If you are a business owner, using a professional accounting firm has many benefits. These professionals are experienced in a variety of skills and they can assist you with services like bookkeeping, auditing, and taxation. You can also get professional advice when you need it for your business.
Accounting firms can provide small businesses with professional tax advice, and this includes completing your tax returns, corporate tax consulting, estate planning, the completion of individual tax returns, and compliance administration for small and large businesses. Another important aspect for any business to remember is payroll. Accounting firms can also take care of your payroll obligations by preparing payslips, and completing returns on your behalf. This is a huge help as it takes a lot of effort and planning to ensure that all your employees are paid as they should, and that PAYE and UIF is taken care of.
You might also need on-going assistance for your growing business, especially if you want to save money by not having to hire your own accounting team to work for you in-house. This is a trend that many businesses are following in South Africa – with great success. Your team can take care of monthly statements, financial reports and even supplier payments on your behalf.
Auditing is another benefit that accounting firms can assist small businesses with. They are many benefits in obtaining an audit, like having verified financial reports for your management and investors. You will also find it easier to obtain new investors if your company is regularly audited.Depending on the type of business you have registered you might not necessarily need to undergo audit, however it can only be beneficial for you to do so which is why so many small business owners choose to work with auditors.
Colin Smith & Co is a professional accounting firms that provides a variety of services to customers throughout South Africa. Their team of professionals can assist you with accurate tax planning, administrative services, and payroll assistance for business customers.