Three key factors to consider when choosing the single most important business partner to track and manage your financial operations.

Three key factors to consider when choosing the single most important business partner to track and manage your financial operations.

Once you finally decide to turn your business idea and business plan into reality by founding a firm, the next major and important decision you’ll face is the choice of service or agency you’ll entrust with the management of your finances and bookkeeping. We witness a steadily increasing number of audits, especially tax audits, which focus on firms with varied business activities, with this being made easier in recent years due to the introduction of Croatian personal identification number (OIB) accompanied by advanced informatization and digitalization.

To find the right solution for your firm means so much more than finding the right person for doing the paperwork, in colloquial terms. The partner chosen for the role must be a professional, loyal, confidential and educated business partner, who will track your complete business operations and take into account the ever more frequent changes in accounting, bookkeeping, tax legislation and regulatory framework.

By analyzing the three most important segments of the choice you face, we’ll provide you with useful advice on picking the right partner and allowing them to manage your finances while simultaneously offering you consultation as well as complete compliance with regards to taxation.

1. Bookkeeping

Bookkeeping comprises managing and storing financial and non-financial documentation of the firm, tracking the fixed assets, occasional invoice delivery, tracking of the financial status (debt level and conformity with the contracts), as well as posting of the business documentation (incoming and outgoing, i.e. received and issued invoices) in compliance with the law and based on authentic documents. The bookkeeper also offers help with the financial aspect of your business operations.

2. Financial accounting

An accountant is entrusted with tasks of far greater complexity and importance, leading to the often-repeated saying that a good accountant can help the improvement of your business. Their task is to continually further their own education and training, as well as to closely follow any changes to tax and other legislation or regulatory framework in order to have a full and complete grasp of their area of expertise. Their role includes drawing up of the financial reports (balance sheet, profit and loss account), performing operations analyses, noticing and accentuating omissions, seeking the adequate solutions to improve their client’s business: they can ensure that by complying with the law your business yields maximum financial gain. They can also make important business decisions easier for you by offering their analyses and conclusions based on tracking of your business operations.

3. Tax advisory

When choosing an accounting and bookkeeping service, don’t forget to request a tax advisory service as well. You should keep in mind that you are looking for a person who will guarantee the confidentiality of information shared, be available at any time, while remaining competent because she possesses the requisite experience and knowledge of taxation and bookkeeping regulatory framework, thereby ensuring the highest quality of services provided, as well as finding and applying the optimal taxation model.

You’ll be making the right step by choosing an accounting, bookkeeping and tax advisory service, the right and most important business partner able to track all of your business processes, all in one place, a “3-in-1” model. You’ll be able to avoid needless extra expenses and fines, and sleep peacefully after dedicating yourself fully to doing what you do best – performing your work, focusing on expanding your business, and maximizing the financial gain. Trust us: there is nothing more stressful than pulling as much as you can out of the fire and saving the day after tax audit is announced. You can read more about this in our second blogu.It is therefore no exaggeration when we say that investing in a good accountant equals an investment in the future of your business.

Feel free to get in touch with us and request a quotation from Financial Office.