Four Reasons Why Your Business Needs A Chartered Accountant
There is a stigma attached to Chartered Accountants. They get a bad reputation because there is a common perception out there that Chartered Accountants just file tax returns and maintain balance sheets. Not only is this false, but if you actually believe this, there is a significant profit margin you could be missing out on due to your prejudices. Chartered Accountants can act as vision statements for any financial institution big or small. They can help in identifying investment patterns that do not follow the beaten path and hence could have the potential to be lucrative. Let us tell you why your business is probably in need of a good Chartered Accountant.
Why having a Chartered Accountant for your business is vital
Compliance with the Law
Financial laws are rigid, complex and highly stratified. A specialized individual working on your company’s tax practices is obviously a good idea. It has to be understood that it doesn’t take willful malevolence for you to be operating outside the law as far as taxes are concerned; just unconscious neglect and simple errors. And it is okay, as organizations become profitable and grow in size, the tax laws governing them also to become complicated. It is a necessity to have someone who can “chart” these waters with ease and provide you with the best advice.
Astute business plans are one way to make your company grow. Sometimes though, to truly reach your corporate goals, some ideas written on a whiteboard no matter how intelligent or pragmatic, aren’t enough. Your ideas will need to be backed up by money. Chartered Accountants are integral at this point because a sharply structured budget is the only thing that stands between you and unnecessary cash bleed. While starting a new venture or even when facing a time of slow business growth, identifying significant areas big chunks of your capital is being spent is immensely important. This often works best if dealt by people who are working outside your organization with a truly objective financial outlook on necessary expenditure.
Audits are a way of confirming to your stakeholders that you are beyond reproach as far as financial mismanagement is concerned. But doing this process with your own in-house accountant is like trying to shred some documents when you know the power is off. It is always best to have a third party, ie, a Chartered Accountant, take a look at your books and prepare a report for your stakeholders for maximum authenticity.
Innovating Finance Structure
Chartered Accountants are specialists in financial instruments. They have functional knowledge in all things commerce and come best equipped to help your company move up a notch with creative use of your finances. An improved structure based on streamlined knowledge will also help your finance teams better understand the market which you are operating under.This can automatically improve productivity and lead to profits.
Chartered Accountants have tremendous potential to add to the growth or any organisation. Their unique perception of the financial realm makes them compelling partners for any journey that is aimed at capital accumulation. Making a Chartered Accountant a part of your financial strategy can have long-term results for your company’s structural integrity and be the reason for accentuated growth spurts.