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Merit of Accountants in Small Business
A business is a profit making entity. There are various staff required to run business. An accountant is required in order to run a business. An accountant is responsible for managing business finances. They are very important people who ensure that the small business becomes sustainable since they accountant for all its financial issues. This paper will talk about the merits of employing an accountant in a small business.
Accountants assist the business open an account and manage the account on its behalf. Businesses need to have a business account that will cater for business operations only. Mixing personal finances with business finances is not advisable.
Accountants help in keep in track of business expenses. Tracking inflows and out flows of cash Is important. The accountant keeps the records of money in and money out. They are also able to advise the business on proper expenditure thereby preventing over expenditure. Accountants are very important since they help the business not collapse due to over spending.
Accountants in small business enable the business to have a bookkeeping system that is used to run the day to day activities. This system help in organizing business finances. The system makes it easy to know the financial activities of the business. The systems saves the organisations time and effort. Auditing the business becomes easy.
The accountant prepares the payroll . They liaise with the HR to ensure that the salaries are paid on time. The business is safeguarded from legal matters by calculating all the deductions necessary. The government is paid the remittances from the deductions by accountants on behalf of the business. Without the accountants it is hard to run the HR department smoothly
Accountants are very key when it comes to filling and making tax returns. It is common knowledge that failure to make tax returns is an offence that may lead closure of the business. The taxes due to the government is calculated and paid by accountants. They also ensure they do the monthly and yearly tax returns. The business is advised on tax matters such as tax relief and discounts by the accountants.
Businesses are mainly for profit making. Small or big businesses are opened for this reason. The profit that the business makes is calculated by the accountants. They are able to calculate the gross profits by deducting the business expenses. The accountant will advise the business owners whether they are making profits or losses.

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