one. If you plan on growing your business in the future, you’re 100 percent likely to undergo an audit or an independent review. Having your books in order with an accurate bookkeeper will keep you at ease.
If your profits come from a product, stock management should be kept tight. Having untrustworthy employees that take your products one by one may be difficult to track. You don’t want to be running a business at a loss. Without cross-checking your records, and possibly the security cameras, such occurrences may go unnoticed.
The goal is to have your financial documentation up to date so you don’t worry about missing the tax deadline come tax season. Once again, never underestimate the skills of a dedicated bookkeeper; they can save you much time come tax season. Late penalties are costly too!
One thing a bookkeeper won’t be able to help you with, however, that an accountant will, is filing your taxes. Whether it be strategies, giving advice, or filing returns, having the right mind behind it can keep you compliant and free from worry.
Financial statements for budgeting and strategy
Budgeting is one service that potentially determines a business’s future and a task where accountants may thrive. For accountants doing your business’s strategic financial planning, having organised statements allows them to make better predictions. This, obviously, clears up the guesswork and enables higher chances of achieving your annual targets. Weighing in heavily amongst accountant services, this task, along with accurate bookkeeping, forms the building blocks of all business financing.
Keeping your statements updated at all times makes auditing run faster. Providing documentation promptly is always in your favour.
Investors will need an analysis of a company’s finances, and the chances of increasing the sum of their initial investment could depend on this. With a gain in trust of audits due to the expectation gap being addressed, you can compound the public’s trust. Such means would include having your records straight (not practicing fraud) and consulting before the audit process. We’ll elaborate on financial consulting in a moment.
One of the overlooked, yet highly beneficial, accountant services for most small businesses is payroll services. It is among the first financial services considered when it comes to outsourcing. An accountant that manages your employees’ salaries, sets up their accounts, maintains a level of security, and gets them paid before the month ends are essential aspects that can significantly lighten the load of business owners.
Not following up on your accounts receivable could be the reason a profitable business lacks cash flow and is unable to pay for daily services or salaries. The time it takes to follow up and eventually secure accounts receivable could be the time you use to maintain a profitable business. Outsourcing such accountant services will take away the nagging that may accompany your demand for payment. Outsourced services will ask in a professional yet urgent manner.
The flipside will be managing your accounts payable. With a set budget in place after strategising with your accountant, this task will be carried out seamlessly.
Though it may not be as essential a financial service at the start, it may later prove to be a valuable asset. Calling in on chartered accountant services to consult you on structuring your business’s finances will fast-track your sales and reporting. If your accountant takes the time to understand your business and learn about your targets at the early stages, you may find unexplored insights sooner when reviewing their advice. This will set you up for leaps and bounds in your business’s growth.
If you’re far into your entrepreneur journey, financial consulting could still help with restructuring your finances to a more streamlined set-up. Maybe your business is being audited for the first time and you want to tackle the task with precision, avoiding stress and hours away from your tasks.
Setting the bar high when it comes to audits means more financial accountability and that leads to an increase in numbers on the profit side.