How can an Accountant help your business grow?

Most businesses think of an accountant at the end of the financial year to file tax returns, income tax, update their business with SARS, and during tax seasons. Most of these SMMEs do not understand the value of working with a professional accountant as part of their business-making decision. This article will help you understand the value of an accountant in a business and how an accountant can help your business grow financially.

Table of Content

• What is an accountant?
• What does an accountant do daily?
• What services do accountants provide to small businesses?
• Who are the top 10 accounting firms in East London?
• What 3 pieces of financial accounting advice would you give to a company that is just starting a business?

What is an accountant?

An accountant is a person whose job is to record, analyze and keep financial accounts on behalf of an organization or business. They are sometimes called bookkeepers or chartered accountants based on their day-to-day duties.

The term accounting is a widely used word on business and it includes a lot of things, it includes accounting for taxes, creation of financial statements, and business budgets.

It should be noted that each business sector will require different accounting services. Many professional accountants chose to specialize or focus on different business sectors, but there doesn’t mean that they cannot do financial accounting for other sectors. This is just a person or professional preference, here at our firm we work mostly with businesses in the construction sector.

What does an accountant do daily?

Accountants do many tasks daily, these include, VAT registration, filing financial statements, tax returns, business compliance with SARS, and company registrations. They are sometimes called to business meetings to give the financial projections and also help with making the financial decisions of the business. Many business owners hire professional accountants to help them avoid financial mistakes.

What services do accountants provide to small businesses?

Most small businesses often face tough decision-making, whether to buy business assets like new equipment or invest in new software that will help them automate daily tasks. All of this comes down to finances, knowing and understanding your business financial records and it is an accountant who can help you to reach that conclusion.

These are some of the services offered by professional accountants to small businesses.

• Create financial reports
  • Cashflow Reports – show you the flow of the money in your business, money coming in and going out
  • Profit and Loss Reports – Knowing whether your business is making profits or losses.
  • Balance sheet Reports – This shows what your business owns, the list of all your business assets and liabilities.

• Filing of Business Tax Returns
  • Income tax – Tax imposed by the government to businesses and individuals, failure to comply might results in the state closing or penalizing your business.

Who are the top 10 accounting firms in East London?

Wonga Accountants and Auditors is a registered financial accounting firm rendering accounting services to businesses in the Eastern Cape province and Bloemfontein. If you are looking for accounting firms in East London, these are the top 10 accounting firms do business with;

1. Wonga Accountants and Auditors
2. Morar Incorporated
3. Khwalo
4. Marais & Smith
5. OHS Business Advisors
6. Liedon
7. S Haynes & Associates Inc.
8. Sifika Business Accountants
9. Pupuma Accountants
10. Myriad Accountants

What 3 pieces of financial accounting advice would you give to a company that is just starting a business?

Here are the top three tips for new business owners;

1. Involves an accountant in your business decision making always
2. Make sure your business does comply with your local and state government.
3. Accounting helps you avoid business closure.