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Importance Of Accountancy:

By Expert Author: Ilyas Habib

For running a business it is very important to keep up in the market by the products which we are known, its prizes, marketing etc all these services are external services which are really important, these helps the company to be a known service provider. Now in the internal services are as important as external services which include keeping accountancy, book-keeping, taxation, audit and business advices. If the internal services are successful then the external audit will stay up to the mark. But only a sole personality cannot handle all these internal services himself, so what he does? He appoints those companies which provide accountancy services to the company; this lessens the burden of the company and makes the services functional without any pros and cons.

One of the most important requirements of a small business is accounting. Accounting tracks transactions in addition to supplying financial statements that overview the company's performance. Small businesses need to track revenues and expenses, as a clear outlay of expenses allows a business to determine where to cut expenses and maximize profit. Small businesses can either hire a CPA or maintain an internal accounting department to provide these services. CPA here refers to certified public accountant, these accounts are the working employees of the service providers who help these small scale companies with their audit work. These CPA’s are experienced certified people, which appear for CPA exams. CPA covers accounting, business, law, auditing and taxes. These areas represent a vital part of small and sole business traders needs. The services of accounting providers provides small/ medium business with consultation services aligning from giving advice on computer systems to structuring transactions for maximum tax benefits.

These service providers know that the business environment includes financial statement analysis, economics and finance. Consulting an accountant helps a company determine the best business strategies, both internally and externally. For example, an accountant can help a company develop a SWOT analysis to look at a company's strengths, weaknesses, opportunities, and threats. This analysis helps an organization position itself in the local market place.They also consult on implementing different Information Technology (IT) systems, especially in the creation of a system that allows easy auditing. Using an IT auditing system helps a company prevent fraud or theft.

One of the hardest things for a small / medium business is determining tax liability and structuring transactions for maximum tax benefit. For example, an accountant can help a small business structure a 1031 exchange so the small business does not report a gain or loss on transaction while limiting year-end tax liabilities. An accountant can also help a company properly file taxes. An Accountant can help these companies perform audits that allow for the assessment of the company, create internal control and check for accuracy on a company’s financial statement. Accountants auditing statements allows them to catch the frauds, misinterpretations and thefts: they bring a fresh prospective to the company. A qualified, experienced and well knowledgeable accountant will cut down the branches which are loaded with many sectors in the business for the owners of small and medium or even sole proprietors. This article will be a lighting bulb for the owners of the company who are planning and also for those who have not even planned of hiring an accountant.

Auditax is a company whose head is Ilyas Habib. He has a rich experience of about 19 years that helps in all the financial decisions and accountancy services for small and medium scale business. The branches of Auditax ia an Accountants North London, Edgware, Harrow, Watford and Mill Hill.

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