Accounting is a field covering the financial management of a business. This includes financial strategies and transactions, tax returns, payroll, loans and audit. Accountants are an asset for a small business because they help start, turn around and grow a business financially while keeping businesses on the right side of the law.
Do I need an accountant for my business?
Every small business needs an accountant to do the minimum jobs of balancing your accounts, tax returns, financial statements, funding, loans and payroll. Beyond that, an accountant can help steer your business direction with clever accounting and tax strategies. Hiring an accountant is a priority for any new business.
What do accountants do for small business?
Accountants can perform these jobs for small businesses:
- Prepare, examine and balance your accounts
- Devise tax strategies
- Prepare your tax return and financial statements
- Ensure your business is complying with laws and regulations
- Provide auditing services and support during a government audit
- Improve financial practices and systems to increase efficiency
- Provide accounting recommendations and best practices
- Set up a small business with the right business structure and accounts
- Incorporate companies and help with demerges, mergers and acquisitions
- Conduct due diligence for buying and selling a business
What are the different types of accountant?
There are several different types of accountants including:
- Public accountants: These are the most widely known and used, and their clients typically include companies and individuals. They provide a broad range of general accounting services including auditing, tax and financial consulting.
- Management accountants: These accountants specialise in collecting and analysing financial information for internal use by the management of their clients' businesses.
- Government accountants: These accountants work for government agencies and provide them with general accounting services, but they also review private businesses and individuals when they are subject to a government audit to ensure they are complying to regulation.
- Internal auditors: These specialists are part of an organisation's risk management team, and they identify ways to find and eliminate waste and fraud.
