When it comes to business, there are a myriad of different things to take care of. However, one of your number one priorities is, obviously, your finances. You will need to know how much your company makes, what your expenses are and whether you’re making profit. These are important factors to consider when making business decisions.
That’s why you need an accounting agency. As your business accountants, we’re basically the Robin to your Batman, the Luigi to your Mario, you get the gist.
As your business accountants, we’ll help you keep track of your financial records and ensure that you’re able to make better, informed decisions based on accurate and up-to-date financial information. We can analyse your financial data, prepare financial statements and advise you on how your company can maximise profit.
But that’s not all! We can do more than just make sense of all those confusing numbers. One of the main reasons why small businesses benefit from accountants is that we can help manage your cash flow. Besides that, we take care of all your taxes as well.
In this blog, we’ll explore exactly how business accounting works. Let’s begin!
What Do Business Accountants Do for A Business?
1. Bookkeeping
No matter the size of your business, bookkeeping is the foundation of business accounting. Bookkeeping involves the day-to-day recording and tracking of financial transactions. Regardless of what your business does, it is essential that you keep accurate financial records so that you can make informed business decisions and ensure compliance with tax laws.
However, bookkeeping involves a range of different subtasks, such as keeping a record of overall sales and expenses, reconciling bank accounts, maintaining ledgers and a whole lot more. As your business accountants, we will provide you with updated financial statements and records so that you can track your financial performance. This will help you identify the areas where you may need to make changes or improvements.
Besides, by keeping track of your overall business expenses and revenue, you can better manage your cash flow and gain clarity on where you should spend or invest.
2. Tax Planning
Dealing with taxes and tax planning is something most people want to run away from. But as your business accountants, you can simply hand it all over to us. Small businesses are often subject to a number of different tax laws that can be difficult to understand. If you fail to comply with these laws, your business may face heavy fines and penalties, which could massively affect your overall financial health.
As your business accountants, we will advise you about the current tax laws and advise you on the best tax strategies to minimise your tax liability while ensuring that you stay compliant with the law. In addition to that, we understand your exact tax obligations and ensure that your tax returns are filed promptly and accurately. We will also help your business take better advantage of any available tax deductions and credits.
3. Financial Forecasting and Budgeting
One of the most essential components of financial management for small businesses includes budgeting and forecasting. Budgeting and financial forecasting allow you to plan for the future and make better business decisions. By creating a detailed budget plan, you will gain clarity on how you should allocate your financial resources over a period of time. A budget can also help you manage cash flow, monitor expenses and identify any potential financial issues.
When it comes to financial forecasting, we can predict your business’s future financial performance based on your history and other data, such as market trends, customer demand and more. This will help you understand your financial risks and opportunities and devise strategies accordingly.
Working with a business accountant, you will get valuable insights on what the best budget for your business is and how you can make it more realistic to reflect actual performance. This will help you set better goals that are more measurable and enable you to track progress.
Choose Acumenica for All Your Business Accounting Needs
When it comes to business, efficient financial management and planning are crucial for driving growth. However, if crunching numbers is not your cup of tea, we can help!
At Acumenica, we've embraced the 21st century with open arms. We're a cloud-first, technology-driven accountancy firm. This means we're not like regular accounting agencies, we’re a cool accounting agency. Moreover, with over 20 years of experience and expertise in financial management, we’ll offer your business the support it needs to truly thrive.
Besides, when you partner with us, you will have access to your accountant at all times—via phone, email or even in-person meetings.
That’s not all. Once we join forces, you will also have access to our award-winning cloud software, FreeAgent. With FreeAgent, managing your finances will become a whole lot easier and smoother. However, we’re also certified in Xero, Dext, and other solutions to fit your business requirements.
Contact us now to begin your journey to smoother financial management. Drop us an email at
