Accounting work is often thought of as just making sure the numbers add up. There's a lot more that folks in the accounting world do for their clients than balancing the books. Take a look at five ways your accountant can assist you besides the usual job of running the numbers.

Finding a Tax Strategy

How a business is set up frequently dictates what kinds of taxes it will pay. You don't want to shell out more to local, state, and federal governments than you genuinely owe. An accountant can operate as a tax consultant, helping you think about how you deal with corporate structure, realizing profits, and booking liabilities. With the right strategy, you should be able to reduce your tax obligations.

Audits

Audit services are one of the best reasons to hire an accountant. Depending on how involved your current accountant is, you may have to hire a second company to do the job, though. This assures you that there will be no conflicts of interest.

Note that not all audits have to be driven by fears of malfeasance. Auditing services are frequently used to identify inefficiencies and help businesses rethink their processes. Financial institutions sometimes need your numbers to be audited before they can extend credit, too.

Reporting

Businesses will produce a lot of financial reports over the years. Even if these reports are only produced for internal consumption, having a complete accounting of where your business stands can be an eye-opener. Reports are also frequently required for companies that issue securities. Similarly, detailed reporting is a great way to explain things to potential investors and partners.

Software Issues

Modern accounting is incredibly software-driven. If you're trying to set up the software to track your books, it's not a bad idea to make sure you and your accountant will be using the same programs. This can extend to related software, such as payment processing systems. Likewise, these systems can all be united, allowing you to automatically move information from sales systems into the accounting software.

Decision-Making

Suppose the owner of a restaurant is thinking about opening a second location. Does the business have the cash on hand for that? If not, will it be able to finance the expansion without incurring dangerously high levels of debt? When you're trying to make these kinds of decisions, accounting services are invaluable. You can quickly figure out what your financial situation is and how you want to proceed.

Contact a company that offers accounting services in your area to learn more.

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