Accounting is a complicated topic because it involves different skills and knowledge. If you own a business and need to keep track of your finances, an accountant can help. A chartered accountant (CA) is someone who has passed the Chartered Accountancy exam that demonstrates their knowledge of accounting principles and business practices.
Even if you do not have a big company or office, it is necessary that you have a CA working for you. If you do not want to employ one full-time you might consider outsourcing this task to Help My Biz, an accounting service CA firm in Kolkata to help you receive a CA’s services without having to employ them throughout the year.
Here are some reasons why every business owner should consider hiring one even if they have only 10 employees.
Importance of a definitive audit
A CA is expected to conduct a thorough audit of a company’s financial statements. The purpose of this audit is to confirm whether financial information is correct and in line with accounting principles. Therefore, any audit is a definitive audit and provides a sense of trust and reassurance.
A CA is an expert on accounting principles and practices and has the skill to confirm the accuracy of your financial records. Having confidence in your financial management is critical to any business’s success. If you are unsure if your books are accurate, you may make unwise business decisions that could have a negative impact on your company’s performance. A CA is a must-have in any business to ensure comprehensive and reliable financial data.
A definitive risk assessment
Every business has the potential to experience risk. This could be from suppliers or customers demanding a higher price, unforeseen equipment failure, or poor sales results. A CA can help you identify and mitigate risk in your company’s finances. They can help you identify and review your key financial figures. A risk assessment is a comprehensive look at your business’s financial position. This includes the current financial situation and key factors that could affect your company’s performance. A risk assessment can help you identify areas for improvement. It can also help you identify and manage risk. Therefore, it’s a great way to help ensure your business is as safe as possible.
Understanding taxes and reporting requirements
A CA can help you to understand your company’s tax obligations and reporting requirements associated with running a company. A business will likely be required to file an annual return with theTax Office. A CA can help you to calculate the right amount of tax payable. They can also help you to identify tax deductions and expenses that may be available to reduce your tax liability. They can also help you to identify and analyse key figures to help you to make decisions about your business.
Conclusion
A CA can help you manage your company’s finances, understand tax implications, calculate depreciation, identify red flags in your accounts, manage risk and more. A CA can help to identify uncollectible customers and unappreciated suppliers.
