What is a small business accountant?

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What is a small business accountant?

When your business requires an accountant but cannot hire one full-time, your next best option is to hire an outsourced business accountant for your small business. They are employed by firms with secure data processes, who have your best interests in mind. They work alongside teams of accountants that are adept at providing you with accounting services. 

Expectations of Business Accountants

The expectations one may have of business accountants in South Africa range from having experience with the latest software to expecting their financial reports on time. While not all firms offer the same services, they do meet certain pre-requisite needs.

Secure data processes

All firms take responsibility for securely handling your private data. This involves curated processes that improve with every financial year. Besides having safe cloud computing measures in place they keep their systems up-to-date whenever necessary. Your financial records can be trusted in their hands.

Recruiting Reliable Accountants

The quality of professional business accountants at your service at such costs is the biggest benefit you receive. Instead of hiring and paying top dollar for crème de la crème accountants, you receive their accounting expertise when outsourcing to business accounting firms at a fraction of the price.

Predicting and advising  

More recent accounting software has streamlined the tiresome process of inputting and analysing the data. The professional accounting minds that draw further upon the analysis give you more benefit than if you had attempted it yourself.

Who do they recruit?

The choice of recruits that firms hire meets specified requirements. Besides having financial mathematics and an analytical background backed by proficient computer skills, they have years of experience and business knowledge. All this is acquired from working with and alongside multiple companies.

Here are a few business accountants that outsourced firms hire:

Enrolled Agent (EA)

They are the big bosses in accounting. Generally found in leadership roles, they specialize in taxation and have a high standing with national revenue services. Firms hire enrolled agents to prepare and verify tax documents because of their representation rights. 

To become an enrolled agent they have to pass a three-part examination and undergo regular training and rigorous background checks. They are more than well-versed in the services that outsourced accounting firms provide.

Chartered Accountants (CA)

In certain countries like America, they are known as certified public accountants or CPAs. Unlike EAs, they have more expertise in accounting principles. Chartered accountants can make up the majority of accountants in a firm with their extensive financial knowledge.

Bookkeeper

While not all bookkeepers may be accountants, they are yet knowledgeable in the ways of finance. They can manage your payments and books but are not authorised in the space of taxation. Although business accounting firms can get an accountant to prepare the books, having a full-time bookkeeper frees up time for accountants to perform the more demanding tasks.

Services

Business accountants have prior knowledge, either through work experience or long-term standing with accounting firms. Here are some services your accountant can handle through the accounting firm.  

Bookkeeping

Primarily the job of a bookkeeper, you have an accurate record of your income and expenses. They take on the day-to-day financial transactions in the respective ledgers and complete the posting process thus making sure your books balance.

Payroll Services

A good outsourced accounting firm also includes payroll services. They manage your employees’ account set-up, their hours worked in-office, payment of salaries and managing deductions including tax responsibilities.  

Consulting

Quite often when it comes to tax, having the right guide can relieve all the stress. Your personal accountant is privy to the latest financial advice, backed by the firms’ analysis. 

As mentioned earlier your business accountant advisor will keep you up to date with tax laws. They can also offer guidance on how to structure your business’s financial processes. 

Tracking Financial Statements

The biggest part of having sound advice comes from the analysis of accurate finances. Knowing whether your accounts receivable are outstanding or if your debts are paid is a time-consuming task. When your finances are organized you gain the right metrics to determine where to allocate cash flow and make better financial decisions. 

Following up on due payments in a professional manner is one of the attributes of an accountant. Chances are your business may become more profitable. 

Independent Reviews

If you want to make sure that no financial errors have occurred with your financial statements, a business accountant will be able to review the same and provide limited assurance.

Conclusion

Small business accountants help you manage your financial and accounting needs. They are equipped to deliver upon the services offered by firms, and proactively contribute to your business. Whether it means you need advice on business structuring or only bookkeeping services, there is always an accountant for you.

Information about the authors, publication, and publisher

Author - Arnaud Brunel

Author - Arnaud Brunel

After a 15 year long career in International Banking and Compliance, Arnaud launched multiple businesses in Cape town. He still heads 2 of these businesses today in the Digital Marketing Industry with Brunel Studios and in the Financial Industry with Thryv.

Publication & Publisher - Thryv Accountants

Publication & Publisher - Thryv Accountants

Thryv accountants is a private accounting company that focuses on outsourcing of the financial functions of small and medium companies in Cape Town and other regions of South Africa.

The publications on this website are for information purposes only. They are based on our professional opinion.

Contact details

Write to us at admin@thryv.co.za or give us a call on (073) 142-1010.

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