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3 Things Your Accountant Can Do For Your Business

Business owners know the importance of hiring an accountant for certain tasks like taxes and bookkeeping. But these aren’t only the areas in which an accountant can help your business, there are lots of other things too.

Since every role of an accountant is related to finances of your business, they can become a vital part of your business’s finance team. This way, you’ll give them the chance of using the best of their abilities to serve you in the best way possible.

Here are a few things that your accountant can help you with.

Loan Assistance

Since most of the businesses these days are becoming capital intensive, you might be taking loan to start your business smoothly. In times like that, an accountant can serve you in the best way possible by assessing you financial position and giving you the right financial advice.

Usually, an accountant can provide you with many alternative ways other than taking a loan. And even if you decide to take it, they will help you in collecting all the important information and documentation needed to take out the loan.

He Can Act As CFO Too

For the businesses that don’t have the budget to hire an in-house CFO, they can outsource the work to some reputable accounting firms like Odoni Partners LLC to get the valuable tailored financial advice.

This way, you won’t even have to pay their taxes and healthcare insurance, because they are contracted and not employed full time.

Maximizing Business Growth

One of the biggest questions that every small business owners faces is who they can actually grow their business gradually.

Accountants are the individuals who are in the best position to suggest you certain changes in your business plan in order to maximize its growth.

Why Accounting is a Great Career

Figuring out what you want to do for the rest of your life is the sort of thing that is going to undoubtedly make you feel like you are under an enormous amount of pressure and stress. The fact of the matter is that any decision you make is going to result in you having to work hard for a number of years, and it is usually not easy to make the most of situations like this so you are probably going to want to weigh your options until you eventually come up with the best situation possible.

If you think about things like accounting, you might initially feel as though this is not exactly the best possible career choice for you to look into but at the end of the day you need to pick something and in a lot of ways make the most of your choices and Accounting & Tax Advisers CPAs tend to be quite respectable in their professions so there is pretty much no reason why you wouldn’t want to end up becoming one considering the countless advantages it has the potential to provide you with. A lot of the time accountants will be paid a salary that is more than sufficient for the kind of work that they are doing, and in some situations you might just end up getting paid way more than you would have ever thought possible which would definitely be nice.

This is a career choice that you should at the very least consider looking into, as the benefits can’t be denied when you take into account the countless ways in which things can work in your favor if you make smart and sensible choices in the present.

What Are Tradelines on Credit?

When you are looking at the credit industry, the term tradelines refer to the accounts which are listed in a person’s credit report history. This includes all credit cards, personal loans however they are listed as a separate line item.

So when are tradelines made? They are established, whenever a new lender or creditor buys an account. In addition, if a person reports a credit card as missing, stolen or lost, a tradeline is created when issuing a replacement. There is a lot of information. Sometimes, part of a person’s credit history gets omitted though if the credit timeline is too old and expired. However, mostly the information here personal tradelines is added in a report as detailed below:

  • The name of a the creditor
  • The balance which currently is available
  • History of Payments
  • The status of the current account
  • Account number (partial only)
  • Which type of account
  • The limit which has been given as credit or loan
  • The last amount made as payment
  • The last update Date for account
  • Opening date when the account was created
  • The date showing the activity most recent
  • Any misconduct during last 7 years

Tradelines are used to calculate score which you receive on your credit. If you have been making regular payments ontime, kept a good balance and have not run into any complications, chance are you would be able to receive a good rating. The credit report you have should be including an active tradeline in order to be properly assessed for the past 6 months and based on this your credit score would be evaluated. There is also one more important aspect that needs to be considered. The more tradelines you have concurrently open, the more it could affect your chances of getting a decent score on your credit report.