Consulting with an accountant is a good way to avoid some potential future headaches and identify existing problems. Anyone who runs a business should contact an accounting firm to schedule conversations about these five topics.
Budget
Even if you have a well-structured budget for your business, talking about it with an accountant will make a difference. An independent perspective will highlight possible problem areas. Likewise, accountants can tell you how you might structure your budget to improve record-keeping and reporting.
If you're worried about shortfalls, a visit to an accounting firm is a good first step toward addressing them. With a bit of accounting work, you may be able to spot parts of your budget that aren't yielding great returns. Trimming or eliminating these items can solve some shortfalls.
Financial Statements
Taking your company's temperature from time to time is a good idea. An accounting firm will typically encourage you to adopt a system of financial statements that follow generally accepted accounting practices. Using the GAAP model ensures a high level of standardization in your accounting. Also, you'll have an easier time presenting financial statements to banks and other institutions if you need to pursue loans or lines of credit. These reports are also internally useful, too, because they force you to take time each quarter to think about how your operation is performing.
Software
Modern accounting relies heavily on software. Especially if you're committed to working with a specific accounting firm for the foreseeable future, you'll want to use the same software they use. In many cases, an accountant can also point you to software and hardware that'll integrate other systems, such as sales, payroll, and inventory.
The right software stack can significantly streamline your operation's accounting processes. In turn, this allows you to do everything faster. If you need a payroll report, for example, the software can provide it securely and almost instantaneously to a wide range of devices.
Compliance
Many businesses have to comply with both governmental and industry standards. An accounting firm can assist you in achieving compliance. Suppose you want to process credit cards at a chain of grocery stores. The bank will want to know that your terminals and software comply with payment card industry standards. An accountant can help you to navigate the PCI compliance process.
Risk Management
Finally, an accounting firm can help you identify and mitigate risks. If a manufacturer has significant liability exposure, you can work with an accountant and an insurance company to create a plan that protects your organization's interests.
For more info, contact a local accounting firm.
Share6 March 2023
I have always dreamed of opening my own beauty salon, but never seemed to have the money to make that dream come true. I decided that it was time for me to hire an accountant to help me create a savings plan and to assist me in calculating how much money I would need to open my salon. I found out all about what it takes to start a business and a lot of great advice about what I can do to save the money I need to make it happen. If owning your own business is something you are dreaming of, my blog can help.