Are you making sales but always end up asking yourself
“Where did my money go?”, “Why are my taxes higher than what I have expected?” and “Why all my expenses exceeded from my calculations?”
You always end up worrying that you might have undiscovered financial inefficiencies. Now you lose track in measuring the performance of your business because you have a lot of things to work on in your financial operation.
These may be some of the challenges that you might have been dealing with:
1. Cash flow. You are having a hard time dealing with the ins and outs of cash from your business operations and because you don’t have the control with your cash flow this may lead to disastrous consequences, even eventual bankruptcy.
2. Unforeseen expenses. As you keep your business going, you need to identify and calculate all your expenses to avoid failing but as you were managing the business there are some expenses that you might not be aware of especially when you are running your business alone.
3. Understanding Taxes. As a business owner, it is your responsibility to pay your taxes right and on time. You need to make sure the accuracy of your numbers but there are different taxes that you might not know about. As you juggle to different aspects of operating your business you don’t have time in understanding your taxes because of other prioritise on your list.
4. Managing Payroll. Managing your payroll might be another headache for you, especially when you don’t have the tools to make it more organised and simple. You were stuck with the old payroll system that leaves you in doubt with paying your employees and this may lead to paying disputes in the future.
5. Analysing your Finances. You were having a hard time analysing all your finances to identify which area you need to take action and the strength and weakness of your business in its financial aspect. You were making money but lose track in understanding the different trends in your financial figures and this may affect your bank account, expenses, financial statement, profit and loss.
You don’t always have the answer to all of your questions because when it comes to the financial aspects of your business this is not your expertise. Having a trusted and reliable tax expert as your business partner who will help you keep track of all your financial obligations will definitely save you from all your problems because they will provide you assistance in these areas:
- Tax Compliance
- Prevent Costly Mistake
- Tax Planning and Strategy
- Achieve Financial Goals
- Accounting Software Set-up, Training and Support
- Business Growth and Development
As you hand over your business’ financial statements, it is imperative to understand what you should look for in a business partner to make sure that they are the right people who can provide you what you need.
Here are the key traits of a business partner that you should look for:
1. Who are experts in their profession. You need a business partner who has already established experience with different industries in delivering and providing support with excellent service to numbers of clients. A business partner who has the ability to properly and consistently monitor your business’ financials and make sense of your daily operations.
2. Who is composed of a well-established Tax and Accounting Team. A team that is comprised of Chartered Accountants, Certified Public Accountants and University Degree Graduates.
- Who are extremely precise
- Who has an eye for details
- Who has excellent organisation and planning skills
- Who has high analytical skills
3. Who has dedicated Client Service Team. A team that will provide you status update to what’s going on in your account. A team who is available to answer all your queries and concerns as quickly as possible and who can offer proactive communication to make sure they deliver good service in a timely manner. They will also assist you with all your requirements to make sure that you are always on track with your financial obligations.
4. Who is Tech-Savvy to help you with your Accounting System. You need a business partner who is expert in all accounting system where all your numbers are fed through and stored when it is provided it allows you to share the same data together with your accountant and create a sense of communication. It will give you a clearer understanding of your numbers as you monitor and track all your financial obligations on the same platform with your accountant. This will also help you understand your numbers on a more frequent basis.