In business, you need every advantage you can get, but as you grow it becomes more difficult to control all the details. Excellent bookkeeping is a considerable advantage you shouldn’t be without. Eventually all companies need to hire someone to take care of the accounting for them. It is cheaper to hire someone with experience but no credentials. But that is not the way to have confidence in your paperwork. For that, you should hire a chartered accountant. There are several reasons a CA is the best choice; here are a few of the main reasons.
- Taxes: Because our governments have given themselves the right to take what they can get from businesses; it is up to the business owner to protect the company from excessive taxation. It is the business of a chartered accountant to know the current tax laws and the best strategies to avoid Losing valuable assets to taxes. It is much better to use revenue to create more business.
- Expansion: When a company expands into new regions or new areas of production or service, there are details that need to be understood. Different regulations, taxation issues, and the creation of a whole new set of books, will need to dovetail with the ongoing business. If you are looking at something exotic like company formations in Vanuatu, or a similar location beyond the owner’s experience. A CA can get things started by knowing the correct way to approach the expansion, with good information and avoiding unnecessary missteps in the early days.
- Experience: When you hire a chartered accountant, you benefit from experience in many industries. You will be able to profit from others’ mistakes and lessons learned. Having someone on board that has a good understanding of best practices is an asset that cannot be overstated.
- Structure: As businesses grow, they begin to establish their corporate structure and the procedures that become more and more established. A chartered accountant, with their experience in different fields, might bring a unique perspective and spot weaknesses, inefficiencies, and wastage that can be better addressed with some structural changes.
Business is first and foremost about creating revenue and using that revenue to generate more. Suppose a business owner does not have a background in bookkeeping and financial strategies. They need to have a business relationship with someone who does. A chartered accountant is the first and best choice to help a business grow and expand to the next level.
