Professional Advisers - What Does an Accountant Do?

 Using the services of a professional advisor is paramount to success in business and financial management. We take for granted what other professions do or what we think they do. Accountants perform a wide range of tasks the most important of which are:

1. Helping with tax advice and assistance in completing your yearly tax returns. Accountants will advise individuals and business people on other issues relating to their tax position. For instance they should insure you take up or make use of any tax allowances - ISA and Capital Gains for instance.

2. Trusting planning - The individual Business Plan for small Business to get funding or business may hold investments overseas in trust or the accountant may advise using companies, partnerships and insurance polices to mitigate tax.

3. Limited companies are compelled to file annual returns - An accountant is skilled in preparing these accounts in a format acceptable to companies house.

4. Specialist accountants will also advise businesses on the running of the company in terms of cash flow management and the financial management of the business using forecasts and business plans.

5. In the case on Plc companies the account will also act as the companies auditors.

6. The majority of business require funding - either short term or long term in order to grow their businesses. Accountants can provide corporate finance advice together with additional services for businesses that are in financial trouble.

7. Directors and business owner at some point may wish to dispose of their business or perform a management buy out. Accountants can advise on the most tax efficient way to execute any exit strategy or sale.

8. Investigations by the HM Revenue and Customs can also be handled by your accountant.

9. Wealth Management - Accountants may have a in-house team of financial advisors to advise on specific investments.

10. One stop shop - Many large accountancy firms provide a whole raft of in-house advisory services from wills to off shore trust planning.

Most accountants will provide an initial meeting free of charge to discuss your exact requirements - Do not make the assumption accountants only do 'tax returns' make use of your local accountant in the long run the yearly cost of engaging their advice will be offset by long term savings in tax.