When you seek an accountant – regardless of whether it’s for your business or personal needs – it’s important to know what services you can expect from them. Perhaps you already have a general idea of what they can do for you – for instance; most people are aware that accountants can help them with their taxes, whilst others know that an accountant can give strategic and timely advice on how to manage one’s finances and ensure that there is a steady cash flow. But what else can an accountant do for you? What services can you realistically expect from an accountant? Here are the answers to your main questions.
- Bookkeeping and accountancy
Of course, one of the most fundamental services an accountant can offer is bookkeeping and accountancy. With this, the accountant can manage your financial records, including your income, assets, expenses, and liabilities. They can also keep track of your finances by recording and categorising all your transactions, producing reports, and preparing financial statements showing how your business is performing – and growing.
- Tax planning and preparation
Another vital service offered by an accountant is tax planning and preparation. We all know that UK tax laws are complex and constantly evolving, so it’s essential to have an expert who can help you navigate the system and ensure you’re paying the right taxes! Moreover, your accountant can help you identify tax deductions and credits that you may be eligible for, minimise your tax liability, and file your tax returns accurately and on time – such as the central London accountants from GSM & Co. – and if you want more details on how they can be of service, click here.
- Financial planning and advice
Accountants can also provide valuable financial advice and planning services. For starters, they can help you create a budget and financial plan that aligns with your short- and long-term goals and objectives. This even includes making a forecast for your future income and expenses. They will assess your cash flow and develop strategies to maximise financial performance and independence.
- Management of payroll
If you have employees, managing your payroll can be a significant challenge. But your accountant can set up and manage your payroll system, including calculating salaries and wages. It follows that they will also prepare payslips and deal with all of its associated paperwork. With this, you can ensure your employees that they are paid accurately and on time and that you remain compliant with all relevant employment laws.
- Auditing and assurance
Accountants can also offer auditing and assurance services in order to help ensure that your financial statements are accurate and compliant with relevant accounting standards. They will review your financial records and independently assess your business’s financial health. Your chosen accountant can also identify any areas of risk or concern – and make recommendations to mitigate these risks.
- Corporate finance
Lastly, you may need to raise capital to fund your growth and expansion if you’re running a business. But this can be tricky without an accountant’s help and expertise. Your accountants can help you with corporate financial services – including debt financing or raising equity. They will conduct due diligence on potential mergers and acquisitions and provide you with expert advice.