A successful business is a combined effort of marketing skills, product quality and brand value. So, a good financial advice can actually assist to make a business successful or a complete failure. It is often believed that chartered accountants only prepare the balance sheets of the companies and file tax returns. But this is a complete misconception.
Another misconception is that only big companies need the help of chartered accountants. But in reality, whether it is a small partnership company or a sole trader, one of the most important roles of a CA is to make the best financial decisions under legal framework. Besides, on the basis of the requirement of the business owner, the role of a chartered accountant Oakville often ranges from reconstructing the procedures of a business to augmenting the financial process flow, which are tailored uniquely to match the requirements of the client businesses.
So, here come a few reasons why businesses need to appoint chartered accountants for them:
- Auditing process: For every company, auditing is a tedious job and the company accountant is the person on whom you can rely for this matter. With the help of a professional chartered accountant, it becomes quite easy to make financial auditing to sail your company smoothly without any issues.
- Record keeping: Maintaining proper bookkeeping is not just a good practice, but it is also considered a legal requirement irrespective of the company size. The help of a chartered accountant in record keeping can’t only make a company legal compliant, but also a powerful tool for envisage and analyze the financial situation of both future and past.
- Financial compliance: When a business grows, the complexity of the business also grows simultaneously, which revolves around the business procedures and tax requirements. This is the place where the expertise of a chartered accountant can put into be good use. A good chartered accountant can represent you gladly with a better tax plan, which can surely bring down the total amount of tax that the company needs to pay to the government.
- Formulate business plans: A vast knowledge of chartered accountancy and a strategic understanding are the things that make it really easy to fine tune the existing business or to formulate a completely new business plan to offer the best results for the company. This can either be ongoing suggestions or one-off advice in the complex business environment.