In most cases small businesses operate on a relatively small scale, so that the annual turnover does not exceed the hundred thousand mark, but it is highly recommended for business owners as well to seek the help of a qualified accountant who will accompany them all the way. In the first stage, the accountant will take care of opening the necessary files in the Tax Authority and VAT, and from that moment he will be in charge of them for sending regular and annual reports, handling applications from the tax authorities, checking and paying advances throughout the year to the income tax and other payouts. If the small business employs employees, they will need monthly wage slips required by law, including deduction of mandatory payments of income tax, social security and pension. In addition to the day-to-day financial conduct of the business, the accountant will periodically review the business’s revenue to ensure that cash flow is not impaired and to check whether the tax benefits to which the business owner is entitled have been transferred.
As stated, the accountant is the professional responsible for all the financial conduct of the business. Therefore, it is of great importance to choose an accountant who will manage the financial accounting of small businesses as well. In addition to choosing an experienced accountant with years of experience in the field, it is recommended that you choose the professional who will undertake to provide you and the business with personal and dedicated care at all times and for any need. There are many things to look at first before making your decisions and if you are a small business, then you can probably find a lot of information online first.
To get transparent and reliable information about the financial situation of the business, you should choose an accountant who will provide quick access to view the accounts and financial statements related to the business such as current payments to authorities, profit and loss statements and income and expense statements by year. Your income will dictate many things to you over time. Therefore being in control at every moment is important in case of investments, financial losses, payouts and more. The more money you can save, the more you can also then input back into your marketing and other business goals.
Cash flow is a purchasing power, provides stability, provides protection in the event of a crisis, aids growth. Cash flow allows you to run a business with peace of mind and great flexibility: for example, if there is a need to buy goods immediately or invest in marketing, there is nowhere to take money to do so. Respond quickly to market changes, promote, and not be left behind. Cash flow is driven by two things: organization and planning. In order to maintain a positive cash flow, care must be taken to closely monitor the cash flow at the daily level. Flow control allows you to keep your cash under control and make informed business decisions. The power is in your hands!