The accountant is one of the most important professionals, that can influence the success of your business. Its role is not exhausted solely by the filing of tax returns and maintaining accounting records. He must be your trusted advisor, who provides you with the necessary information and clarity on the financial health of your business. Here's what your accountant must explain to you.

1. Tax liabilities and deadlines

One of the accountant's main obligations is to inform you of all tax liabilities, which you have, as well as the deadlines for their implementation. This includes:

• Corporate tax - How much do you owe and when should it be paid.
• Value added tax (VAT) - If you are registered under the VAT, Your accountant should explain how to charge, You declare and pay this tax.
• Personal income tax - Especially if you manage a sole trader or are a self -insured person, as well as if you realize any kind of income, Without established status of a taxable person, which is a common practice in recent years- trading in financial instruments, cryptocurrencies, online sales, delivered by courier, influenza and more..

In addition, the accountant should warn you about approaching deadlines, To avoid fines and sanctions.

2. Insurance system

Your accountant is responsible to inform you of your insurance duties. This includes:

• The amount of social security contributions, you have to pay for yourself and your employees.
• Insurance types - for a pension, health insurance, unemployment and others.
• The deadlines for payment of social security contributions.

The accountant should also inform you how insurance affects your personal income and those of your employees.

3. Financial statements and their meaning

Financial Reports are the key to understanding the current state of your business. Your accountant should explain to you:

• Balance - What are the assets, The liabilities and equity of your business.
• The Revenue and Cost Report - How to find out how much you win or lose.
• The cash flow - How to monitor the movement of funds in your business and avoid financial difficulties.

Understanding these reports allows you to make more informed decisions for the future of business.

4. Tax costs and optimization

Your accountant should explain to you how to manage your costs effectively and optimize your taxes within the law. This includes:

• What costs can be recognized for tax purposes.
• How to organize the documentation of costs.
• How to use legal opportunities to reduce tax burden.

For example, If you buy assets for your business, The accountant should explain to you how the depreciation of these assets affects your tax base.

5. Registrations and licenses

If you are starting a new business or expanding your business, Your accountant, together with a lawyer if possible, should help you with all the necessary registrations and licenses. He must inform you of:

• VAT registration, If you pass the threshold for mandatory registration.
• Licenses and permits, necessary for your specific activity.
• Registration Obligations to the NRA, NSSI and other institutions.

6. Employment contracts and salaries

If you have employees, The accountant must advise you on:

• Types of employment contracts - term, indefinite,
• Bond contracts – civil contracts, management and control contracts.
• The way of calculating wages, including insurance and taxes.
• Your duties as an employer, related to the holidays, Hospital and other labor rights.

This will help you comply with labor law and avoid sanctions.

7. Planning and budgeting

The accountant can assist you with the preparation of budgets and financial plans. He must explain to you:

• What revenue and expenses to expect in the future, After analyzing the trade intentions, you have for your business.
• How to create a reserve fund for unforeseen costs.
• What investments can be useful for your business.

These tips will help you maintain stability and grow sustainable.

8. Digitalization and automation

Modern business increasingly relies on technology. Your accountant should inform you of the options for digitalization of accounting processes, like:

• Using accounting software.
• Opportunities for electronic submission of declarations and documents.
• Automation of the issue of invoices and payments.

This will not only save time, but will also reduce the risk of errors.

9. Risks and how to manage them

Your accountant should help you identify potential financial risks and offer strategies for their management. This may include:

• Avoid delays in taxes and insurance payments.
• Creating a strategy to deal with insolvent customers.
• Reducing costs by reviewing ineffective processes.

Your accountant is much more than a person, which supports accounting records in order. He must be your partner, who helps you understand the financial aspects of your business and make better decisions. If your accountant does not provide you with clarity and support in these key areas, Maybe it's time to rethink your cooperation. The knowledge and understanding of financial issues is essential for the success and sustainability of any business.