Accountants are the people who know how to guide you through the complicated realm of taxes, VAT returns, and other statutory obligations your business has to meet.
Having an accountant on your team isn’t a legal requirement, but they’re doubtless a strength that many businesses couldn’t do without.
So, what do they actually do? What is the role of an accountant in a business?
What is the main role of an accountant in business?
An accountant’s main role involves dealing with necessary compliance work and taxes, and keeping financial records of the business to which they’re attached. Working with financial data is a big part of their job, and their firm grasp of the goings-in and out of a company yields valuable insight.
Accountants are often working to keep the pressure and stress of financial management squarely on their own plates, so that others in the company can deal with their own day-to-day.
Duties and responsibilities of an accountant
More than keeping the books, an accountant actually interprets the financial data that they record. This means that beyond ensuring compliance with laws and regulations, accountants also forecast and analyse risks to a business, advise on ways to increase profitability and cut expenditure, help identify issues within an organisation’s financial performance, and much more.
In short, an accountant doesn’t merely perform financial housekeeping; they help a business grow, and can lend a hand in strategy and help you manage money as smartly and efficiently as possible.
How important is an accountant to a business?
If a business is considering the help of an accountant, they probably need it!
Sole traders and SMEs may have no such need, so long as the person doing the taxes is confident and competent enough to avoid costly mistakes.
Some enterprises might find the help of an accountant an invaluable part of their strategy. For instance, when launching a startup, an accountant can help with identifying overheads and forecasting revenue. This information will be of great interest to potential lenders, and will sharpen your pitch so that it lands with the right impression.
How does an accountant affect business operations?
The work of an accountant can seep into many aspects of a business, but it all flows back to finances. With them keeping things in check, a business can operate more efficiently and profitably, with a clearer picture of future growth and challenges to said growth.
Accountants can usually pick out which tasks can be aided by technology or automation, too, streamlining processes throughout the company.
What role Venn Accounts can play in your business
Venn Accounts works entirely through the cloud and strictly on a bespoke basis.
What this means for our clients is that we can be agile and responsive, understanding the specific needs of you and your company so that we can meet them exactly.
Our accounting services cover everything an SME needs, from payroll to cash flow management.
To find out more, please contact us today.