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how accountant help as a business

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accountant can help: Determining the best business structure (i.e, sole proprietorship, LLC, corporation, partnership) for your situation. Assisting with the financial analysis in your business plan. Providing advice on the type of accounting software you may need – PowerPoint PPT presentation

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Title: how accountant help as a business


1
How an accountant can help a business
Presented By-Wizxpert
2
Ways an Accountant Can Help a Small Business
Owner
  • 1.Assisting with the financial analysis in your
    business plan.
  • 2.Providing advice on the type of accounting
    software you need.
  • 3.Determining the best business structure.
  • 4.Providing assistance on opening business bank
    account.
  • 5.Providing advice on how to keep track of
    expenses on daily basis.
  • .

3
How an accountant can help your
business
  • If you run a business, you're legally required
    to
  • Keep certain records, including PAYE (Pay As You
    Earn) records if you have employees, and VAT
    records if you're VAT registered. This will
    involve regular bookkeeping work.
  • Submit an annual tax return to HM Revenue
    Customs. This will involve the preparation of
    financial statements.
  • A point an auditor to carry out an annual audit
    of your accounts, unless the company is exempt -
    the Institute of Chartered Accountants in England
    and Wales provides details of audit exemption in
    Northern Ireland(link is external).

4
Why do
I need an accountant ??????
  • 1.Save you money -
  • Filling in forms incorrectly or failing to
    understand new legislation could result in a
    fine, something that would put an unwelcome dent
    in your profits.accountants will help you to
    minimise your tax bill by taking advantage of any
    legal benefits that are open to your business.
  • 2.Help you to grow
  • An accountant can act as a valuable sounding
    board. He or she knows your business almost as
    well as you do and probably knows the financial
    side of it even better. By assisting you to make
    sound judgments, they can help you to grow your
    business.

5
When to hire an accountant
  • Hire an accountant when you have to deal with the
    government
  • Hire an accountant in case youre audited
  • Youll need an accountant when you apply for a
    business loan or overdraft
  • When your company is growing, hire an accountant
  • Get an accountants advice before you take on a
    franchise
  • Get an accountants advice before you buy a
    business

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7
How do I hire
an accountant????
  • When you consider all of the benefits that come
    from what an accountant does, the question is
    less about whether you can afford one and more
    about whether you can afford not to use an
    accountant.

8
ways your accountant can help you increase your
business profit
  • 1. Analyse expenses
  • Your accountant can analyse all your business
    operating expenses to determine which ones are
    too high based on industry benchmarks. Dollars
    saved by scrutinising your operating costs will
    transfer directly to more profit for you.
  • 2. Negotiate with suppliers
  • Your accountant can review your material sources
    and analysing your suppliers to see if you can
    negotiate a better deal on your materials
    purchased. Your accountant can also get involved
    in directly in the negotiations on your behalf.

9
3. Reduce bad debts
Your accountant can implement an effective debt
collection system for your business to ensure you
have no losses due to bad debts. Bad debts eat
directly into your hard-earned profits. Your
accountant can overhaul your existing debt
collection policies and terms of trade and
suggest improvements
5. Restructure financing
Your accountant can look at finance restructuring
to help you save interest on your business loans.
Perhaps there are cheaper options. By refinancing
existing business debt, you can save interest,
which will boost your profit.


Quickbooks error Support
10
How Working With An Accountant Can Help Your
Startup Grow
  • Dont Skimp On Accounting
  • Cash flow statements, market analysis, income
    projections and many other financial aspects of
    any business can be complex. Even if you have a
    lot of experience in this regard, having a second
    set of eyes is a great way to catch errors or
    find new ways to streamline your business. Any
    time you make a major decision regarding
    overhead, potential new expenditures or payroll,
    first make sure that the numbers add up.

11
Set Data-Driven Goals

measuring progress helps you catch trends with
regard to revenues and costs early, allowing you
to correct problems before they become serious
threats. When I was an accountant, I found
problems in my own companys books. After making
some quick adjustments, however, that single fix
saved the business around 100,000.

Consider Risks Associated With Each Action

Most accountants are somewhat removed from the
day-to-day operations of a business. This gives
them an all-encompassing perspective when it
comes to providing solutions and guidance for the
companys future.
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13
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