Finance Advice

What is finance?

Finance, also commonly referred to as money management, is the allocation of investments, the financial gains or losses that may accrue as a result of those investments as well as other assets and liabilities over a period of time. These assets or liabilities could be owned by an individual or a business. Finance is a field under economics that is both technical and complicated.

What is the economy?

An economy is a geographical region where production, consumption, trade and distribution of different goods and services take place. It could be a country or state, a region or even a continent. An economy is made up of individuals, businesses and the government. For an economy such as Bromley to thrive, it must have excellent money management skills and personnel and therefore it is inevitable to have finance professionals and hire accountants in Bromley.

Read more about accountants in Bromley

What is an accountant?

This is a trained and certified professional who deals with the measurement, analysis, reporting, disclosure and interpretation of financial information and records within an organisation or business. The accountant provides the management and business stakeholders with the prerequisite financial information to make informed decisions regarding the financial future of the business. He or she is therefore in the centre of the operations in any organisation.

Benefits of using Accountants

The accountants understands the reporting requirements in different industries and businesses and will therefore ensure compliance averting potential legal battles. In addition, they understand different aspects of taxation and especially tax planning that ensures the business can minimise their tax liabilities within the confines of the law. Therefore by hiring an accountant, your business could benefit from lower tax liabilities.

Accountants understand how costing works. They are therefore a great asset in coming up with the total cost of producing different products and services and therefore their pricing. Given that products and services are the revenue generators in all organisation, proper costing is prerequisite in ensuring profitability and growth.

With respect to overall business costs, accountants are key in ensuring that they are maintained at the lowest level and therefore, increasing the margins of the business. This is especially important in cases when there are economic hardships, recession and other economic occurrences that can easily cripple any business. Besides, accountants play an important role in ensuring optimal allocation and use of other business resources.

Who would need finance advice?

We all need financial advice whether at a personal level or for business purposes. Personal financial advice ensures that you use your finances well and grow your wealth over time while financial advice for business purposes ensures that you are running a sustainable and profitable business venture.

Why would anyone need financial advice?

First, finance whether at a personal or business level can be complicated. Given the uncertainty of the economy and the resulting risk, financial advice will help you in protecting and growing your wealth. Besides, not everyone is predisposed to understand the complex taxation structure and be able to understand what he or she is required to pay at any given time. For businesses, the reporting standards are complicated and keep on changing as the regulations change. Therefore businesses required dedicated, skilled and experienced accountants or financial personnel to tackle this complex but necessary task.