Chartered accountants are stereotypically referred to as bean counters. Most people assume CA’s just spend time calculating, nit picking and freaking out if there’s one penny out of line. Thankfully, this caricature of chartered accountants isn’t accurate. Here are four ways a chartered accountant can make an impact on your business!
1. Refine Your Cash Flow Management
Chartered accountants have the ability to analyze how your company handles its finances and help you find ways to improve. CA’s can enhance your financial efficiency by improving your documentation system and helping your team implement best practices.
CA’s can also do financial forecasting which helps you better manage your cash flow. Financial projections can help you prepare action plans for emergency situations, so they don’t catch you by surprise. Financial projections are also perfect for helping you better manage your resources and maintain a healthy business. Chartered accountants can help you efficiently manage all your payments and ensure you don’t fall into common problems with cash flow.
2. They’ll Help Make Tax Season Easier
One of the most difficult things to deal with as a growing business is tax season. If your business is rapidly growing, just one year can make a significant difference in how you handle your taxes. CA’s can help you manage increasing tax pressures on your company as you grow.
If your business owes a lot of taxes, CA’s can help you come up with a plan to pay off your tax bill without hobbling your business. Having a competent accountant on your team will help your business avoid crisis situations by properly managing your money.
Another reason to use a chartered accountant for taxes season is that it’s simply easier. CA’s take a ton of pressure and stress off your mind. When you hire a CA you know for sure all your tax filings will be compliant with the regulations necessary for your company to follow. Stressing yourself out with taxes is an inefficient use of time and energy when you can get a qualified professional to help you out.
3. Chartered Accountants Can Provide Strategic Insights
One of the most undervalued skills chartered accounts have is the ability to act as a consultant for your company. Because of their intimate financial knowledge, CA’s can help you make better decisions throughout your company.
CA’s can advise you on maximizing resource allocation and eliminating inefficient practices. They can also help you with risk management when it comes to considering your finances and future investments.
Charted accountants are valuable because they can provide an objective outside look at the financial state of your company. They can identify problems and help your team take steps forward to solve them. CA’s can help you put structures in place that make achieving your financial goals much easier.
4. They Can Execute Essential Accounting Tasks
Charted accountants can also help you with simple financial tasks that end up bogging most businesses down. They can help you come up with efficient processes for maintaining your financial records and keep you compliant with all tax regulations.
When you consult with a charted accountant regularly, audits are much less scary. Working with a CA ensures all your records are in order and relieves an enormous burden off your mind as a business owner.
All in all, chartered accountants are extremely valuable and underused resources. Don’t just look at your CA during tax season; they have a wealth of knowledge that can help your business grow efficiently and avoid common financial pitfalls. Chartered accountants serve many purposes beyond just crunching numbers.