Many people think that all accountants are the same. Chartered accountants have some specific skills and knowledge that can make them valuable additions to your business. In today’s complex and competitive business world, obtaining the correct advice can mean the difference between a business failing and succeeding. The correct financial advice from a qualified chartered accountant can enable you to increase your profits and help grow your business.
The right expertise
Chartered accounts have a depth of financial knowledge and expertise. To become qualified they must undergo a high standard of education and examinations, and then maintain their financial and business knowledge through ongoing development. Chartered accountants have great strategic skills that require a thorough knowledge of complex relationships such as business operations, financing, taxation, risk management and regulations.
The ability to challenge assumptions
Chartered Accountants are taught to challenge assumptions and conduct rigorous testing procedures to try and improve the mechanisms and reporting structures in businesses. They are educated to refuse to accept anything at face value. As well as being bookkeepers, they can also be classed as financial detectives, with an eye for detail and compulsion for thoroughness, they are always looking for proof that a current financial process works efficiently.
The strategic knowledge to formulate a plan
Chartered accountants don’t require handholding; they tend to thrive on a challenge and building detail from limited amounts of information. They can devise a plan or strategy that will help you to move through the auditing processes as smoothly as possible. Because they would have worked with clients from various sized companies, they have the ability and knowledge to adapt. A chartered accountant that is worth his salt will know how to deliver a high quality audit that’s appropriate for your business.
Mergers & Acquisitions
Acquiring and merging companies involves many complexities such as tax planning and strategies. A chartered accountant with the right expertise can provide invaluable industry knowledge and advice throughout the merger and acquisition process, ensuring an effective and smooth transition.
Tax Consulting & Compliance
As your business expands, your taxes will need to change. A chartered accountant with the right expertise can develop a strategy that will minimize the amount of tax that your business pays. This is essential advice for businesses both small and large. The correct tax advice and planning can give your business a real competitive advantage. With tax laws regularly changing, a chartered accountant will be able to offer advice on improving your accounting systems, maximizing tax deferral, tax preparations and information returns.
should your business be registered as a partnership, a proprietorship, a corporation or a joint venture? How will the structure of your business change as it grows? A chartered accountant will provide your business on which structure to choose and answer questions regarding share structures or partnerships, and whether there would be tax benefits to using multiple legal entities instead of just one. A chartered accountant with the right expertise in this area can advise you on the alternative options that will minimize taxes and protect your equity from and business risks. The right structure can provide your business with significant tax benefits and a competitive edge.
About the author: This is a guest post by David at Graham Paul, chartered accountants based in Cardiff, David is enthusiastic about all things accountancy related, in his spare time he enjoys writing articles related to business and finance.