The role of accountants is centred on providing useful advice as appertains accounting policy to individuals, business and companies. Every individual who earns income or business that generates income must have a duty to keep proper books accounts. Accountants assist companies and individuals in preparing different accounting books. The accountant offers advice to businesses on taxation and capital generation. Tax laws and tax regulations all over the world change every year.
Due to the dynamic nature of laws relating to taxation, businesses should hire firms specialized in taxation so that they can offer advice to the company concerning how to deal with new taxation legislation. By strictly following new tax legislation, a business or a person will be able to be compliant with all taxation law stipulations, therefore, avoid entering into problems with local authorities.
The professional also offers advice to businesses concerning ways to generate funding for carrying out new developments in the business. A company will time and again need funds for purchasing new capital equipment, purchasing land, building new units or offsetting debt. When raising funds to carry out a particular expenditure, the accountants with a thorough knowledge of accounting principles will advise the business on how to stay within accounting guidelines when raising fundraising the funds.
They also prepare books of accounts for business enterprises and individuals. Accounting books should be made by a person with knowledge on accounting and should be prepared in a manner stipulated in accounting principles. After preparing the accounting books, the accountant submits the books to internal auditors. Advice appertaining to the depreciation of business property or personal property is also offered by the accountant well versed with depreciation policies.
The depreciation to be charged on the property such as plant and machinery and motor vehicles ultimately affects the amount of tax to be paid by the business or by an individual. The accountant will offer advice to a person or a business concerning depreciation. For the tax stipulations, tax laws concerning depreciation do change from time to time. therefore, it is crucial for Mega business to hire professional services of an up-to-date accountant.
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