3 Things South African Accountants Do That You May Not Know

Many people don’t realize that accountants do more in a day than just sit and look at numbers. In fact, the traditional role of an accountant is becoming less and less of what they do and becoming more complex and, in some cases, creative. Accountants have an important role in the finance and business industries across the world. People know that it is important to have an accountant, whether it is for their personal uses or for their businesses, but they do not realize what an accountant does. In short, it is a lot – they have to juggle many things and wear many hats. That is why it is important to find a reputable South African accountant who will become a partner.

In general, accountants look at the financial records of a person or a business, ensure that those records are accurate, and then prepare reports on those accounts. Some of their other activities include: preparing taxes, finding investments, and helping plan for the future.

Accountants Provide Far-Reaching Advice

Accountants can act as analysts. After looking at financial data, they can help business leaders make decisions about expansion, hiring, scaling, or consolidation. There are many smaller details that accountants can provide insight on as well, like which kinds of supplies to order, payroll, or even just advising on products. Advising on business operations can help you to explore trends, financial commitments, and even what to expect moving into the future.

An accountant can also look at existing financial data to try to resolve certain discrepancies and irregularities that can sometimes occur. These recommendations can help businesses to be more efficient while providing specific recommendations for specific financial problems.

Accountants Help With Financial Report Preparation

For some accountants, one of the most exciting things to do is help to prepare financial statements. These may be monthly reports, quarterly reports, or annual reports, as needed. The information provided in these reports is compiled and analyzed, providing important insights and information. The preparation of these reports may be used to make business decisions, approach funders, or even plan for the future. They can also be used for the support and management of budgetary forecast activities.

These types of reports help financial directors make decisions and quantify what they do. A practiced hand gets the information correct and ensures compliance.

Accountants In South Africa Ensure Compliance

An accountant is responsible and organized, something that not all people and businesses are – and it can be difficult to stay on top of regulations if you aren’t organized. An accountant is responsible for knowing what all financial reporting deadlines are and ensuring that they are met, both internally and externally. For example, there may be semi-annual or annual reports that need to have specific deadlines and specific information. If that information is not readily available, it can be almost impossible to meet those deadlines. Accountants help to keep everything organized throughout the year to ensure that when the time comes, businesses and individuals are compliant.

While hiring a leading accountant in South Africa won’t magically make someone more organized, it can help them to have at least the numbers organized. It will also help accountants to do all of the things that they do on a normal basis. Accountants also look at the record keeping of your companies tax returns, financial statements and other secretarial records, like your share register and company registration records. They keep backups of this in hardcopy and softcopy making sure that your life is organized

Need An Accountant in South Africa? Contact Us Today

IC Quantum Accountants is registered with the South African Institute of Professional Accountants (SAIPA) as both an accounting practice and an Accredited Training Centre (ACT) for accounting trainees. At IC Quantum Accountants Hub (Pty) Ltd, we are committed to building long-term relationships with our clients by providing excellent client service and embracing high ethical standards.

If you need an accountant in South Africa for any services, personal or business, give us a call today and we can schedule an appointment with you – +27 87 980 0000/+27 81 403 5948. You can also fill out the form below and we will contact you.