If you are a business owner, you have most likely worked with a public accountant at one point.
Are you aware that accountants can do way more for you than just your taxes and bookkeeping?
Accounting is all about interpreting information about an individual or a company’s finances and operations. Accountants can be an integral part of your financial advising team, providing help to you when it comes to an important decision that could impact your finances.
Here is a top 3 list of things that may surprise you:
1. Reviews your contracts and documents
If you plan to enter into an agreement with possible tax or accounting implications, it’s probably a good idea to have your accountant review the document.
The role of the accountant is to analyse the agreement and inform you about the possible tax and accounting consequences that will affect your financial prospects. Having a knowledgeable accountant will help you avoid any negative consequences associated with cash management, financial planning, insurance and, financial planning.
2. Assist you in the loan process
When starting a business this usually includes taking out a loan. You need to have an accountant who understands your financial situation and business needs, they will be able to present the purpose of the loan as well as consider the various financing options available to you.
Aims can help clients gather all the necessary information and data required for a loan. We also quantify the current financial condition and credit needed to identify the repayment sources – with this data, accountants can work with the clients to draft up loan applications that will improve the chances of a lender accepting the application.
3. Provide virtual CFO services
Your business may not be big enough yet to hire a CFO but it is of great benefit to receive tailored financial advice!
With technology enabling the use of online electronic document sharing, video conferencing and account software – your virtual accountant could be of great use to your business.