You’re probably aware that an accountant can help you to work out your taxes. But a good one will offer you much more than that. Here we discuss the role your accountant will play in the success of your business, and how to hire a good one.
Your accountant can help you to:
Create a great business strategy
A great accountant will be able to analyse your business and help you to figure out where to focus your efforts. He/she will be able to help you set goals, and then help you to measure your progress with tangible goals and performance indicators. They’ll also help you to fix issues that arise, and even be able to see what gaps you have in your human resources when it’s time to grow.
Set your budget
Successful businesses don’t run off of estimates and rough guesses: you need solid numbers and realistic expectations. Your accountant will take a look at the business as a whole, and help you work out where your money will need to be spent, how much you can afford to reinvest, and so on. Why do it yourself when you can have an expert give you real confidence in the figures?
Increase your revenue, and reduce your costs
Let your accountant help you to predict your cash flow, and control your costs. This will reduce your risk of missing supplier payment deadlines, and ensure you have a cash reserve for rainy days.
Find investors and/or lenders
If you want to borrow money or find an investor, you need to have a convincing business case ready, including proof that you’re going to make money. Your accountant can help you to identify costs, revenue and other valuable information. They’ll also give you advice on the right people to approach, and how to create an impressive pitch. This could be the difference between failure and success.
Manage any debts
Accountants can advise you on a borrowing strategy that results in the lowest interest rates. You can ask them to advise when it’s best to pay off that loan, verses when you should be re-investing into your business. They have enough experience to understand the best plan for you in the long-term.
Chase up unpaid invoices
This is a task that takes up time, and can be stressful. Let your accountant worry about chasing your customers for unpaid fees. They can set up systems with auto-reminders, and make calls on your behalf to chase down payments. If there are longer-term problems, they can take it to the next level for you.
And much more…
As well as all these benefits you might not have considered, your accountant of course will help you to produce accurate, efficient tax returns, keep good records, and manage your finances.
So, you know an accountant can help you be more efficient, and grow your business… but how are you going to find this brilliant addition to your business?
How to find a good accountant
- Ask those you know for recommendations
- Do a thorough search for local accountants
- Ask if you can call their other clients for feedback
- Meet and have a chat about your business – you’re going to be working closely together, so ensure you get on well, and they understand your business strategy