Cooperation with an accounting firm – all you need to know about it
Oct 22, 2019
Oct 22, 2019
The accounting services are very important for every businessman regardless of the legal form of the company. The most important thing is to include the accountant from the moment of the company’s establishment, especially if it is a small enterprise.
Every company that hires the accounting company is expecting much more than just keeping business records. The accountant must be a person of trust and an associate who will help a businessman to run his business successfully. A good accountant knows the laws and how to direct the businessman to run his jobs successfully and in legal boundaries.
Basically, the accountancy’s task is to record all changes in company’s which affect property, obligations, company’s capital and on his income and expenses. However, widely seen the accountancy (an accountant or an accounting company) takes care of everything that has utility, material or monetary value in the company.
The term value is related to material and non-material value. The property like office furniture, vehicles, computers, working equipment, etc. has material value. Computer software, licenses, and patents, intellectual property, royalties, permits, etc. represent non-material value. The human factor or human capital that includes the knowledge and skills of the employees also represents the part of the company’s value.
The accountant is obliged to record all the business changes based on the submitted documentation. Business documentation contains all the data that the accountant needs for his work and it represents the proof that the things changed during the business.
Example: When you sell your goods or service to your buyer, you always issue a bill. You give him one copy and give the other one to your accountant as proof of selling goods or provided services. After that, based on that bill he records the income from the sale.
When the accountant checks your invoice, it must be correct and contain all the basic elements of the invoice. The accountant has to see the next information on that invoice
If during the sale you had some expenses, you must submit the bills to your accountant so that he could record them.
The basic documents in the accounting are business records where all the changes are recorded, and those are a docket, main and auxiliary records. They can be in paper and electronic form. In the past, all the business and accounting changes were entered only in paper form. But with the development of technology and accounting software, today that is possible to do in electronic form.
To perceive the business of a businessman, the accounting agency must have all the information regarding the business. They must have all the necessary papers, information, and documents for work to always give a prepared answer or in some situations give important information for certain decisions.
With his proficient knowledge, the accountant should be of multiple help when it comes to running a business so that you could raise it on a higher level.
You should regularly deliver him complete documentation for accounting and keep him informed about new business changes. The accounting agency has a three-day deadline to include all the business changes into the business records and then account them through the accounting program.
These documents must be original. You should deliver them weekly, monthly and yearly so that the accounting can be done without any problems. It is recommended that you have copies of the business documents in your archive
Some of the jobs accounting companies are hired for are personnel jobs which include personnel records and personal administration jobs
Calculation of taxes and contributions is a very complex and narrowly related accounting business and represents one of the reasons why the companies hire the accounting companies. Because of the complexity of that procedure and accounting methods as well as often law changes, it is recommended that you leave the accounting of monthly taxes and contributions to your accountant. In that way, you can avoid possible mistakes and complications, for which penalties can be very high.
Many accounting companies offer financial and tax advisory to make business easier for their clients and optimize tax obligations.
The questions and consultations are related to:
An experienced accounting agency will without any problems write you the annual financial statement at the end of the business year and help you see the results of your business. The annual financial statement consists of a balance sheet, an income statement, and a statistical annex. This report shows whether your company has had a successful business year or not.
A good accountant will teach you how to read the annual statement or financial reports because you have the greatest benefit from them. This is the best way for you to know about the state of your business.
You can hire the accountant after establishing the company, but it would be ideal to do that before the registration. The most useful thing would be to choose the accounting company before the company’s registration.
Your accountant can be of multiple help during the registration of your company for many reasons:
After you entrusted your books to a certain accounting company, you have to sign the written contract with them. You should consider the accounting agency as your long-term business associate who will help you to persist in your business and accomplish your business goals.
Define the obligations of the accounting company with that contract and create a healthier relationship with your closest business associate. In the beginning, it is necessary to deliver all your data and documentation necessary for the successful beginning of keeping your business records to the accountant that you choose.
The basic services offered by the accounting companies include managing business documentation: Those activities can be divided into three levels:
The additional services offered by the accounting agency can be related to a great choice of business informational system. With their help, the business can be raised on a higher level. Using the ERP or the informational systems you can get correct and qualitative information from the accounting company which in long terms can represent the key for a successful business.
Communication and cooperation with the accountant
To have easier and more efficient business communication with your accountant, you should inform about the terms that are used in the accounting practices. It would be easier for you to ask if something is not clear to and you will understand the answer you get from the accountant.
The cooperation is very important. An experienced and responsible accountant will get informed and find out all the details related to your business and activities.
Talk with him and find out which information he needs to prevent all future business problems. Secure him conditions for easier bookkeeping in order to have a healthier business relation.
For all the additional questions related to business, future taxes and relives for new workplaces or services which accounting companies offer to the businessman you can contact our experts. HLB T&M Consulting accounting company from Belgrade stands at your disposal and will answer very quickly all your questions.