Businesses and freelancers predominantly turn to their accountants for help when filling their taxes. But what they don’t realise is their accountants can offer them so much more! From developing strategies to interpreting analytics, your accountant can work to ensure your business reaches its fullest potential. With that said, here are 6 things you didn’t know your accountant could do:
Applying for a loan can be a daunting and lengthy process. So why not relieve some of the pressure and let your accountant guide you through it? They can offer support by:
- Outlining your options (based upon your current financial situation and business prospects)
- Finding which lenders are best suited to you and your business
- Helping gather the necessary information required for your loan application
- Utilising forecasting tools to improve your chances of approval
Between the digits and the decimal points, your accountant understands what your business means to you. By letting them help with your loan application, they’re able to combine their industry-specific knowledge with their knowledge of your business to help promote your company in the best possible light.
Every decision you make regarding your business comes with its own set of ramifications (both good and bad). That’s why it’s beneficial to have your accountant on hand to help you weigh up the pros and cons of each business decision. For example, your accountant can consult you on:
- Contracts and documents: by reviewing each contract, your accountant can assess the financial implications of each proposition, allowing you to make highly informed decisions.
- New and existing business ideas: assessing the financial viability of your latest business plans can help you decide which risks to take now and which to leave for a later date.
- Hiring employees: advising if (and when) you should hire new employees and in which roles. Employment advice will also include discussions about tax, insurance, payrolls and paperwork.
Figuring out how to get from where you are now to where you want to be in 6-, 12-, or 18-months’ time can seem like an overwhelming task – especially for a start-up business. Thankfully, your accountant can utilise their expertise to help you develop an ambitious (but achievable) business strategy.
Together you can set specific goals for your business and finances, develop spending plans, use data to forecast growth and monitor your progress by tracking your KPIs. With the help of your accountant, you can continue to pursue your career goals whilst focusing on what you do best.
Smart software can save you time and energy by automating previously manual processes. Tasks including invoicing, payroll and KPI tracking can all be digitally automated to help make your life easier.
Similarly, you can digitally monitor your data analytics to ensure you’re getting the most out of your business. Software designed to track cash flow, manage inventory and forecast revenue can help you keep your expenses low and profits high. Plus, with everything monitored digitally and stored online, it makes things a lot easier for you (and your accountant) when tax season rolls around.
Along with strategising, avoiding unnecessary expenses and lowering tax exposure, your accountant can also keep a watchful eye for additional funding. Government-led initiatives and grants can help you grow your business whilst relieving some of the financial pressures of running a start-up. So, whilst you’re focused on managing your business, your accountant can be searching for relevant grants and schemes before walking you through each application process.
The support you receive from your accountant isn’t limited to the daily tasks or yearly returns – they can also help you prepare for the future. Estate planning will ensure that a higher percentage of your assets are left to your chosen heirs or non-profit organisation(s) by working to minimise tax ramifications. Similarly, your accountant can offer guidance when discussing succession by exploring each viable option for a successor, whether you intend to leave your business to a relative or employee.
Accountants aren’t just for tax season
As we’ve seen, accountants do far more than file tax returns. Their expertise can help to grow your business exponentially by:
- Lowering your tax exposure
- Finding additional funding
- Planning for the future
- Maintaining your books
- Providing you with tailored support and advice
Few people will understand the inner workings of your business as well as your accountant, so accept their help! Investing in their expert advice is one of the best financial decisions you could make for yourself and your business.
If you need help with your books, business planning or growth strategy, or you just want to enquire about what we can help you with, contact us. We’d love to help you build and grow the business you want (whilst saving money in the process)