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how an accountant can help a business

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

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how an accountant can help a business

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  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 you’re audited You’ll need an accountant when you apply for a business loan or overdraft When your company is growing, hire an accountant Get an accountant’s advice before you take on a franchise Get an accountant’s advice before you buy a business

  6. 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.

  7. 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.

  8. 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

  9. How Working With An Accountant Can Help Your Startup Grow Don’t 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.

  10. 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 company’s 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 company’s future. Quickbooks Payroll Support

  11. Thanks For Watching…… Quickbooks Support Phone Number Quickbooks Enterprise Support

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