For any business, large or small, keeping on top of the company finances can be stressful
. Hiring an accountant can make all aspects of business finances easier to understand. Accountants aim to provide all the financial advice and guidance you need, when you need it most. They can also take the accounting roles of other members of your business. This frees up more time for them to focus on other tasks.
Financial tasks will need to be completed whether you have an accountant working with you or not. Owners or managers of companies are usually those who have to cope with the accounting issues if there is not an accountant employed. Tasks that they could face include; the calculation of business performance and the analysis of the profit and loss.
It is also important to record and describe each transaction made within a business, with significant transactions sometimes needing further attention. An accountant can do this for any company they are employed with. They may also manage any complex financial paperwork such as; income statement, cash flow, owner's equity and a balance sheet.
Your company can decide to hire an accountant who has a speciality, often book keeping. This means they will be excellent at keeping record of details such as employee payment (PAYE) and VAT (if you are VAT registered).
One tasks that many accountants help businesses with, is submitting an annual tax return to HM Revenue & Customs. An accountant can sort and prepare financial statements of the company and make any calculations needed. As a business it can be much easier to understand the amount owed to the tax man when you have an educated financial professional talking it through with you. Having an accountant on board to complete a tax return can also save a lot of precious business time too.