Basic Expertise Your Accountant Should Possess

  • October 14, 2015
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dreamstimefree_2451792In the business industry, accountants are one of the most important assets a businessman and company should have. They provide a lot of services which are time and cost efficient for their employers. When it comes to accountants, most people would think that their expertise is solely for preparing tax requirements. However, accountants are highly trained in order to be proficient in their career. If you have an accountant or are planning to hire an account, here are the basic expertise which your accountant should possess.

  1. Business advisory – Accountants have spent a significant amount of time of their university years learning business. With their vast knowledge, they can assess your business, tax and financial situation accurately. They could help you in formulating a solid and realistic business or financial plan. Do not hesitate to ask an accountant for a rough evaluation regarding your financial, business or tax situation as you are trying to assess the accountant’s capacity.
  2. Accounting and record-keeping – Accountants mostly rely on accounting and record-keeping as their bread and butter since people would hire their services often for their expertise in these aspects. A great certified accountant can consistently provide accurate and organised accounting and record-keeping services.
  3. Tax advisory – Though accounting and record-keeping are the majority of an accountant’s job, businessmen and wealthy individuals hire accountants for tax advisory. Accountants possess great expertise when it comes to tax policies and how to efficiently handle tax situations to minimize tax as much as possible through legal means. They are also experts on preventing their employers from being penalised by the government for malpractices or inconsistencies on tax statements.
  4. Auditing – Auditing is also one of the basic expertise accountants should possess. This is very important to detect anomalies which could cost the employer or the company significant resources from individuals trying to take advantage for personal gains.

Though business advisers and auditors are experts companies can afford and will usually hire, having an accountant to check and verify the advice or work of these experts will help minimise errors or inconsistencies which might cost the company or employer. The four basic expertise above should only be the minimum requirements that accountants should possess. Depending on the main task which you need an accountant to perform, there are additional skillsets and expertise which should be necessary. Before hiring accountants in Basildon, you must be clear what the tasks you need them to perform so they can provide you an accurate estimate for their rate in case their rate changes depending on the services they provide.