It is generally thought that accounting is nothing more than going through numbers but it’s just the surface, the real dimension of accounting is far deeper with considerable impact on your operation. Let us start with who is an accountant? In a nutshell, he is the person you hire for keeping your financial records straight. Whether you are an individual who needs someone to keep his accounts in check or you are running a business or organization, you have to look for a certain set of skills in a person before you trust him with handling your finances. In addition to handling your day-to-day finances, he should be capable of taking care of more complex tasks like attaining financial efficiencies et cetera.
Here we have provided a list of services you should expect from your accountant. Lag in any field should prompt you to consider replacements.
Synchronize your Finances with Law
The prosperity of any entity depends on its compliance with the laws of the land. An accountant has the responsibility to keep the finances of the company in check and make sure that they don’t deviate from applicable laws and regulations. You should expect the accuracy of your financial documents in compliance with the state laws.
Handle your Taxes
Handling the taxes is one of the prime duties of an accountant. He should prepare the tax returns accurately in light of the ground realities and make sure that the taxes are paid efficiently on time. Timing is crucial as any negligence may cost your firm heavy penalties. In addition, an accountant can also help save your money from additional taxes through legal ways of course.
An accountant keeps an eye on the financial efficiency of his firm. His prime duty is to keep the steady flow of income and make sure there is no leak of resources. He should prepare financial reports on possible austerity measures to bring down unnecessary expenses. Moreover, you should also expect revenue enhancement and profit-increasing proposals from a competent accountant.
Assess Potential Risks
An accountant should have the financial acumen to judge the path of the company. In light of the steps taken, and investments made, he should be able to forecast bumpy roads. You should also expect risk analysis assessments on potential investments. Moreover, he should keep you updated through cost estimates of different endeavors so that you may not get caught unprepared.
Vigilant and Proactive
A competent accountant is vigilant and proactive regarding the business he is hired to handle. He keeps his homework updated and studies the business from all angles knowing the potential makeovers. He should design the models keeping your ambitions and future goals in sight. More importantly, he has to take care of seemingly less important day-to-day expenses, like meeting the deadlines and other requirements of your business to grow.
In short, an accountant can keep your financial affairs in order and must include the above-mentioned qualities and then some. If you don’t have a good accountant, check out an accountant in Queens to get rid of many financial nightmares.
Fisher Stone Tax Accountant
Queens P.C. 75-25 141st Pl Ste. #1, Queens, NY 11367