10 ways that our Accounting Services will Add Value to Your Small Business
Everyone wants an accountant’s help when tax season strikes. Few people, however, know the kind of value HM Accounting can add outside of the systematic and detailed recording of financial transactions. We can assist SMEs in numerous ways that will help their businesses grow into thriving, compliant entities.
This is because we are accountants that are much more than just number crunchers; we are also strategists, advisors, and business specialists.
Here’s how HM Accounting will add value beyond number-crunching:
1. Meeting deadlines and avoiding penalties
HM Accounting will help ensure that you don’t miss tax filing deadlines and the resulting penalties. Laws and regulations are constantly changing, but proper accounting systems and processes will help guarantee statutory compliance for your business.
We will ensure that liabilities such as sales tax, VAT, income tax, and pension funds, to name a few, are taken care of.
2. Minimising your tax bill
HM Accounting can help you minimise your tax bill by helping you save on deductibles, keeping your financial information up to date, taking advantage of tax exemptions and incentives, and ensuring that you always receive the most up-to-date advice.
3. Determining your business structure
As your business grows, the legal structure that worked for you in the past may not be ideal going forward.
HM Accounting will look at the advantages and disadvantages of each business structure, considering its tax-saving and non-financial considerations, and can advise you on whether to set up as a sole proprietor, partnership, or limited company.
4. Registering for VAT
Once you know which company structure is most applicable to your needs, you need to register as a VAT vendor if your earnings exceed a certain threshold amount.
If your business earns less than the threshold amount, registering for VAT is optional, but there are some good reasons for voluntary VAT registration, as it can save you money in the long run.
5. Increasing profitability
HM Accounting will help you save money and increase profitability by analysing expenses and looking at possible improvements in cash flow management, reducing debts, negotiating with suppliers, cost control, forecasting, maximising pricing, planning for profit, and better reporting of information to facilitate better decision-making.
6. Evaluating performance
Financial records show the results of operations and the financial position of your business, but HM Accounting will help you understand how your business is tracking financially.
We develop performance evaluations that help ensure your business is growing in line with projections. These evaluations can save you money by determining how your operations and people are performing.
HM Accounting will help clean up your records, get them up to date, and assist you in keeping track of expenses and debt. We also help you compare your current data to your previous accounting records and help you allocate your budget appropriately.
7. Integrated reporting
Using integrated reporting means that a company can think and perform in an integrated manner, doing away with siloed information, thus allowing the executive to make better decisions with complete and contextual information.
The more integrated thinking is entrenched into a business’s daily activities, the better the integration and flow of information into analysis, management reporting, and decision-making.
Integrated thinking allows a business to move from accounting for balance sheets to accounting for business wellbeing.
8. Future projections
Having correct budgets and forecasts can be what makes or breaks a business. Projected financial statements consider past financial trends, market conditions and likely changes, and business expectations to arrive at a future financial scenario. Projected financial statements will help you plan for the future.
Accurate financials play an essential role in these plans. Well-structured accounting processes most appropriately provide historical financial data as it helps keep your operations profitable.
9. Filing financial statements
Businesses are required to file their financial statements with the Registrar of Companies. In contrast, companies listed on the Johannesburg Stock Exchange (JSE) must file them with stock exchanges for direct and indirect tax filing purposes.
We play an essential role in the filing of these financial statements.
10. Best use of technology
Does your company use cloud-based software or SaaS? If so, HMAccounting can help you interpret the data, providing you with the insights your business needs to flourish.
We can also help you leverage technology and data to deliver the best value to your business in the most effective ways by helping you make the most of your software’s functionality.
We provide much more value than simple number-crunching; we help ensure businesses have the knowledge, resources, and agility to remain successful over the long term.
An accountant who is commercially minded, as well as business-savvy, can be a huge asset to your growing company. Their advice can assist you in improving cash flow, forecasting financial performance, and providing a clear picture of the levers you can pull in your company to increase profitability, all of which leads to an increase in shareholder value.