If you are starting your own business, you most likely want to be focusing on running and growing your new company instead of fussing over every last financial detail. Why spend all of your time working on balancing the books when you could be putting your precious time into expanding and bettering your company? That is where experienced accounting firms, like Consol Group, come into the picture.
What is an Accounting Firm?
An accounting practice is a company that specialises in helping business owners with the financial side of their business. That includes everything from sorting out your taxes to organising your employee payroll. These comprehensive services are why your accountant is more than just a helping hand you occasionally seek out around tax time – they’re an integral part of your business.
While your accountant helps you take care of bookkeeping, payroll and taxes, you’ll get to free up time that you can spend focused on growing your business. Here is more information on the specific tasks an accounting firm can help you with:
Accounting and Auditing
As the name implies, the biggest reason businesses partner with accounting firms is to keep their finances in order. This means that your selected firm will consult with you on your accounts, track your profits and expenses, and keep all your financial records up to date. With this data, you will be able to keep a better eye on your incomings and outgoings and plan more accurately for the future. A good accounting firm will also be able to help you with planning expansions to your company by projecting whether or not that growth will be profitable or detrimental.
Valuation and Development
Often, when growing your business, you will need to know your business’s estimated value. For example, when you seek out a loan or other kind of funding for your business, your potential lender will often need to see a valuation report.
Accounting firms can look at your business’s growth patterns, previous years’ revenues, and other finance-related data to offer a valuation of your company. Even if your business is just starting up, your accounting firm will be able to look at hypothetical data to create a pro forma financial statement for you. They can even calculate your business’s projected growth, so that you can prepare for the future more easily.
Taxes, something many people dread facing, become simple when you partner with an accounting firm. Not only can an accountant help you file your taxes – they can also help you reduce the taxes you pay. Accounting practices will keep up with current IRS regulations as well, so your taxes will always be filed correctly and by New Zealand law.
They will prepare your tax returns and all tax-related documents for you, making filing breezy and tax season a breeze.
As they keep an eye on your finances and growth, accounting firms will be able to consult with you on the best possible ways to manage your business. That can include planning for your business’s future, keeping an eye on the business’s environment, suggesting how to work more efficiently and watching out for new opportunities. With their knowledge, you can expand your business’s growth even further and become more profitable than ever.
An accounting firm will help you manage your outgoing costs, including how you pay your employees. Figuring out exactly how to pay your hard-working and valued staff can be challenging, and your partnered firm can assist you in making sure that everyone is paid fairly.
Using bank statements, your accountant can also create current cash flow records and profit and loss statements. This way, you can know exactly what your profits and costs look like so you can accurately plan for your future with the help of your selected firm.
Should You Partner With An Accounting Firm?
The answer is yes! While you may have a handle on your finances, hiring an accounting firm will only make your job easier. Partnering with a good firm is something that all business owners should do.
However, not all accounting firms are the same. So, you should research the firms you are considering partnering with to find the one that fits your business the best. Here at Consol Group, we’re proud to be New Zealand’s leading online accountancy practice. With our experienced and highly skilled accountants at your side, you’ll be able to focus on watching your business thrive.
Pour your passion into your business and let your trusted accounting firm handle the rest. Want to learn more? Just get in touch with us at 0800-001-851 today.