There are a wide range of obligations for reporting on the financial position of a business – from established corporate entities to newly incorporated smaller companies through to sole traders.
The regulations are always shifting and new Financial Reporting Standards do pop up making it difficult to make sure full adherence is achieved. An accountant can make sure that proper disclosure takes place and the accounts required are completed on time and any issues noted.
If there is uncertainty over which accounts are required, take this option and an accountant will deduce what financial statements are required whether they are:
Taking the burden of bookkeeping off the hands of the business owner leaving them to concentrate on the day-to-day business activities and building of the business has led to many outsourcing their books.
An accountant can offer this service to take away the responsibility and time-consuming activities of sorting invoices, receipts and bank statements. The collection of data in a usable format and in a timely manner leaves many opportunities for identification of problems or areas of growth.
The accountant can also use the data to simplify the process of producing accounts when required, submitting VAT returns if registered and liase with the business owner to help make decisions.
Sole traders, SMEs, franchisees, landlords, online retailers and many more can use this service.
A business uses a budget to anticipate the income and expenditure in order to know the state of the business’ cash flow. It is important to understand where money is held up, where it is coming from and where it will go. The reason some businesses fail is due to not adequately controlling the cash flow.
An accountant can produce a budget to help with establishing how much money will be needed at any given point. They can ensure capital expenditure is controlled and analyse any over or under spending.
The budget can help with facing facts and making concrete decisions.
Part of the budgeting process is to create a cash flow forecast recording the flow of money in and out of the business at any point. This may also be required as part of a loan application or start up business plan.
A summarised set of accounting reports can be produced specifically for management to provide the backbone of statistical and financial data for day-to-day or short-term decisions.
Accountants can prepare and present a periodic balance sheet, cash flow and income statement for managers within the business.
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