Accounting is the language of business, and an accountant is the interpreter of this language. An accountant can handle a range of financial duties in a business, such as managing funds, ensuring compliance, and giving important financial information that can assist the firm expand. From bookkeeping to preparing annual reports, check here the services provided by an accountant.
8 essential services provided by a Houston accountant:
- Bookkeeping and maintaining financial records: The primary responsibility of an accountant is maintaining journals and other financial records. The accurate maintenance of business books is essential to assess the financial health of any business. This function, however, is performed by junior accountants.
- Financial statements and reporting: The next step in accounting is drawing financial statements like balance sheets and income statements. Accountants prepare these records from the primary entry books of the business to make an assessment report. This helps in calculating the net profit or loss of the business and also discerning the financial position of the company.
- Tax compliance and planning: Taxation is a very tricky part of any business. A little disregard can either make you pay extra tax or put you in compliance complications. An accountant, who is a specialist in taxation, can help you with accurate tax preparation while minimizing penalties and maximizing credits. Moreover, you’ll get tailored tax planning for your business.
- Auditing Services: An accountant also offers internal as well as external audits to find out any discrepancies in financial records. Auditing enhances transparency in business operations and provides an objective evaluation of the financial position. Auditing reports play a critical role in building stakeholders’ trust in business.
- Budgeting and financial analysis: To manage your business at its finest, you need to do precise budgeting and competent planning. Accountants offer planning and in-depth analysis in conformity with your financial objectives. You’ll be in a better position to allocate your resources after budgeting.
- Payroll management: Maintaining employee salary data and managing payroll is a time-consuming and complicated process. Accountants may help to speed up the process by precisely calculating wages, deductions, and taxes, guaranteeing compliance with labor laws and regulations.
- Appraising business valuation: A detailed valuation of your business is needed when you go for raising external capital for expansion or planning to merge your business with another venture. Accountants can precisely determine the value of your firm by considering multiple indicators.
- Forensic accounting: Accountants with forensic expertise can analyze and expose financial inconsistencies in cases of financial fraud or misappropriation. Their findings can be used as decisive evidence in court.
Accountants are the backbone of every firm’s financial management. By choosing the right and on-time services of an accountant, you can save your business from loss and do better resource planning.