Each stage of your business will provide a forecast or glimpse of what the other stage will entail. Thus, at each stage it will ultimately demand you to have an even greater level of consistency and organization within the aspects or fields of recording, filing your taxes, or being compliant with the bank. It has been observed, especially within the early stages of business, that many entrepreneurs sometimes believe that they are able to handle these tasks on their own. They even think that it’s just easier, or should I say cheaper, to even visit the Tax Office on or before March 15th to let a Compliance Officer assist with the filing of their taxes. This, therefore, raises the notion to many entrepreneurs or even individuals; ‘Is the need for an Accountant really important?’. Yes, though you are able to visit the Tax Administration to have it done for free, how can all this be done without any proper knowledge or records?
An overview of what Business really entails
Whether it comes to filing your taxes, managing your books, trying to obtain a TCC, trying to get a business Credit Card, or even trying to access a Business Loan; All of these tasks will require a great deal of knowledge and will to understand. And also, the extent to which all of these are interconnected CANNOT be taken for granted. Let’s take you on a journey of trying to get a business bank account. After you have started the process, you’ll realize that in order to do so, you will first need a TCC & a Cash Flow Projection. Upon trying to obtain the TCC you will be asked about your current tax filing and payment status by a compliance officer at the NHT, NIS, and then at the Tax Administration Jamaica. This is therefore connected with the aspect of you having to ensure that your records are up to date properly enough to submit your figures on an SO4, ITO2 or ITO3, or IT12 (Depending on your business type) to do your tax filing. So, you see all the aspects are intertwined. This said TCC is also required for a number of other purposes such as but not limited to access to a Credit Card, clearance purposes or even gaining access to a Business Loan. All of which will constantly be avenues to consider right through your financial journey as an entrepreneur. This is even more crucial to take into consideration in order to maximize constant growth and increase revenue, which will ultimately increase your workload. Hence, the real question to now ask yourself is; ‘Will I have the required time and energy to remember to do these things?’
What ROLE does an Accountant play in your business growth?
Ultimately, the role of an Accountant is to assess and aid in the process of maintaining a fair and true representation of your business transactions and subsequently preparing your records (Financial Statements and Tax Filing) using and ensuring that the financial and accounting principles are carried out properly. Some of these principles include:
1. Advise the entrepreneur of the necessary factors that must be implemented to record their daily business transactions.
2. Advise the entrepreneur or client on the necessary tax filing process required to ensure that their business stays compliant with the Tax Office.
3. Prompt the entrepreneur on what it takes to ensure that they are on the right path to gain or access credit or loan facilities from the bank.
4. What should be implemented in the event the entrepreneur or business is selected at random for an audit.
5. Assisting the client with gaining access to other needed government requirements or certifications in order to ensure that their businesses are fully compliant within their respective fields.
As shown above, within all those necessities, requirements, or principles listed about the importance of roles of an Accountant, will come other connected intricacies. These intricacies are often ignored by most entrepreneurs either because of a lack of knowledge or simply not having sufficient time to attend to these things. Hence, this is when an entrepreneur or in Jamaican layman’s terms ‘businesspeople’ become enlightened by these intricacies. And yes, this usually confirms to them ‘why having an Accountant close to their side is always extremely important.
If you need help or further information, please feel free to contact us at 1 (876) 902-7259 | 545-6928 or email us at BIZcareConsultationAcct@Gmail.com to arrange your consultation session. Do remember at BIZcare “Your Business is our Priority”. We offer the services of:
- Business Registration
- Tax Filing
- GCT Filing
- Payroll Services
- Consultation Services
- TCC Services
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Written by: Kmar Henry [ CEO |BIZcare Consultation & Accounting Firm Limited ]
Edited by: Sheryl Bailey [ Director | BIZcare Consultation & Accounting Firm Limited ]