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Effective accounting is essential when planning ongoing business growth and navigating the road to financial stability. While admittedly, for many individuals accounting is not enjoyable, a lack of attention to accounting practices and financial planning is causal in the failure of numerous companies and ventures, as it quickly lends to poor cash flow management and an inability to cover tax payments.
A majority of companies outsource at least certain aspects of business accounting to a qualified professional. A capable accountant can save valuable time and money, whether for a small business seeking affordable accounting advice, or a larger organization looking to cut an existing tax bill.
Decision making pertaining to hiring an accountant can be difficult. Small business owners often balk at accountancy fees, opting to wade through a mire of financial records. The availability of freelance resources means you no longer need to employ an accountant full time, or even on a secured retainer basis. A few hours of accountancy advice may be all that is necessary to unburden yourself of time-consuming management of your finances.
Accountancy resource is appropriate at various stages of a company’s growth. When should you consider the support of a qualified professional?
- Business planning or company formation - External financial input into a business plan can provide incremental benefit as your business matures.
- Advice on company structure - Confirming the appropriate type of business ownership has ongoing implications for taxation and financial management.
- Designing an accounting system that works - An accountant can streamline monthly, quarterly and annual financial reporting, as well as providing advice on defining personal and business expenses.
- Taxation - Ensure you are paying the correct amount and type of tax, and complete tax planning forecasts. Navigate the maze of deductions and exemptions, and produce records for a defined financial period. Learn how to apportion VAT, GST, HST for regular tax filings.
- Isolated accountancy advice - Turning to a qualified accountant for advice on an individual business decision can be sensible, such as deciding whether to lease or buy.
- Understand business performance - An accountant will quickly comprehend financial statements and illuminate your businesses wellbeing.
- Audit - If your business is the subject of a tax audit, accountancy support can guide and support you through the audit process.
A chartered accountant will assist in maintaining simple, straightforward records to manage daily cash flow, simplify invoicing, bills and expenses, complete payroll requisites, and ensure accurate tax returns are submitted when they are due. A quality contractor will define the optimal banking and booking keeping structure and recommend accounting software that suits the changing needs of your business.
An accountant should be skilled in a variety of online accountancy packages - such as QuickBooks, Wave, Xero, Freshbooks, Zoho Books and more. They should clearly communicate the benefits of individual options while identifying the best approach for your unique requirements. A demonstration on how to use software to automate time-consuming aspects of your business should be provided - such as invoicing, transaction importing and categorization, payroll, and reporting to track revenue and expenses.
Individual countries, states and provinces possess different and sometimes unique tax systems. Freelancer.com is a crowdsourcing global marketplace with 44 regional marketplaces, operating in 34 languages and 21 currencies. Finding a freelance accountant with specialist knowledge of local accounting and tax practices couldn't be easier. Simply post a project (with a detailed description of the work to be done), and sit back and watch the bids flow in. With over 19 million users, you'll be sure to find your perfect accounting expert in no time. Get started today!