News accounting

Published on May 19th, 2014 | by admin

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By My Calculations It Is Accounting Day

Dealing with the financial matters of any business may not be everyone’s cup of tea. However a recent survey we noted claims that over half of small business owners say that accountants are the first port of call for business advice illustrating their perceived importance.

An explanation for this would be that accountants are responsible for a range of financial matters crucial within an organisation. Indeed chartered certified accountants undertake a whole host of tasks to encompass managing and maintaining financial and accounting systems.

So faced with a pile of business books and forms, accountants are certainly worth their weight in gold when it comes to completing a tax return which we all loathe to deal with.

Indeed accountancy can encompass a range of duties, these can include:

  • Analysing company budget, expenses and revenue
  • Managing and filing accounts
  • Managing bookkeeping, payroll and petty cash
  • Auditing
  • Managing bank accounts and investments
  • Preparing profit and loss statements
  • Producing financial statements
  • Compiling and analysing financial information
  • Supervising and handling financial data and reports
  • Reviewing and adapting new and existing financial systems and controls
  • Advising on and dealing with tax issues in compliance with legislation

Of these, the poll we have read claims that managing and filing accounts followed by dealing with tax issues as the most valuable services accountants can offer to SME’s. However, the survey also reveals that accountants themselves do not perceive these as necessarily their most valued services.

What does become apparent is that more than one in three small business owners would like to have more regular contact with their accountant to discuss financial matters.

Explained by SME’s desire for more up-to-date information on the financial viability of their business and more often, there has never been a more opportune moment to encourage regular dialogue than today!

 

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About the Author

patrick.maddison@vowretail.com'



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