In the modern era, the role of accountants is no longer limited to the preparation of balance sheets & profit or loss accounts. Accountants can be held accountable for providing vital services to business clients, society, and the government. Should you consult an accounting & taxation firm in Croydon? Collaborate with an accounting & taxation firm today to access the following benefits:
- Helps to maintain Books of Accounts
The pivotal role of a financial accountant is to keep a systematic record of an organization’s financial transactions. Once the financial transactions are recorded, an accountant will prepare financial statements to ascertain your organization’s financial position with the help of balance sheet and its profit or loss for a particular financial year.
Systematically maintained books of accounts help management to come up with real-time and rational decisions, while laying down plans for the future.
- Performing Statutory Audit
According to a country’s law, organizations should get their books of accounts audited by a qualified auditor annually. Especially, co-operative societies, MNCs, limited companies that have reached their turnover limit should hire an auditor. The role of a chartered accountant is to audit a firm’s financial records and state whether the records derived from the profit and loss statement as well as balance sheet are fair and accurate till date.
- Consultation Services Related to Taxation & Accounting in London
An accountant has the know-how required to settle taxation matters on behalf of an individual or a firm. He/she has the know how to file income tax returns for a client or an organization. These accountants also represent their clients within courts or tribunals to round off any tax liabilities. An accountant can also handle the job of tax consultants.
They often offer tips to their clients to minimize their overall tax burdens with the help of financial instruments. Business solutions experts inform clients about safe investment techniques. These experts have the proficient knowledge required to analyze and read financial statements. Consequently, the results obtained are used to determine where and how you should invest your money.
An accounting firm in London will also help client’s to select lucrative insurance policies after evaluating their needs. If you want to expand your business, reach out to an accountant today. An accountant will render necessary advice and help you with tasks like preparation of project reports, cost analysis, and so on. Most importantly, before working on a business expansion project, it’s important to determine its feasibility and long-term impacts on your employees.