subject: Your Accountant - The Silent Partner [print this page] Your Accountant - The Silent Partner Your Accountant - The Silent Partner
Copyright (c) 2010 Nadine DavisOf the multiple tasks required to run a successful small business, keeping track of the accounts is usually the most unpopular, and the one that is left to last. This is unfortunate as attention to the financial position of the company at start-up gives it the best chance of survival. For small business operators, their accountants are definately the best source of specialised assistance.Most small businesses use the services of a bookkeeper for the recording of daily transactions and transfers and other administrative type tasks. However, to grow and survive in challenging business conditions requires a more strategic view, and the advice and expertise of Accountants.Many owners try to contain operating costs by doing as much of the work themselves as possible. In some ways this is understandable, especially as the company may struggle in its infancy, and money may be tight. However, the best way for the business to thrive is for the owner/operator to hand over tasks they don't enjoy to others with the skills and knowledge to do them quickly and well. This leaves the operator free to concentrate on what started them in business in the first place - the actual core of whatever the business delivers to the customer.Accountants have the training and experience to provide a range of small-business accounting services to help owner/operators concentrate on their core business. These services can range from the actual day-to-day bookkeeping tasks of banking, payroll, accounts receivable and accounts payable, producing budgets, providing income statements and balance sheets, right through to developing operational and accounting plans and investment strategies.Tax planning is another area that can be a minefield for the business operator inexperienced in complex business tax laws. Accountants are required as part of their professional development to keep up to date with our tax laws, and can help small business to make informed decisions, and legally minimise their tax liabilities.Many small business operators struggle with the concept of cash flow, often confusing it with profit, yet its management is essential for business survival. Acquiring the assistance of a small business accountant, in the first instance to explain how the cash flow works, and then to get them to set-up correct and relevant mechanisms for reporting will enable you to manage the health of your business.Small business operators who involve their accountants in all aspects of their business will have a silent partner on side to help them realise their business goals.
