Although this professional such as Susan S. Lewis, Ltd for instance helps organize the balance sheets and equity of a business, his performance goes much further.
- Control And Regularize Taxes
A company needs an accountant, as he is the one who controls and regularizes all corporate taxes, being able to identify when they are being paid more than due, for example. Formalized businesses also have several ancillary obligations.
They consist of monthly, quarterly, or annual statements that must be submitted to the government (municipal, state, and federal levels). However, obligations vary according to the tax regime chosen and must contain data on:
- Revenue
- Charges
- Payslips
- Among others
As they have some particularities, the company needs an accountant to take care of their preparation.
- Open A Business The Right Way
Nothing prevents an entrepreneur from starting his company alone. With the facilities that technology presents, it is even possible to open an online business nowadays. However, a company needs an accountant, as he helps to start a business in the right way, helping to gather all the necessary documents to present at the Commercial Registry, open the CNPJ, define the format and the best tax regime. He can make the corporation work regularly but with a low tax burden.
- Analyze The Company’s Performance Strategically
In addition to assisting in controlling finances and opening a business, a company needs an accountant. This is all because he can analyze various aspects of an enterprise, which the manager often goes unnoticed. When doing the bookkeeping, he identifies the billing amount in a global way and the taxes that are being unduly paid.
Likewise, the accounting professional also can verify the departments and services that can be readjusted, focusing on cost reduction and the best types of investments in the short and medium term. Therefore, accounting contributes to the company’s financial projection and provides essential data to visualize growth.
- Ensuring The Tax Regularity Of The Business
The entrepreneur who starts his business without paying attention to accounting may have problems in the future, mainly related to tax regularization. When he does not pay taxes within the due period, the Tax Authorities start to collect these debts, with incidences of fines and interest on late payment, first in a “friendly” way, then in court.
In this way, the assets and values that are part of the patrimony of the legal entity can be pledged so that the debts are settled. For this not to happen, the company needs an accountant to regularize this situation and not let the business find it challenging to participate in public tenders or obtain credit lines from financial institutions;
- Keep The Balance Sheet Up To Date
Every year the company must submit its balance sheet to the IRS. The task of keeping it up to date is up to the accountant. This statement comprises three categories: assets, liabilities, and equity.
Assets – cash, machinery, account transactions, and securities;
Liabilities – wages owed, taxes payable, bank loans;
Equity – capital that the company owns from the positive difference between assets and liabilities.
In addition to helping to clarify the legal equity position, the balance sheet provides essential data to plan the next actions of the business, as well as its growth.
