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Complete Guide – What Services Are Provided by Accounting Firms?

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.

Tax Planning

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.

Management Consulting

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.

Bookkeeping

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.

If you couldn't find your answer, or are unsure about the information provided, please don't hesitate to contact one of our dedicated accountants at info@consolgroup.co.nz today!

Testimonials

"When I first found Consol accounting on Google I thought that they must be too good to be true. Then I talked to them on the phone and I was almost certain they were too good to be true. Luckily for us they weren’t. The customer service, price and ease of use make this company out of this world. I could not recommend them any more. They are utterly seamless to integrate and effective as can be. "

Curtis and Katie Hacon Director, FiTiki Limited

"I had put off finding an accountant for a while because of the cost and perceived hassle however after my first consult with Consol, I immediately wished I had connected with them sooner. Consol are responsive, affordable and easy to deal with. Being able to outsource this aspect of my business has allowed me to focus more energy on the parts of my work that I love. "

Dr Rebecca Herald Clinical Psychologist

"I have been most impressed with Consol accounting team since I made the switch last year. The ‘Switching over’ process was really simple, after the initial set up process I can track and log my company’s financial activity with ease and accuracy. By far the most efficient and helpful service I’ve had with accounting companies. Thank you"

Vivien Ye Aesthetic Nurse Specialist, Vivip Limited

"I started out in full-time private practice over a year ago and also registered as a limited company. I love doing my work and seeing my clients, but I soon discovered just how much time doing the financials could take up. In the first year, I worked on my own tax returns and company statements, but was unsure I had done them “right” and really wanted an accountant’s expertise and guidance. From my first phone call to Andrew Joo of Consol Accounting Limited, I could tell that this service would meet my needs. He has been quick to respond, patient with me, great at teaching lots and is a Xero master user. I find the system easy to use now, and feel encouraged to get the most out of my business and confident in knowing that I will meet my tax obligations. Compared to how long it took me to struggle at doing this on my own, there is clear value in getting the professionals to do my accounting."

Dr. T Melanie Lage, MNZCCP Clinical Psychologist, Lakes Psychology Limited

“I had been searching for an option for my accounting for my business I found Consol to be so easy to get started with the team being available at nearly every point in the day! Highly recommended all those that have busy lives and need to free up some time.”

Andre Stewart Tremains Real Estate, Bay of Plenty

"Consol are great to work with responsive when I have questions, quick to prepare any necessary document and always willing to help if there's anything I'm unsure of. Very happy to have found them."

Stefan Dyke Director, SLHE Consulting Limited

"I would genuinely recommend Consol for all your financial and accounting needs. I needed an accountant quickly to help me find my feet starting up a rapid business. I genuinely had hundreds of thoughts and questions and wanted to do things right first time ... it was all a bit daunting, exciting and a steep learning curve. Andrew Joo was so supportive as he instantly responded to all my needs and then coached me through a solution and helped me understand the minefields at first . It’s really easy now the business is booming and all my accounting is taken care of so I can enjoy the fruits of my labour. I still reach out occasionally and have the answer super quick.. thanks to Consol."

Karl Jones Director, Retail Resilience

"I had just started out in business and soon realised that someone was going to have to help me with my accounting and tax compliance functions. I was very conscious of the need to be vigilant about incurring any new costs, consequently I did a fair bit of research. I came up with the conclusion that I could get everything I wanted, under one roof, from Consol Accounting, at the most competitive rate I could find on the market. It was a win-win. After joining their team I discovered there were a lot of loose ends to sow-up before I could start functioning effectively, and focus solely on running the business side. Andrew, the Founder from Consol Accounting, was an absolute God-send. He was very personal and approachable, and made setting everything up from scratch so easy and so quickly. I’ve basically been running on auto-pilot each month ever since. Just as I had planned. Thanks for your service, guys, best decision I made."

Andre Illemann Like No Other Limited, trading as GoodMooty

"I operate 3 businesses. As a busy owner I needed reliable accountant. I have been using Andrew as my accountant almost for a year and this is my second accountant. I commited transition as one of my friends recommended him and now I thankful to him. Andrew and his team provide a prompt sound and reliable service that is always professional. Andrew is always on hand to answer my queries and it is very professional and prompt in replies even on weekends and publicholidays. He has wide range of knowledge and experience in service of accounting and taxation. He has been helping me out with tax deduction and meximisation of profit. I can highly recommend him to others as he is very motivated and trusted. I would like to make longtime relationship with him and his team."

Steve Kong Director, Katsubi Hamilton & Tauranga

"When I need to get help with my finances and taxation since starting my own business, Andrew at Consol Accounting has advised me on the right approach. Professional and a great experience overall, I strongly recommend Consol Accounting to everyone who needs to get support for taxation."

Michael Park Director, Renewcar East
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