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Importance of Employing an Accountant in a Small Business
A business is a profit making entity. Running a business requires various staffs on a day to day. For a small business to run well it needs an accountant. An accountant is responsible for managing business finances. Since they account for all the finances of a business,they ensure it runs for along time. This paper will talk about the merits of employing an accountant in a small business.
Accountants will help in opening a bank account for the business and manage it. Businesses need to have a business account that will cater for business operations only. It is not advisable to mix personal finances and the business finances.
Accountants help a small business be able to tract its expenses. Its important to know where money goes after it comes into the business. Inflow and outflow of money is recorded by the accountant. Business are advised on how tot to overspend by being trained on money management. Accountants are very important since they help the business not collapse due to over spending.
Accounts department comes up with a way to run business finance smoothly by developing a bookkeeping system. This system help in organizing business finances. The system makes it easy to know the financial activities of the business. The systems saves the organisations time and effort. Auditing the business becomes easy.
Payroll is organized by the accounts department. The accounts and HR departments collaborate in ensuring wages and salaries are paid on time. They also ensure that they calculate the deductions that are necessary so as to safe guard the business from legal issues. They also remit the deductions to the government. Without the accountants it is hard to run the HR department smoothly
Accountants are very key when it comes to filling and making tax returns. The business may be closed due to failure to file taxes which is an offence that is known by everyone. Accountants will calculate and remit the taxes due to the government. Yearly and monthly tax returns are also done by the accountants. An accountant is also able to advise the business on all matters that revolve around task such as tax discounts and tax reliefs.
Businesses are mainly for profit making. Small or big businesses are opened for this reason. The calculation of profit margins is done by the accountant. They are able to calculate the gross profits by deducting the business expenses. Whether the business in in profits or losses , accountants will be able to tell and advise the business owners on the next step.

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