Accountants have a decisive role in the smooth running of small scale business establishments and also making them profitable. Besides softwares,the accounting for small business requires the services of a professional accountant who will be able to control the spending and maintain the business financially healthy. Those who start new businesses must first of all consult a professional accountant and when days pass by they will very well realize the significance of the service of accountant. Professional accountants will have a lot of responsibilities in the day-to-day operations of any type of business. The commercial aspects of any organization are to be taken care of adequately for which the services of accountants are essential.All types of commercial establishments - proprietary,partnership or limited companies - are required to submit their annual accounts to the tax department.There are various statutory requirements pertaining to the submission of audit reports and the guidelines are to be followed strictly.The professional accountants can help the management to prepare the reports properly and without errors.The accountants who have special skills in preparing audit reports can help the small establishments to prepare their audit reports in such a way that the company will be able to produce better results in the future.
Professional accountants who have exposure to latest accounting techniques can offer various innovative inputs in the accounting for small business. They can advise the stake holders regarding starting the business, structure of the organization and also chalking out an appropriate business plan. Also they can provide proper guidance in registering the company in accordance with the existing rules and regulations. Besides preparing annual audit reports, it will be the responsibility of the accounts managers to introduce as well as maintain proper book keeping systems, preparing financial statements including balance sheet and profit and loss accounts and also ensuring timely filing of sales tax returns, corporate taxes, income tax and insurance contributions etc.
The experienced and efficient accountants will be able to establish simple systems for the organization that will help the management and staff to run the business efficiently as well as profitably. The accountants have to perform various crucial jobs such as preparing the annual budget, monitor the performance of the company, implementing cost control measures, ensuring profit margins and anticipation of cash flow. Any mistake on the part of the accountants will have serious consequences to the entire operations of the company and can lead to a chaotic situation. Accountants advise the management in matters pertaining to finance of the organization.
