What is it exactly that an accountant firm does?
Once you have your own business, there is a lot involved, including the complicated rules surrounding finance. An accounting firm offers different types of services that help business owners with things like tax planning, forensic auditing and realise their global strategic ambitions. Consider which services you would like to obtain, as each accounting firm has its own set of services. In this blog, we will give you some more insight into the services you can acquire from an accountancy firm.
Financial advice and tax planning and preparation
Companies may require financial advice. This may include advice on certain investments, strategy and performance improvements. An accounting firm has a team of highly trained advisors for these issues. They have the experience to tackle complex assignments from companies. These specialists help with, for example, setting up an international finance division, managing cash flow reporting and forecasting, liquidity planning, investment planning. Taking care of a company’s finances doesn’t just consist of filling out tax returns. For example, an accounting firm can help prepare filing in partnership tax returns. Accounting firms also assist in finding the best solutions and establishing entities that are most beneficial to the company from a tax perspective. In addition, it is important to work with estate planning attorneys, financial planners and insurance agents to implement long-term strategies and to mitigate estate taxes.
Help businesses realise their global strategic ambitions
Corporations have certain goals they want to achieve. International corporations often have somewhat more complex goals there globally. The reason for this is that if you operate internationally, you need to understand the countries quite well. In every country, the rules around finances are different. An accountancy firm can help you with these matters. They know all the rules and can advise you when you want to operate in another country with your products/services. An accountancy firm can indicate whether it makes sense to expand with these products/services. Maybe there is no demand for it in the market and you will make a mistake. That is precisely why it is a smart decision to work with a local firm. For example, if you want to expand your products to the Netherlands, you can choose an accountant in the Netherlands. This way you meet the legal requirements.
Audit & assurance
Audit and assurance are two processes used to evaluate a company’s finances. In this, audit is the process of evaluating the accounting entries present in the company’s financial statements. Assurance is the process of analyzing and using in the evaluation of accounting entries and financial records. It is mandatory for a company to conform to local laws. In the Netherlands, for example, companies are required to have their year-end figures audited by licensed organizations. Selecting the right accountant firm is important in this regard. Be sure to go for an accountant firm that offers all the services you would like to have access to. This way, you won’t have to deal with multiple contacts within different accountant firms.