Accountants can really do so many things, and some of these things people do not realize they can help with. Accounting is more than just staring at numbers all day and making sure things add up right. Accounting is a blend of analysis, problem solving, and even detective work. So what areas can accountants help you with that you may not know about?
Fixing Your Cash Flow-
Successful businesses can crash because they run out of cash at inopportune times which leads to being unable to pay their vendors or employees. Accountants are aware that revenue ebbs and flows along with costs, so they can assist you in predicting the impact on cash flow and devise solutions to deal with the issue you face.
Business Strategy Assistance-
With all of the moving parts in a business, it can sometimes be difficult to realize where you should focus your attention. However, an accountant can help you to determine what is most important at the time. Your accountant can assist you in defining your personal, professional, and financial goals. Once these goals are identified, your accountant can also provide you with the needed tools to help track your progress.
Unpaid Invoices-
In the corporate world, unpaid invoices are just a part of life. However, you have other important things to focus on rather than adding in the distraction of chasing down debtors. Regardless, it must be done and your accountant can relieve you of this extra burden.
Managing Debt-
You can have good debt, or bad debt and your accountant can help to distinguish between the two. They will identify the most cost-effective borrowing options while balancing repayment flexibility and low interest rates. Also, if you need it, your accountant can assist with refinancing.
Managing Stock-
Inventory management is crucial when owning a business, and it will be the difference in being a successful business owner or not. You can lose money due to lack of inventory or spending too much on storage due to too much inventory. Your accountant, however, can help figure out how much it costs to keep inventory as well as develop ways to save money in regards to inventory.
Accounting is a systematic process of identifying, recording, measuring, classifying, verifying, summarizing, interpreting and communicating financial information. Accounting plays a vital role in running a business because it helps you track income and expenditures, ensure statutory compliance, and provide investors, management, and government with quantitative financial information which can be used in making business decisions. Just remember, accountants can do so much more to help you with all of your moving parts and if you need a hand, let us help you carry your books!
TK Accounting & Consulting 