Dear entrepreneur, congratulations for a good take off! You are building a business that stands equal chances of survival and failure. In this column, I wish to discuss the survival side. That side of the coin that bears your portrait with your head wearing the heavy crown of responsibility. While you sell and drive operations, do not forget to formalize your financial reporting and management procedures. Professional management of finances is good to the entrepreneur, second parties like employees and third parties who include suppliers and the taxman. You also have the advantage of technology to automate most of your accounting procedures under the supervision of a competent accounting firm. My notes in this column will highlight the advantages of outsourcing an accountant over hiring them. For smaller companies, outsourcing is the way to go.
The first advantage of having an accountant in your business is professional management of your books. This saves you from losses that would otherwise arise from inefficiencies of financial management. Such losses include tax penalties on late filing, high cost of debt and bank overdraft where loans are not properly planned for. Losses due to lack of running bank statement analysis and reconciliation of cash books with bank statements, poor asset management, lack of financial reports to inform management decisions and disorganized records for lack of proper librarianship of financial records will also be corrected by a good accountant. Other advantages of outsourcing your accountant include cost saving, access to business intelligence through advisory and adoption of automation technologies like QuickBooks and Tally Prime in managing financial records.
iGrand Business Plans Limited is a firm led by a team of certified accountants who are willing to help you set up an accounting department. The team brings the best of both worlds from tech and finance into your business to formalize reporting and financial management. You will enjoy a better relationship with the revenue collector as your accountant will take up the role of managing your tax portal and handling tax related correspondences in a more professional manner. Other than accounting, you will benefit from business consultancy in areas such as maintenance of your company in the ecitizen portal, short and mid-term business planning and compliance with sector regulators. Your accountant compliments you from the other side of the entrepreneurship coin. To access outsourced accounting services from iGrand Business Plans Limited; send an email to email@example.com to get a service quote.