If you own a business, you’ve probably worked with a certified public accountant at one point or another. But did you know accountants can do more than just your taxes and bookkeeping?
Wondering what an accountant can do for you and your business? Here are a few things that might surprise you.
1. Assist you in the loan process
Starting a business often involves taking out a loan. Having a accountant who understands your financial position can help you present the purpose of the loan and consider various options for financing.
“Once the client needs have been qualified, accountants can help business owners with the next phase of winning a loan,” says accountant Bryan Kesler.
Usually, Kesler continues, accountants help clients gather the information and data necessary for a loan, from quantifying the current financial condition and credit need to identifying repayment sources. With this data, accountants can also work with clients to craft compelling loan applications that can improve the chances a bank will approve the request.
2. Review your documents and contracts
If you are entering into an agreement with possible tax or accounting implications, it’s probably a good idea to have your accountant review the document.
“Accountants can analyze the agreement and let you know about the tax and accounting consequences that will affect an individual’s or an organization’s financial prospects,” says Dewey Martin, Professor Emeritus from Husson University’s School of Accounting. “Their perspectives help their client avoid negative consequences associated with cash management, financial planning, financial statements, and insurance.”