Using professional accounting companies has many benefits, especially if you are the owner of a small business. They can assist you with services like bookkeeping, auditing, and taxation. You will also have the team available that can provide you with professional advice when you need for your business.
Accounting companies can provide small businesses with professional tax advice, 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. Accounting companies 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.
Auditing is another benefit that accounting companies can assist small businesses with. They are many benefits in obtaining an audit, like having verified financial reports for your management and investors. And organs might also be handy in the event that you choose to sell your business in future. 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.
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 company 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.