Working in partnership with accountants as business advisers

your accountant knows your business finances better than anyone so use their expertise and work in partnership to obtain business adviceWhen starting out in business, or whilst in the throes of running one, there are various services that owners will need to commission – whether they be accountancy services, marketing or software solutions, among others. However, it is worth bearing in mind that business advisers are an excellent asset at any stage of business start-up, growth or diversification – but are often an overlooked resource.

Moreover, an accountancy firm will be able to be effective and efficient business advisers, yet firms tend to only get them involved for the usual accountancy services such as tax returns, year end accounts and payroll.

Why use your accountancy firm as business advisers?

No one will know your business financial situation like your accountant. He should be the first port of call to look over your business plan and forecasts, and can advise on funding, as well as assist in obtaining it, by ensuring lending criteria is met with a strong business plan. This would be needed whether funding is being sought through traditional channels such as banks, or other business funding options growing in popularity such as peer-to-peer lending (crowdsourcing) and private equity (business angels).

Many accountancy firms these days offer additional services such as financial credit checks that will help any firm that is considering taking on a new client or using a new supplier. These checks will help ensure there are no hidden skeletons that could cause problems further down the line. This is something that could be raised when using an accountancy firm as business advisers. The truth of the matter is, many businesses are completely unaware of what additional services their accountant offers – and can often be missing out on good advice and opportunities as a result!

Business advisers and partners

The sooner business owners see their accountancy firm as business advisers and work in partnership with them, the sooner the benefits can be reaped. When immersed in running a business and all that it entails, it is often easy to overlook opportunities that could be there for the taking, or worse, not identifying pitfalls that could be lurking around the corner. An experienced accountant will have seen and dealt with a huge variety of businesses over a long period of time in a range of sectors. There are few scenarios your accountant will not have dealt with and as a result, a wealth of experience and knowledge built up that should be tapped into.

For further information about the additional services that could help your business, or for business help and advice, call 01827 54944.