Small business owners struggle to effectively administer their own internal accountant services and grapple with managing the books. When setting up a comprehensive accounting department it is important for you to ensure the following five areas are covered: payroll services, tax deductions, incentives and credits, corporate taxes, and financial statements. If you effectively set up your accounting department to cover these core areas you will be able to get your accountant services right the first time. Make sure you recruit someone with the right mix of knowledge, skills and personal attributes.
Some small businesses prefer to outsource their accountant services and focus on their core business instead. However, if you have a general understanding of payroll and can afford to recruit an effective payroll professional you should be able to manage internal accountant service effectively. Make sure that the person you recruit to handle your payroll is familiar with specified payroll responsibilities required by government agencies. They must understand the fundamentals of payroll management and implement options to make the process simple enough for you to follow. Accountant services that are critical to a robust payroll system will mandate accurate and timely submissions; a late payroll attracts penalties and interest charges so make sure to get it right the first time.
Apart from handling payroll your accounting professional must be knowledgeable about taxation principles and practices. Essential accountant services that must be provided are tax strategies, tax compliance and tax planning with an aim to minimize your taxation obligations. Make sure they are versed in assisting you with taking advantage of tax credits, and incentives for which you are eligible. Don’t allow your business to be denied access to these valuable incentives and credits because of a lack of knowledge on the part of your accountant.
Corporate tax obligations must be accurately prepared; this is often an intricate process that must be executed by a trained professional with relevant experience. Preparing corporate taxes to meet compliance regulations can be an onerous task. If your accountant holds the prestigious Big 4 tax credentials you can be sure that your internal accountant service is sound and operating on the cutting edge.
Your financial statements must be prepared in a format that is standard to ensure uniformity. Your accountant will be required to prepare all your financial statements and reports inclusive of the following: balance sheet reports outlining the company’s assets, liabilities, and ownership equity. The accountant will also provide a statement of comprehensive income showing expenditure, income and profit and loss. Other accountant services that must be provided are preparation of your statement of cash flows and associated documents. This will identify your company’s cash flow activities so you know the solvency of your business.
Before your recruit an accountant to provide internal accountant services for your organization make sure that the person is confidential and will operate with a high level of integrity. They must have knowledge of accounting procedures and demonstrate a high level of familiarity with spreadsheet related applications. Finally, make sure your accountant is an effective communicator with great interpersonal skills. If you are unable to locate the right mix of skills your best bet would be outsource your accountant services to a professional provider.
Categories of Ethical Dilemmas in Business
How to Start a Foreclosure Cleanup Business “On the Cheap”
The Top 10 Reasons Businesses Succeed