Anyone running a company or business has to keep a set of accounts according to Norwegian law and regulations. Figures from the accounts are submitted to the authorities, provide the basis for calculating taxes and duties, and the accounts are also a means of evaluating the financial status of the business.
Knowledge and control
Keeping the accounts for a company is very different to controlling your private affairs. It requires a lot of time, knowledge and control. Accounting is therefore not just a means of keeping an eye on overheads, but is an overhead in itself.
So who you choose as your accountant is not something to be taken lightly. An average accountant will want to spend more time on their work than an experienced, skilled accountant, something that will have a direct impact on how many hours you have to pay for.
It’s also important to choose an accountant you trust, as the job they are to do for you is very important to how your company conducts itself legally.
Contribution to the bottom line
A good accountant can contribute to the bottom line, simply because they keep better control, and because it easier to see what will benefit the business financially. A company will often be more profitable when a good accountant takes over the finances. It will also mean the chance for you or others to work more with what makes money.
You can of course also get a lot of sound financial advice from an accountant. What most accounts have in common, is that they have kept a lot of accounts, and helped many different companies. They also possess a unique insight into what will be profitable and what will not. Most business owners also like to have an accountant they can call whenever they have questions concerning finances. For example, if employing someone new, there can be many things to take into account. Your accountant will probably have many of the answers.
And don’t forget tax deductions!
A big plus is that accountants also know what tax deductions you may be entitled to. This is an often overlooked aspect, simply because of lack of awareness. Such benefits are multiplied when you have someone to take care of the accounts.
A simpler life
A good accountant nowadays will also focus on efficiency and interaction, helping to make things easier to administrate in your company. There are a number of good, user-friendly systems currently on the market able to make life simpler for a company by customising solutions according the company’s needs. For example, through being able to use a cloud-based accounting system customised to the company, and setting up other systems linked to the accounting system.
Sparring partner
Finally, it’s important that a good accountant has other skills apart from being able to keep the accounts and give you related advice. Apart from the usual duties for an accountant, he or she will also have in-depth understanding of the company’s processes, products and/or services, not to mention the employees. A good accountant can act as a great sparring partner for the company’s management.
There are a number of related areas in which an accountant who knows the business well can provide good advice, preferably in consultation with a specialist, within areas such as tax and duties, other financial advice, system assistance, project management or HR and personnel.