how accountant help in a business

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How an accountant can help a business
Presented By-Wizxpert
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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.
• .

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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).

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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.

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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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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.

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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.

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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.


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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.

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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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