Is it time to change your accountancy company?
Many established businesses may have been using their accountancy company since start-up, but should assess whether the firm is still offering the services that suit the needs of the business as it evolves. Instructing an accountant is usually one of the first things a business owner will do to ensure they can fulfil their obligatory duties to HMRC, and often just look for end of year accounts and tax return filing services.
However, as the business develops, so might the accountancy requirements, so it’s worth exploring additional services from either your existing accountancy company or another firm. End of year accounts, payroll, statutory compliance for tax and VAT and management accounts are just some of the staple services most accountants will offer – but it’s worth checking out what else is out there.
Help with business growth
For businesses looking to grow, a firm that can help them with advice on funding sources and getting accounts in order to aid a successful finance application, is a must. Effective forecasting and planning will be needed to ensure business growth is underpinned with robust plans – so finding an accountancy company that has a strong track record in this area is advisable. If you already have an accountant, ask them about their business advice and growth services and how they can support you. Money spent on advice to get it right first time will reap rewards.
Guidance on avoiding pitfalls
There are a variety of pitfalls you’ll want to avoid as a business owner such as cash flow issues, late paying customers and not properly assessing the market for a new product or service. A good accountancy company can help with all of this – ensuring you have an arsenal of tactics to ensure cash flow runs smoothly and customers pay on time. Knowledge of how to submit the invoice in accordance with the customer’s processes, adequate follow-up and gentle reminders when invoice due dates are approaching, will all help greatly and will be something your accountant can advise on. Cash flow is the biggest business killer so help to avoid issues in this area will help your business no end.
Opening your eyes to the bigger picture
As well as identifying and avoiding pitfalls, there may often be business opportunities that slip by because you’re either too focused on the day-to-day to see them or just don’t have the experience or knowledge to capitalise on them. An accountant that offers additional support services can be instrumental in catapulting your business into a different league. Having a thorough health check of the business, with recommendations and strategic planning support, could be the new lease of life your business has been waiting for. Many forward-thinking accountants offered unlimited support on a fixed-fee basis – so you don’t have to worry about escalating costs but have the security of ongoing, high-level support.
So, if you’re stuck in a business rut and need a breath of fresh air for your business, ask your accountant what else they can do for you, or explore what’s out there!