The Benefits of Using a Professional Accounting Firm

Most people can benefit by using an accounting firm, especially if you own a business. A professional team can assist you with a variety of activities, including auditing, bookkeeping, taxes and more. There are many benefits in working with an accounting firm, and businesses need to stay compliant too.

One of the benefits includes professional accounting services. They can assist you with small, medium and large company audits that might be a legal requirement for many businesses. Not only that, but it will help you to stay compliant and identify areas that need improvement. Independent reviews are another option that companies can look at, as well as special purpose audits. Often times, shareholders of a company will require these audits to be done on a regular basis in order to ensure that the company’s financials are completely in order and that all the rules and regulations are followed.

An accounting firm can also provide sound tax advice and taxation service for businesses, and this include the completion of 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. An accounting firm can 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.

Consulting services include advice on business structures, preparation of monthly and periodic management accounts, analysis and interpretation of financial results, and assistance with business plans. Business plans are essential for new businesses and they should be professionally done to ensure that everything has been taken into account and that accurate forecasts are being made. Professionals can best assist with this as they have the experience necessary to compile professional plans.

Colin Smith & Co is a professional accounting firm 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.