The importance of accounting for small businesses
Whether it is a large organization or a small business. Accounting is considered a matter that should be given great importance. Because it can help the business run more efficiently and reduce various losses that may occur. Bookkeeping is not only about income and expenses. But it also involves taxes and various regulations of the Revenue Department. Entrepreneurs should therefore use a reliable accounting company to do the work for them. We have compiled the advantages of hiring an accounting company in this article.
The difference between doing your own accounting and hiring an accounting firm.
Many people may be wondering how necessary it is to hire an accounting firm? Can I do the accounting myself? Let’s take a look at the differences between doing accounting ourselves and hiring an accounting company first.
Large businesses usually hire accounting firms to take care of various financial systems within their organization. Unfortunately, small businesses may not give accounting as much attention as they should. Whether it’s because of fear of increased expenses Many entrepreneurs therefore turn to doing accounting mostly by themselves. In fact, if you want to manage your own accounting system, you can do so. The advantage is that we will be able to monitor the procedures ourselves and prevent internal secrets from leaking to our competitors. But things to be careful about if you want to manage your account yourself are: Entrepreneurs need to have good accounting knowledge and must be aware of new information that may change at any time. Because if an error occurs, it puts you at risk of being fined. In addition, If the entrepreneur does not have an auditing license It is necessary to hire an accounting office to check and sign the certificate again later. It makes you waste money and waste time.
Therefore, accounting is considered the heart of any business that should be done by an expert. Because they will be able to plan the financial system effectively. Make each organization aware of financial movements Able to plan the organization systematically
Advantages of hiring an accounting company
The accounting system is efficient. Prevent mistakes that may occur
As I said, accounting is not just about income and expenses. But it’s about the laws and regulations that the accounting company can provide advice on managing the accounting system. Stay tuned for updated account information or changes. Including giving advice on tax planning. Resulting in good internal control. Reduce the risk of being audited and paying penalties to the Revenue Department.
Helps save costs
Hiring an accounting firm is less expensive. This is because it can reduce the cost of hiring accounting staff within the organization. In addition, business owners do not have to purchase software or update accounting programs. Because the company has already prepared it.
more experienced
Of course, the accountants in accounting companies all have experience in financial matters. The operator can rest assured that your account will be handled by experienced people. Able to solve immediate problems in a timely manner and can provide advice and various information that may be beneficial to the business in the future
Reduce corruption in the organization
The information obtained from the accounting company will be in accordance with the documents and accurate according to financial reporting standards. Because they do not have any conflict of interest with the organization, the entrepreneur can check the income and expenses of the business.
Reduce the burden on business owners and save time.
Because accounting work has many steps and requires constant learning. Whether it is contacting the Department of Business Development Company registration work Contacting the Revenue Department for filing taxes Clarifying tax issues, etc. Hiring an accounting firm can help manage such
matters efficiently. This allows business owners to fully manage the administration of their business or product to protect the organization’s interests without having to worry about accounting.
At this point, many people may begin to realize the importance of hiring an accounting company. Let’s take a look at what the duties of an accounting office are. How can it help your organization save time?
What matters does the accounting company take care of?
Prepare accounts
Manage various budgets and prepare accurate accounts. Take care of income-expenses, profits, losses, etc., which must be checked for accuracy so that entrepreneurs can use accounting information to plan marketing or other business plans.
Submit monthly and annual forms
The accounting company will take care of monthly and annual filings on behalf of the entrepreneur. Submit taxes mid-year and end of year. Send annual withholding tax to the Revenue Department. Send financial statements to the Ministry of Commerce Summary of social security contributions, etc.
General account closed
The accounting company will check the accuracy of the supporting documents for writing accounting records. And collect documents each month, record various financial statements, prepare a property register, prepare 5 books of accounts as required by law, such as cash accounts, bank accounts, daily purchase accounts. Daily sales account and general daily accounts Prepare annual financial statements, etc.
It can be seen that hiring an accounting company helps the organization to plan its organization systematically. Reduce various risks that will occur. Including helping business owners save time Able to take care of their own business more comprehensively Without having to worry about accounting anymore.
If you are looking for an accounting company, choose “CL. Accounting and Law”
CL Accounting and Law is an accounting company that provides comprehensive accounting services. From registering companies, partnerships, shops and registering business changes. Accounting system setup and teach accounting We are certified by the Department of Business Development. and received ISO 9001:2015 standards from the United Kingdom Accreditation Service.With over 10 years of experience, you can be confident that you will receive reliable and quality service. We intend to continuously improve the quality of our work.
