What are the Rules for an Accountant Advisor?

An accountant advisor is an incredible assets to your business. They help you file taxes, and help you tame your cash flow. But that’s just skimming the surface of what an accountant can do for you. Accountants hold an incredible amount of knowledge, gathered from education and experience over their careers. And a good accountant can help you tackle everything from pricing strategies to expanding operations. They can also advise you on the actions of others in the industry.

However, there are some things an accountant advisor can help you with and times you need to approach another professional. If you’re looking for help with your business finances, you may be wondering who you need to speak to about your financial issues.

While the work of a financial advisor and an accountant might look the same, there are some legal differences that apply for both. This can help you make the right decisions when it comes to who is advising you. Today the team at Siragusa is going to discuss what rules an accountant advisor must stick to, and when it’s best to choose another professional.

Accountant Advisor

What Exactly Does an Accountant Advisor Do?

There are many different roles within accountancy and often they can be covered within one accountancy service. Bigger firms will often have different departments and teams to deal with each area of accountancy. This ensures all your financial needs are covered. These areas include:

1: Bookkeeping

This involves maintaining a company’s financial records, including but not limited to:

  • Payroll
  • Accounts payable
  • Balance sheets
  • Accounts receivable

This role forms the foundation of a great account advisor.

2: Tax Preparation

A good accountant advisor will help ensure all relevant and necessary tax forms are processed. They will also help ensure all self-assessments, and any other tax your and/or your company needs to pay are also correctly processed and managed.

3: Auditing

Auditing from a professional accounting advisor, like those from Siragusa, is incredibly helpful and a great security measure for your business. It helps ensure you are not overspending and that all company money is being used in an upstanding, legal way.

When Do You Need an Accountant Advisor?

While your accounts can be done by you, or internally within a business, it is always best to have an external accountant advisor on hand. They can offer you a clearer view of your business finances. And having the right accountant advisor, like the experts at Siragusa, at hand from the very start of your business, can make things a lot easier and secure in the long run. Having the right accountant will help decrease the risk of any unfortunate tax issues cropping up in the future.

Can Accountants Advisors Give Financial Advice?

While accountant advisors can offer financial advice based on your accounts payable and receivable, they can’t tell you how to spend or invest your money. An accountant can only make you aware of areas that could be a potential risk. They can also suggest where you have the flexibility to place more focus. But when it comes to any kind of advice around investing your money, an accountant is unable to help. However, there are other financial specialists who can help. These include financial advisors.

What is a Financial Advisor and What Do They Do?

A financial advisor is a professional who is there to guide you in financial decisions, rather than helping you manage or organise your finances. They are there to help you understand the best investment options for you and your business. So if you have big financial goals, no matter what they are, a financial advisor can help you understand the best way to handle your finances to reach your goal.

Further, businesses will often hire a financial advisor if they have concerns about cash flow and are looking for a way to get their finances back on track. Or if the business is looking to expand and want to form a plan to do just that. The main job of a financial advisor is to help you know where and when to invest your money.

Choose a Firm That Utilises Both Financial and Accountant Advisors!

Many accountancy firms, like Siragusa, will actually have professionals who can both advise on accountancy matters, as well as financial advice and planning. Find a firm that offers both services – and more – ensures you get the right help, when you need it. This saves you having to go to another firm or service. Having both advisors under the same roof means everyone is on the same page and the advice you’re getting is the right one for your needs.

Are you looking for expert accounting and financial advisors? Siragusa offers a wide range of accountancy and financial services to ensure you get the right advice for yourself or your business. If you are looking for the best local accountants, contact our team today and let us start advising you!