Question and Answer: MSME
Q: In what way can an accountant help your MSME
A: The majority of businesses will need the services of an accountant for certain tasks. Even owners with accounting backgrounds will need help from time to time. It is challenging enough to run the business, much less keep up with tax or benefit law changes.
Here are some of the ways in which an accountant can assist your business:
- Prepare periodic financial statements and annual audit reports.
- Assist you in analyzing your financial statements, looking for problem areas or ways you could improve your financial management.
- Determine working capital and cash flow requirements.
- Help you develop a budget and a system of monthly reporting so that you can regularly check on you actual financial transactions in relation to what had been budgeted.
- Prepare tax returns and assist with tax planning.
- Set up a tax calendar and a system to help you comply with all filing requirements.
- Help set up your accounting systems.
- Assist with determining loan or capital requirements.
- Act as your advisor and sounding board in financial and administrative matters.
- Perform operational reviews to help you find ways to run more efficiently.
- Analyze product and customer profitability, and breakeven levels.
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