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Stoke-on-Trent Accountants TIPS…

What are the Benefits of a Chartered Accountant

Accounting is the basis of all business decisions. Effective decision-making often makes the difference between various degrees of business success/failure.  If you don’t have an internal accountant or at a minimum accounting software an experienced accountant will develop the financial reports that describe your financial position, the results of your operations and your cash flows. So any business large or small, will benefit from working with a professional accountant. Often small business owners feel they work so closely with their businesses that they don’t need someone to tell them those things. However your financial position and results of operations are based on accruals and deferrals and without a clear understanding of how that affects your financial position, results of your operations and your cash flows all you truly understand is how much cash came in and how much went out.

A quality accountant will also help you to interpret the financial statements for your business and help to keep them accurate if you prepare them in house. He can tell you about the cycles of your business, helping you to understand when you have to increase or decrease inventories. He can help you to understand trends so even if you are taking money in, it doesn’t necessarily mean your business is growing. He can help you to use your financial reports to determine If there are expenses you could better control and where you can afford to make cuts. And a quality accountant can help you to understand the maze of constantly changing income and sales tax laws that affect your business. No business can be optimally successful without an accountant helping them. And their fees are tax deductible as an operating expense.

An accountant can improve resource allocation decisions by developing financial analyses that shed light upon various decision alternatives.

A statement worth considering: “Not all revenue is created equal”.

Seems obvious, but even if you have a management team, they can too often fixate on generating revenue without regard to the direct, indirect, and strategic costs of generating that revenue. Hence, profits decline even as revenue increases. Is that always bad? No. Would it be useful to understand the economic factors at play before committing resources? Yes.

Source: Quora

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