Do you feel like your current accountant is simply going through the motions? Getting the help of a top accountant will open your eyes to what you and your business are actually capable of.
Not only can they bring you the experience that you need to help with more than you might have thought, but they can also bring insight into your business.
So, you might be asking, what exactly could my accountant do for me? Whatever you need. If an accountant isn’t looking at you and your business and offering you solutions, they’re not putting in the work.
Here are 5 things that your business could benefit from with a good accountant (like us):
- Fix your cash flow
- Set up cloud accounting software for your business
- Deal with unpaid invoices for you
- Budget smarter, not harder
- Strategies to suit your business’s needs.
Set Up Cloud Accounting Software
No one wants to do the paperwork – even if it’s digital. But your accountant can automate your business’s accounting so that sales and expense data flows directly to your accounts. They can help you innovate your business technologically, from invoicing systems to tell you what’s been paid and what hasn’t, to automatic reminder emails to clients who haven’t paid, to cash flow tracking and KPI goals monitoring and more.
Creating Strategies To Suit Your Business’s Needs
As the business owner/developer, your fingers are in a lot of pies, especially when it comes to your business’s internal workings. Sometimes, spreading yourself too thin to try and handle every element of your business can make it difficult to know what your business actually needs.
Accountants will work with you to:
- Set goals (personal, professional and financial) and provide tools to measure the progress towards those goals.
- Work out what KPIs your business needs to work towards achieving.
- Troubleshoot what the issues may be in the business that is preventing you from reaching/achieving KPIs and goals and finding solutions.
Fix Your Cash Flow Issues
The last couple of years has been challenging in terms of cash flow. Even the most profitable business may have found themselves in dire financial straits if their money had run out at the wrong time. Being unable to pay suppliers or staff, receiving payments too slowly or finding that expenditure in your business is too high are all cash flow issues that your accountant should be assisting you with.
- Help you predict the effect on cash flow from your revenue and costs, and create strategies to manage the situation
- Organise cash reserves and provide you with a spending plan for the business.
Deal With Unpaid Invoices On Your Behalf
Trying to get payment out of customers and chasing unpaid invoices can often feel like you’re trying to wring water out of a rock. But it’s a problem that can’t be ignored.
Your accountant can step in and set up invoicing systems to send automatic reminders about their overdue payments, and be the one chasing those payments for you. They can also arrange debt financing if the invoices still aren’t paid (this is where a business will buy your unpaid invoices from you and chase the payment themselves.
Helping You Budget Smarter, Not Harder
Trying to crunch the numbers for your business can be a mind-numbing process, and working out your budget can eat up a lot of your time and energy. As a result, many businesses end up working off a vague set of numbers that are full of assumptions and estimates.
Your accountant can help you produce a rigorous, accurate budget that gives you real confidence. You’ll know the real cost of doing business, and you’ll know what you can pay yourself.
Just remember that when looking for an accountant, consider more than their knowledge and skill. You should be able to have very frank conversations with them so find somebody you like.
An accountant that’s easy to get on with and can do all of these things for you is out there. You might even find them here, at our firm filled with professional, considerate staff.