How Hiring Accounting Services Can Help the Newest Business Establishments in Davao
Are you thinking of putting up a business of your own but you have no idea on how to run it from scratch? In business school, it was thought that the first rule of starting a business is to know how to raise it. It’s all about how solid your vision is. However, that is not always the case for most startups. This is why it’s always good to have a helping hand along the way.
Whatever it is, whether it is a family business or personal, there are many things to consider when starting a business in Davao City. You have to get a business license, business permit, fill up registrations, or you may have to file business taxes. Thus, exemplifying the need to hire an expert in the accounting department.
Generally, new entrepreneurs are on the fence about hiring bookkeeping services or an accountant to help them provide financial support. Most likely they end up managing their own finances because they want to save money. This really makes sense if you are an accountant or you are armed even with only the basics in accounting. However, if this is not what you do best, it might also make sense to turn it over to a professional accountant. If not, this can be the worst mistake you can do for your business.
What can accountants do for your business? Let’s look at two of the most important subjects that must be addressed before launching a business. (Take note: These also should be addressed on a regular basis when the business is already up and running).
1. Business Services – Your CPA can help you get off to a good start with your news business in many ways such as:
Formation of a new business
– Selecting a structure that best fits the kind of business you have through evaluating tax advantages, legal exposure, etc.
– Creating/determining start-up budget and capital needs
– Establishing billing and collection procedures
– System implementations
– Complying with employment laws to avoid fines and penalties
Accounting Services
– Check bank statements
– Prepare financial statements
– Expense tracking
– Check ledgers and files for accuracy
– Help you decide for accounting softwares to use
Audit Services
– Perform audits of your business books.
Payrolls
– Help you decide how to do your payrolls
– Can do your payroll
– Can recommend a payroll service
Cash Flow Management
– Helps in cash flow analysis
– Tracks fixed assets
– Helps determine the best sources for meeting your additional cash needs
– Helps in financial forecasting
Internal Controls
– Helps evaluate and determine proper handling of resources
– Helps protect the company from employee theft
Now, your CPA or accounting services firm can also perform the following services for your soon to be or newly established Davao business.
2. Tax Services
Tax Preparation
– Prepare income tax and sales tax returns
Tax Planning
– Can help minimize tax liabilities
– Can recommend or suggest tax saving techniques
– Can help maximize the business’ income
– Can help resolve tax related issues/problems
The Advantages of Hiring a CPA
This cannot get more straightforward as it is – your business’ financial management is one of the main foundations of its longevity. How else will you know that you’re making money out of your endeavor? However, this truly involves a lot of work therefore, if you want to focus more on growing your business on its first few steps, you need an accountant to take over your finances’ status. If you’re not that convinced yet, you might refer to this list:
1. You must focus on your “brainchild” – businessmen are usually visionaries that the serious financial matters tend to slip away in their minds. And when this happens, it’s not going to turn out great. Spare this area on experts so that you’d have more time on innovating your business’ image.
2. It’s making money that you should worry about – next to passion, the main reason why most people do startups is to earn. The more you earn and let your business grow, the more fulfilled you are. So worry about how to improve your return of investment (ROI) as your accountant does the process in between.
In connection with that, finding the most competitive and skilled CPA in Davao City is not a problem. You can check the web for online accounting firm directories or ask recommendations from your friends or someone you know in the area.
You can work with a small independent firm or choose to go for a solo accounting professional. Moreover, you should also decide if you need a full-time accountant or just someone to file the necessary tax requirements monthly. Whatever you choose, just make sure you do a background check before finally hiring the one to avoid future problems.
The Bottom Line: If you want to save your time and energy from the complicated task of bookkeeping and accounting, farm out that work with the help of Davao accounting services.