Sales play a huge role in any business and as growth and expansion take place, the number of invoices and receipts a business must organise and file increases. In addition to filing receipts and bookkeeping, a business is required to submit accounts and reports as well as file taxes and make payments on time.

These tasks make it essential for a business to hire an accountant. However, an accountant’s work is not limited to bookkeeping and keeping track of payment deadlines. They also play a vital role in the success of a business.

What is an accountant’s role in a business?

Outsourced financial management services cover a range of tasks and a professional accountant from company secretarial services can be of great benefit to a company. An accountant in Ilford will handle a company’s accounting, bookkeeping, and taxation. They will also have a better idea about the latest laws and regulations and may have in their possession useful accounting tools and software.

While there are several tasks an accountant will handle in a business, they will mainly prepare financial records like sales, assets, loans, and stocks. They will also handle your bookkeeping and categorise your invoices and expenses.

Company secretarial services UK will also handle tax submissions and payments as well as financial reporting, auditing, and PAYE and VAT registration and payments. An accountant from an outsourced financial management service will also look into and keep track of all relevant government paperwork and administrative tasks.

Business success

While a business requires an accountant for bookkeeping and preparing financial statements, an accountant will also play a vital role in the success of a business. This can be done by making better use of your accountant, especially if you outsourced to company secretarial services UK. If your company has taken this route, these are ways in which you can expand the role played by your accountant in Ilford.

Budget and forecast reporting

Running a business is as much about the present as it is about the future. Forecasts are extremely useful to businesses as they give the business an idea of what to expect and work towards. Budget reporting is also essential as the company must have a clear idea of what areas to allocate more funds to or divert funds from.

Both budget and forecast reporting will help a business make better growth decisions and these reports provide great analysis of various aspects of the business and give way for expansion and growth. By involving an accountant in budget and forecast reporting, a business can be assured of growth and success.

Performance indicators

Key performance indicators depend on the business type, but your accountant will be able to look at the key performance indicators relevant to your industry and business. This could be revenue per hour in the services business or direct costs in manufacturing. Regardless of what the key performance indicators of your business are, company secretarial services and outsourced financial management services will identify those unique to your business.

Planning for these key performance indicators is also important and cash flow projections are a task an accountant can take responsibility of in order to work towards the success of the business. Monitoring these performance indicators and reporting on them will help a company make decisions that will contribute to the growth and expansion of the business.

Benchmarking analysis

Outsourced financial management services offer several services like VAT registration and bookkeeping. Financial benchmark analysis is also a service offered that is of value to companies. Through analysis, an accountant will make the right comparisons between the business and others in the field, thus giving the company an idea of where they stand in comparison to their competition.

While these comparisons will give the company a better understanding of their performance, an accountant in Ilford will also be able to give the business an idea of their value. This too, play a huge role in the success of a business.

In these ways, a business can make use of an accountant from company secretarial services to ensure the growth, expansion, and success of the business.