Why you need an accountant for your business

 

You Need an Accountant

There are plenty of people that are looking to start businesses. Whether it is on small scale or large scale, accountant is among the key positions in your company. Many entrepreneurs are not aware of the fact that 80% of small businesses fail and go bankrupt within around first 18 months. And the main reason behind their failure is poor management of financial resources. Being a business owner, you may be thinking that why you must pay valuable money to a professional accountant. Here we let you know why you need an accountant for your business.

Get all possible deductions

Tax paying is necessary, and many companies just go for the regular calculations before they pay tax money. Most of the owners do not realize that they can save a considerable amount by going for the reliefs and allowances. However, these apply to particular conditions that an ordinary person is highly unlikely to be aware of and this is why you should opt for the accountants. These are the professionals that have studied for good time and have knowledge of the rules and regulations. Therefore, staying within the rules, they do as much as possible to minimize the tax payments.

 

Avoiding the audits

Inspections are critical, and if there is something wrong when an audit is going on, you may have to pay a lot for it. Many people think that an accountant is a person who can fix the problems that occurs within the audit. However, what they do not realize is that showing their books to auditors once a year will help them in actually avoiding these. The main reason for inspection is that you have some errors on tax forms, or you are being too charitable or you have too many write-offs etc. An accountant is actually a long-term partner that aids you in keeping your business safe, secure and more profitable. However, you will have to pay him on regular basis.

Business consultant

Account is not there only to keep the books for you. He is not merely to keep the track of the money flow. A good accountant possesses the ability to act as a business consultant. They are experts and analysts that helps you in making the right decisions. Whether you are thinking about doing a deal or looking to find a great investment opportunity, a good account keeper will do all these things for you. Thus, he is also a business advisor for you.

So, these were certain benefits that you can avail by having a good accountant. Now you know that why you need an account. From keeping your books to setting the structure right to making the appropriate deals, the accountant will help you in every possible manner. However, ensure that you are taking the services from the right professional. At one end, experts will help you in saving money while on the other end, if there are loop holes in your books that come up while inspection, you will get sued for it.

US Government Accuses Fiat Chrysler Of Emissions Cheating

US Government Accuses Fiat Chrysler Of Emissions Cheating

Just days after Fiat rival Volkswagen pleaded guilty to criminal charges associated with rampant cheating involving vehicle emission tests, The United States government is now accusing car company Fiat Chrysler of deliberately failing to reveal software in a number of the company’s pickup trucks and SUVs with diesel engines that lets them emit more pollution than allowed by the “Clean Air Act“.

Notice of Violation

The Environmental Protection Agency(EPA) announced on Thursday that it had delivered a “notice of violation” to Fiat Chrysler that covers around 104,000 vehicles including models of the popular Jeep Grand Cherokee from 2014 to 2016 and also Ram Pickups. All sold with 3litre diesel engines.

While Fiat Chrysler hastily issued a statement denying any wrongdoing, The Environmental Protection Agency said that it will go on with its investigations to ascertain the “nature and impact” of all the eight software functions it identified during testing.

Regulators were not as yet vehemently defining the software as “defeat devices” which are in most cases intended to cheat government emissions tests. However, they said that multiple discussions with Fiat Chrysler during the last year did not produce any satisfying explanation as to why the company had not disclosed the software, which the regulators insist had caused the cars to give off less pollution during testing than during ordinary driving.

Liable for Penalties

Officials said that Fiat Chrysler could be liable for civil penalties if found guilty of violating the “Clean Air Act”. The Environmental Protection Agency (EPA) is examining whether the emission control devices found in the above-mentioned cars are “defeat devices” which are outlawed because they switch off pollution controls.

Assistant Administrator for enforcement and compliance of the EPA Cynthia Giles said that this was a clear and serious infringement against the “Clean Air Act” and that when companies violate the law, Americans bank on the organization to come in and enforce.

Fiat Waits for the New President

Fiat Chrysler said that it was dissatisfied with the Agency’s actions and that it was looking forward to working with the Trump administration to have its case carefully looked at. The company said it spent months providing information to the Agency to expound on its emissions technology and even proposed a couple of actions like changes to the software to address the EPA’s concerns but to no avail. The company insisted that its emission control systems meet the suitable requirements.

Fiat Chrysler’s shares on the stock market fell more than 16 percent after the news was announced by the EPA on Thursday 12th January 2017.Whether Fiat Chrysler will be stamped with a similar $4.3 billion penalty like that given to Volkswagen remains to be seen, but what we can be sure of is that the folks over at the EPA have stepped up their game in a bid to make the air we breathe a lot cleaner.