The Need for Legal and Accounting Services In The 21st Century
Fundamentally speaking, you need both legal and accounting services regardless of the nature of your business. You’ll experience issues within corporate affairs every now and then. Unless you’ve got a decent background from both fields, certain technicalities and jargons may overwhelm you. We can’t do anything about it; those concepts were just made that way. Even the simplest and most primitive accounting practices from Luca Pacioli in 1494 were too complicated enough to comprehend.
The only recourse you can take is to hire professionals who proficiently specialize in either or both fields. It takes many grueling years of studying and application to earn a license, no wonder lawyers and accountants are compensated well.
We can say that both law and finance are the foundations of any business. Without thorough legal and accounting advice, your business may deteriorate. You will be prone to superfluous liability, and you may even get caught in legal issues.
This article provides an extensive explanation of the legal and accounting services you can get.
Many people still think of attorneys as an advocate of the devil. While the “courtroom drama” will always be a classic, it’s kind of rude to portray lawyers only in that way. They can be good business advisors too. They are able to provide legal advice, provided that they already understand your business in full detail. For example, you may encounter drawbacks related to internal governance and third-party contracts. These issues can be really annoying and costly when not resolved immediately.
Not only they offer legal advice, but also provide legal protection. This saves you the hassle of worrying which can sometimes worsen your personal and financial health. To safeguard every legal aspect of your business, they can do basic contract reviews and ensure that documents are well-organized. By doing this, you can avoid contract disputes which may create strife among you and other parties. Lawyers will make sure that doesn’t happen at all.
In addition, they can help you with certain procedures that don’t necessarily involve a plaintiff and a defendant. They can assist you in operating internal and external matters related to corporate and legal affairs. A good example of this is when you are incorporating a company. You know how lengthy, complicated, and stressful it is, right? Attorney help streamline the process by organizing all the necessary documents and requirements you need to fulfill. They will advise you also whether the activities you’re about to conduct are legally acceptable by the government or not.
Kinds of Legal Services
Here are the typical legal services you may find from professional service providers:
Commercial and Corporate Law
Since we’re focusing on business matters, these services can help you:
- Drafting commercial and management contracts
- Incorporation of companies
- Maintaining legal entities
- Formation of associations, partnerships, and joint ventures
- Creating mergers and acquisitions
- Shareholder agreements
- Equity management advice
- Managing insolvency and liquidation issues
- Implementing corporate due diligence
- Business intelligence
Legal Services For Other Fields
While in a way it relates to business, these fields will most likely require specialist lawyers:
- Legal advice on real estate and property
- Construction and engineering
- Banking and finance
- Tax administration and implementation
- Intellectual property rights
- Human resource management
- Litigation and dispute resolution
If a business is an organism, then assets, liabilities, and capital are its lifeblood. And where do you see those entries? In a financial statement, of course. Well, balance sheet, to be exact. A perfect equilibrium of these fundamentals keeps your business healthy. Think of doctors who ensure our well-being; that’s what accountants do in the company.
To keep the analogy going, our body is a complicated, multi-cellular organism, which takes years of specialization for medical professionals to truly comprehend its functions. Accountants do the same thing as well, to be competent enough in operations like bookkeeping, budgeting, and tax management.
Your company will be big enough to generate capital, so hiring accounting services are indispensable for the proper handling of funds. Basically, accountants keep detailed and accurate records of all your business transactions. Sometimes, they can even handle payroll at your disposal.
Like lawyers, accountants make good advisors too. Money is their bread and butter, literally and figuratively. Expect them to know everything about the matter, even much better than most business owners’ will. It’s true, their services may cost you more than you wished for. However, relying on their advice instead of blind instinct would be practically better in the long-run for your company.
Convenience is also a perk you could get from employing these intellectuals. Instead of panicking all day trying to settle accounts, you could simply let them handle the job for you. Release these burdens from your shoulders and focus on other business matters like growing your sales further.
Kinds of Accounting Services
There are various accounting services you can find. Here are some of the most common ones:
- Tax consultations and organizing
- Financial planning, preparation, and development
- Value-added tax registrations
- Internal tax review and audit
- Representations to tax authorities during audits and inspections
- Social and health insurance consultations
- Application of the company’s Accounting Policy, pursuant to the National Accounting Standards and the International Financial Reporting Standards
- Annual tax returns
- Cooperation with in-house auditors and other accounting staff
- Personnel and payroll
- Assistance with offshore company formation
Gear Up By Partnering With The Best Providers of Legal and Accounting Services
You may think legal and accounting services are too complicated and expensive, to the point of getting discouraged. However, every single business move you make may draw a line between success and failure. When running a business, you need to concentrate on the business as a whole. Perspective matters, and as much as possible, you’d want to view your company in three dimensions.
Face the reality: You may be a business owner, but you cannot do everything. You need to delegate tasks to the right people and oversee their operations. There are certain professionals qualified to do legal and accounting services. These people may even surpass your expectations and projections. At 3E Accounting, that’s our goal. We offer services that ensure profitability, legality, and growth for your business. Never stress yourself with the most scrupulous financial details; we’ll take care of that for you.
If you want tailored services to precisely meet your needs while you conduct business, give us a call. Our programs aim to enhance your business and maximize your net worth. We do this while maintaining the integrity, competency, and soul of your company.