Keeping a company’s accounting up to date is essential so that all accounts are legalized and in order. Accounting for all the company’s operations properly helps with a correct organization. It allows us to visualize the company’s accounts globally, to know if the strategies we are following lead us to an upward or downward trend in profits. Neglecting the accounting of the company can lead to serious problems with the Treasury, in addition to causing a future bankruptcy.
What is an accounting consultant?
The accounting advisor is the person in charge of managing invoices and accounting of a company. Its functions are to measure and analyze the economic situation of a company to improve business management. In addition, it can give information that helps in solving accounting problems and in future decision-making. Good financial management allows knowing the state of the treasury in real-time and making a future forecast. The companies need to be able to boost their growth. And this growth is possible through good financial management that reduces the error rate and increases profits.
Thanks to technological advances, it is easier to achieve effective financial management. This process involves optimizing available resources, so it is important to know where and how they can be invested and what opportunities exist to maintain a positive balance.
This service complements the accounting work already done. In this way, accounting focuses on the economic performance of the business and financial management on financial performance from a more strategic perspective.
In practice, an accounting consultancy registers classify, and organizes a company’s commercial operations. The ultimate goal is to know the flow of income and expenses, the entry and exit of capital.
One of the main requirements to be an accounting advisor is to have an in-depth knowledge of the General Accounting Plan. This text establishes the accounting obligations of companies concerning the delivery of documents, balance sheets, or accounts.
Taking into account accounting is basic for the creation, development, and maintenance of any company. That is why the figure of the accounting advisor is so important. But what are its functions?
It is common for entrepreneurs, even more so if they are starting their own business, to request the help of accounting advice to help them manage their company’s accounts. Accounting requirements can be complicated and tedious to follow daily, especially if that person is busy running other business areas. To help businessmen and entrepreneurs to manage and keep track of all the economic and financial records of the company, the figure of the accounting advisor arises.
Duties of an accounting consultant
The specific functions of a Tax Advice in Vienna ( Steuerberatung Wien ) include:
- Control of the General Accounting Plan.
- Classify accounting documents.
- Comply with current accounting regulations
- Prepare accounting entries (annotations in account books that reflect economic movements within a company).
- Prepare and present the account books in the Mercantile Registry.
- Send the annual accounts to the Mercantile Registry.
- Offer accounting advice to the entrepreneur and help in decision-making.
- Manage the assets and assets of the business, ensuring that proper conservation or security measures are taken.
In short, the purpose of the accounting or financial advisor is that all the company accounts are in order. In addition, it complements these tasks with customer advice.
What are the functions of an accountant?
Well, being an accountant requires great skill and responsibility. Here are the main functions:
Make financial reports for clients by reviewing accounting books, financial statements, analysis of expenses and income, and the preparation of balance sheets.
- Audit companies or individuals.
- Guarantee that the record of income and expenses is duly documented and supported.
- Prepare budgets.
- Prepare inventories
- Manage financial resources.
- Use accounting software
What services does an accounting consultancy offer?
In the case of Tax Advice in Vienna ( Steuerberatung Wien ), the specialized advisor offers his clients the total management of his company’s accounting so that they do not have to worry about anything. The advisor and his client must be in regular contact so that the latter sends him all the necessary records to account for the operations carried out (invoices, etc.). In this way, the advisor will be able to make the so-called accounting entries, with which a record of the economic operations that produce a change in the company’s assets is kept.
The accounting entries are recorded in a document called the Daily Book, which, together with the Book of Inventories and Annual Accounts, form the two mandatory books that every company must prepare and legalize periodically.
In addition to preparing the Accounting Books, the accounting consultancies prepare reports and graphs. With this, they allow us to detect possible problems in collecting customers or payments to suppliers that may owe us. With these reports, we will also be able to evaluate if the company is generating profits or having losses to correct the possible internal strategies that are failing and increasing its income.
Advantages of working with an accounting consultant
The advantages of working with an accounting consultant are multiple. First of all, all the people in charge of a business who outsource their company’s accounting management will gain time to dedicate themselves to other sectors of the business. This implies greater efficiency and productivity at all levels. The accounting consultant will record all the economic operations carried out and monitor the accounts’ results, in addition to ensuring that all payments are sent on time to avoid possible fines or debts.
An accounting consultant will not only help you save time but also money. Thanks to monitoring your company’s accounts, you will be able to carry out new business strategies.
- Monthly record of documents and purchases
Accountant must have a record of all business receipts and assist in issuing them. They will take care of the attached documents such as credit notes, invoices and that the documents are on their corresponding date.
- Follow-up of business responsibilities
As an accountant, they have to remind company directors of the dates to pay their taxes and their due dates and report on social security and pension payments. Their services should also include presenting electronic books and assistance in the online management of both tax obligations and annexes.
- Prepare profit and loss statement balances
One of the fundamental roles that an accountant is to report from the accounting side on the company’s current situation and help obtain the projections and statistical graphs, the history of purchases, sales, obligations, and investments.
- Simplify the information and advise the company on key improvement actions
As an accountant, they must guide and advise the management staff to make the best decisions within the company; Because of their experience with the market and their education in money management, you should provide valuable information. An accountant knows exactly what happens and how to respond to any situation in the economic field. There is no doubt. There is no better advisor to make accounting decisions than an accountant.
- Payroll management
It is essential that as an accountant carry out adequate management of the payroll in the company so that the work team is satisfied with the payment of their salary.