3 Services Your Accountant Can Provide for Your Business
Whether you’re the owner of a small- or a large-scale business, you need to handle many business accounting aspects. These accounting and management aspects can often deplete your time and energy.
Hiring an accountant will free up your time and allow you to spend more energy on growing your business and improving your revenue. Here are some services an accountant can provide for your business.
1.Bookkeeping and Payroll
Bookkeeping refers to keeping well-organized business records that detail the financial affairs of a business. Bookkeeping and payroll services include handling billing records, managing taxes, and maintaining payroll records on a quarterly, monthly, or yearly basis.
A professional accountant will also develop a financial statement for your business, which will help you get a clearer picture of your financial position and how you can utilize your current financial resources to meet your long and short term goals.
2.Accounting, Auditing and Consulting
Accounting and auditing services provided by an experienced accountant include financial services such as preparing and filing tax returns, tracking expenses and revenues, producing financial records and providing the business owners with consulting and business advice.
By auditing and reviewing your business’s financial records, an accountant can give you valuable advice regarding planning long term for acquisition of fixed assets depending on the appreciation or depreciation of your current assets and clients.
Accountants also provide consulting services to clients and help them identify areas in their business operations that are negatively affecting their profitability and growth. Consulting would include developing effective strategies to lower the tax burden and evaluate the business to increase efficiency.
Tax planning is an important financial part for any business, which helps reduce payable taxes while complying with the country’s tax regulations. Annual taxes cut into a business’s profit, and lowering the tax liability helps the company generate more revenue.
A professional chartered accountant can develop a concrete tax planning strategy for your business by analyzing your current financial situation. Tax planning will help your business minimize litigation and increase profits.
Faber LLP has over two decades of experience in the financial industry. We’re an accounting firm based in Edmonton, Alberta. Our professional accountants offer tax advisory and accounting services for all small and large scale businesses. Contact us here and watch your business grow by leaps and bounds.