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Professional Accounting Services:

November 24, 2011
By

10 Reasons Every Business Needs Them

BySinead O Connor McGraw

Running a business requires hard work with managers and small business
owners doing a wide array of job roles. Often many fail to know when to they
should bring in experts to get certain tasks done. The task of managing
finances is critical to a business but lack the expert skills to get results or
in a cost effective manner. Many people each year embark on an entrepreneurial
journey lacking financial management skills and find themselves sitting amidst
stacks of papers a year later, not knowing how to fix financial management
issues and chaos This is an unfortunate reality that comes with having a
business, and it is one of the most common reasons that businesses fail. Whether
your just starting a business or have operated for several years, here are ten
ways obtaining professional accounting services from a chartered accountant or
an accounting firm, can improve the health of your business.

1. Assisting in Planning and Management — If you’re just starting out and
don’t know where to begin, a reputable team of accountants can serve as an
indispensable resource in building an effective business plan. For those who
already have an established business, these firms can analyze your current
operations and suggest ways in which you could increase your businesses
viability.

2. Managing Time — Being an entrepreneur is a time-consuming task. Hiring
a team to manage your financial matters, can free up time to actually grow your
business. Trying to manage finances is overwhelming for most of us. Taking this
on and stretching yourself thin can leave ample room for error in doing
business and or managing it.

3. Providing Expertise — Most business owners begin operations knowing
only the front aspect of the business. They may know all about fixing cars or
cooking food, but often lack knowledge of managing finances. Having an expert
in these areas is the best way to keep your business going strong.

4. Helping Establish Proper Accounting Procedures — The rules of handling
money and recording data is different in every business. Your accounting
professional can help you create a system that’s unique to your organization.

5. Handling Taxes — Tax filing is a time-sensitive issue and real penalties
can manifest due to incorrect or late filing. Professional accounting services
stay abreast of current tax law which assists you in meeting requirements and
maximizing deductions. Having a professional accounting firm working for you,
will help maximize tax savings and in the event of a tax audit, they will be
able to work with these agencies on your behalf.

6. Payroll Assistance — This area may seem elementary, but doing payroll
is a time-consuming task! Paying your help not only means deducting the taxes
and cutting the check, but keeping track of and paying out employer
contributions, as well. Making sure these figures are correct and paid on time,
is vital to avoiding unnecessary costs.

7. Managing Assets — Budgeting is another way in which many business go
wrong. Overextending your credit and managing working capital incorrectly can
cause your finances to deteriorate quicker than a sandcastle on a hot,dry day.
Professional accounting services can give imperative advice in this area.

8. Eliminating Mistakes — To error is human, and when your busy trying to
juggle it all its exceptionally easy to make them. Having a professional
accountant oversee your records regularly, is an excellent way to double-check
for those simple mistakes that can cascade into colossal problems if left
unseen.

9. Providing Useful Reports and Explanations — Professional accounting
services can combine data into reports that can help you clearly understanding
where you’re at, and where you’re headed. Profiting in the future is crucial to
understanding what’s going on at the present.

10. Performing Auditing Tasks — Internal auditing is an essential function
that most entrepreneurs overlook. Reviewing your business processes for
functionality and accuracy, is a fundamental need in understanding how you can
successfully improve and experience growth.

Securing professional accounting services for a business is a cost that
achieves cost efficiencies in operations, helps keep them abreast of financial
commitments and usually results in lower tax costs. It makes sense for every
business to make sure to get this support in place before starting a business
and certainly maintain this support for the life of the business.

To find experts on professional accounting services solutions for
individuals, small businesses and corporations, chartered accountants or
general accountants are recommended. For those searching for local experts such
as: Accounting Services Mississauga or those seeking a proven
professional accounting service solution, consider Madan Chartered Accountant
in Mississauga Ontario Canada. Learn more on their website:http://madanca.com.

Article Source:http://EzineArticles.com/?expert=Sinead_O_Connor_McGraw

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