3 Ways to Make the Most Out of Your Accountants in the Philippines
The roles of an accountant are not limited to a handful of functions such as tax preparation, maintenance of accounting records, and regulatory compliance with the Bureau of Internal Revenue (BIR) and the Philippine Economic Zone Authority (PEZA). Some accountants can also devise strategic plans and come up with other advice to help sustain the company’s finances such as creating a forecast to determine your business health.
Accountants can work and focus on taxation and compliance procedures, and can also assist you in sustaining and improving your company’s financial performance. If you work closely with accountants, take note of the following ways on how you can make the most out of their expertise to develop a rewarding business relationship.
Consider Them Your Strategic Partners
Accountants can help you understand the strengths and weaknesses of your business. According to Entrepreneur, small businesses engage with their accountants as a thought partner by starting conversations about strategies, expenses, and other financial aspects of their business.
While others view the engagement as transactional, you should take the time to ask the right questions and have high expectations of what they can provide for your business. However, you must ensure that you have the right accountant. And carefully examine their specializations before availing their services.
American Express states that your accountant should not only understand the industry you are in but should also have experience from a variety of companies under the same sector. This firsthand experience helps accountants grasp the right solution for the improvement of your finances and business decisions.
Get Constructive Insights About Your Finances
If you hire an accountant to help you with the overwhelming tax obligations and compliance requirements with different Investment Promotion Agencies (IPAs), do not hesitate to ask the essential questions. You can inquire about financial health, your expenditures, and other accounting concerns.
According to Forbes, a good accountant can effectively map and draw the relevant information and incorporate some questions, but focusing more on the basics will give you less time to receive an informed opinion on your business health from a tax point-of-view. Ask about constructive insights too. They are ideal for creating a well-detailed snapshot of your finances as the accountant lays down the rest for you to understand.
You may work with an accountant right away and get all the critical details that can help you monitor your business thoroughly. But make sure to follow your business plans in the process. Planning correctly and having enough funds can help you maintain your business in the long term. Should you refuse to plan ahead, your business might end up failing for a variety of reasons.
Investopedia cites problems such as business plan issues, not investigating the market, and having little capital as reasons why companies fail. Not to worry, these reasons are avoidable if you plan properly. If you decide to start a company and believe you have enough funds to hire expert help to handle your finances, outsourcing your accounting functions or hiring an in-house accountant is a great step.
Bizjournals believes that hiring an accountant can help you examine your business performance and its changes based on your financial reports. While you focus on day-to-day operations, your accountant supports the company and its financial performance.
Build an Effective Relationship With Your Accountants
Handling your finances might pose some difficulties but you can always ask for the assistance of a team of Certified Public Accountants (CPAs) to help relieve your tax and financial burdens. Here at AHC Accounting, we provide a wide range of services such as general accounting and compliance services for taxation and PEZA tax incentives.
We also offer special accounting and financial monitoring services to help steer your company towards a stable direction. AHC can monitor your internal processes to improve your workflow, increase the productivity of your accountants, create financial forecasts to formulate a business plan, and offer sound advice on different accounting-related concerns.