When you should hire an accountant for your business.

Your financial records reflect the results of operations as well as the financial position of your small business or corporation. In other words, they help you understand what’s going on with your business financially. Not only will clean and up to date records help you keep track of expenses, gross margin, and possible debt

What Are the Duties of an Accountant?

The duties of an accountant can vary from company to company, but typically they are responsible for:

Data Management

Your accountant would be responsible for ensuring that your financial data is properly stored, updated, and managed. This is so the information can be reported accurately to the business owners, investors (if you have them), and the government. The accountant would also ensure that proper procedures are in place for data entry and that the accounting software system being used is modern, secure, and backed up regularly.

Financial Analysis and Consultation

Ever been in a meeting and someone said “how about we get the bean counters in here for their advice before we make a decision?”. There’s a reason for that. When it comes to decisions involving the future of your small business, your accountant may sometimes be your best resource.

Perhaps you need some simple tips on how to proceed with spending in the next quarter, or perhaps there’s a situation regarding a big expenditure and you want to discuss options for credit or tax deductions, or maybe you just need help interpreting some of the financial jargon in a document. An accountant can help you with all of that, as well as troubleshoot the day-to-day activities of managing the finances of your company.

Financial Reports

Ever heard of a “Cash Flow Statement” or a “Profit and Loss Report”? These are the types of reports that allow you to keep updated on the company’s money. You or your investors are going to be making decisions based on the reports your accountant provides, so he/she needs to make sure they are up to date and accurate.

Regulatory Compliance

Are there lots of rules and regulations affecting your small business? Perhaps your business is going through an audit? Or it’s tax time? Well, an accountant can handle these headaches and ensure that your income and expense reporting follows applicable state and federal laws.