No matter the industry or business model, the lifeblood of a company is in its books. Without proper recording and organization, long-term growth and security are not possible and that is where professional accounting services make their mark. The art of accounting works alongside thorough bookkeeping practices to create a full portfolio, depicting the financial health of your business.
The Role of Professional Accounting Services
Financial statements such as receipts and invoices may be collected in-house and managed with basic bookkeeping services, but it is then passed onto an accounting firm. The responsibility of a financial accountant is to analyze and summarize financial records into usable data reports for business owners and investors. These reports can be used as a snapshot of the financial standing of your business which then allows for informed decision-making.
Accounting functions as a way to maintain accurate financial reports according to a schedule. In addition to end-of-year filings, accounting professionals are also tasked with performing audits or management reports. Small business bookkeeping may rely on a single ledger or excel sheet, while accounting professionals break transactions into balance sheets, income statements, and cash flow recordings.
More than basic number-crunching, accountants are involved with not only keeping transaction records but compiling in-depth reports that serve as financial snapshots for owners and investors. These concise summaries usually begin and end according to a revolving schedule, usually ending after a month-long period. This data can be used by owners or investors but it can also be beneficial to agencies like the CRA for income tax filings.
Planning for the Moment and the Future
Whether operating a small business or a large corporation, proper accounting practices are a necessity. Bookkeeping may keep track of daily financial statements but this information is then passed onto accounting firms for analysis and reporting purposes. These reports can be used for government records but they can also be used for growth purposes.
In addition to being beneficial to owners themselves, thorough reporting is also useful to develop transparency, benefiting investors, both current and potential. Reliable reporting and information allow investors to make informed decisions in regard to risk management and future planning.
The CRSP Difference
Located in North Vancouver, British Columbia, CRSP operates under CPA designations which are considered the gold standard of the accounting profession. From small businesses to personal tax services and corporate-based accounting, associates are able to service accounts of all types and sizes.
CRSP associates do not wade into financials – we deep dive! Fully understanding the inner workings of a business means dedicating time and energy into processing reports and analyzing the advantages and drawbacks of certain procedures.
A certified public accountant can aid in advising business owners on all of the opportunities available to them by maximizing tax returns. Much like other industries, there are subsets and categories of accounting. Utilizing account and tax professionals may be as simple as knowing which specialty best suits your needs.
If business owners are conflicted about whether or not the services of an international accountant are necessary, or if a certified management accountant might better suit your needs, consult with a CRSP associate today.