If you operate a home business then you know the importance of maintaining your tax records and accounts. It seems logical that you would hire an accountant, but unfortunately some home business owners choose to only hire an accountant when it is time to pay the taxes. If you are increasing your business and income and you need more than a seasonal accountant's help ,then you should consider a chartered accountant. Here are a few services they offer and how it can help your business.
Ongoing Account Management
One of the key services a chartered accountant offers is ongoing account management. This is a service that can be tailored to your business needs, for example having monitoring for security but updates are only handled weekly. This also plays into the option of having your chartered accountant check and keep updates on your current financial situations and your financial position. If changes need to be made, they will alert you and give advice on what changes best suit your company and needs.
Auditing the Business
If you have been in operation for several years and are concerned about your accounts payable and receivable then you may want to consider the auditing service. This service will allow the chartered accountant to go back into your financial records and audit for issues that could be causing a loss of money over time or each month. They can also audit how the money is handled, invested and if the proper records are being maintained for the business.
One of the key services that chartered accountants are known for is their advising services. These services are a valuable resource for someone who owns their own home based business. The reason is due to the advice given for investing funds, expanding those funds and for tax preparation and payment services. Ideally, tax prep services are the key service you will look to when hiring a chartered accountant since this is the area many home business owners need the most guidance with.
If you decide to move forward with a chartered accountant, consider using the adviser services first. This will allow you to get an overall view of your business and allow the accountant to build a plan that works best for your needs. They can then maintain that plan until further adjustments need to be made. They can also provide retainer-based consultation services or service package options that work best for your business growth and needs.
Contact an accounting firm like Scotts Chartered Accountants to learn more about financial planning.Share