There is an alarming reality that plagues a vast number of entrepreneurs in Brazil and which, incredible as it may seem, are a public and well-known fact: one-third of new businesses do not reach their first year of existence, and more than half do not even complete five years of operation (for more details read our article “Accounting for Wholesalers and Retailers”). We are not afraid to say that the failure of these ill-fated businesses is mainly due to the administrative and financial mismanagement of the newly created companies.
Carefully recorded accounting must be able to contribute to the entrepreneur so that he has accurate monitoring of his equity growth, facilitated management of his inventory movement, strict compliance with his labor obligations, and a clear vision of the destination of his financial resources. , the science of the origins of your receipts, all this through reliable and timely reports.
- Technical Competence
The first tip couldn’t be any other. It is essential to be advised by experienced professionals who are often busy with their technical updating, especially about complex tax and labor legislation.
Quality advice in these areas is undoubtedly essential, even more so because your company’s payroll must be done with absolute rigor, and your taxes must be collected and paid most accurately and economically of the law. However, your office must be able to develop conversations and guide you in two other fundamental areas: technology and finance. The first is because today, the tax authorities use sophisticated information technology devices to identify irregularities in their administration with the sole purpose of charging you. You must then use the same weapon and technology to leave no room for fiscal risks to keep you awake.
The second is the financial one since even though the reports provided by your office are well structured, complete, and reliable, you will need guidance in interpreting them and knowing what decision to make from reading them. Before signing a contract, it is ideal that you contact him and talk about the issues that have most concerned you to ensure the technical competence of the evaluated firm. During this chat, measure your technical depth. Also, ask if it will send periodic information about legal updates and matters of interest to your segment, thus evaluating whether the frequency offered suits your interests.
On the other hand, if you do not feel comfortable evaluating the technical competence of an accounting firm, consider making sure that the firm has Civil Liability Insurance. This measure can give you greater peace of mind if your company is forced to bear any fine for error or delay in the delivery of any tax obligation or to result from the inspection of work due to an exclusive mistake by the office.
Being close to your accounting office in charge of Income Tax Preparation Services for example will make it possible for you to have face-to-face meetings more frequently, contributing to the good management of your business. You must frequently discuss the numbers that your accounting and financial statements present. Nothing better than doing this next to your accountant. For this, it is ideal that the accounting office that advises you is close to you and, if possible, in an easily accessible location, which will save you time and encourage you to maintain the frequency of meetings, which is recommended to be at least monthly.
In addition, it should be considered at least that the accounting firm such as susan s. lewis, ltd is in the vicinity of your city, a characteristic that will possibly mean that it knows well the intricacies of Organs and public bodies of your municipality and the related legislation so that it can offer you more agile and safe.