There are many ways an experienced accountant can help your business, and you will usually find one behind every successful company. In today’s world of cloud accounting, an accountant uses financial technology to help businesses become more profitable and sustainable. Without professional accountancy support in place, you may find it difficult to control your finances and grow your business.
Here is a list of some of the main areas where an accountant can help your business:
Tax relief – there are many tax-saving opportunities available to businesses of all sizes. Some forms of tax relief are temporary, for example, the HM Treasury’s Super-Deduction scheme, which runs until March 2023. Other forms of tax relief are more complex, such as R&D Tax Credits (research and development). An accountant will be able to advise you on the most suitable schemes for your business structure to ensure you always pay the right amount of tax.
Cash flow – if your business becomes cash-poor, it may fail to survive, especially during these volatile economic times. An accountant will help you monitor and manage your cash flow to ensure you always have enough cash in your business. Even when a business seems profitable on paper, the reality can be very different. A healthy cash flow will enable you to cope with debt, late customer payments, ongoing expenses, and large outgoings.
Profit and loss – an accountant provides you with regular financial insights to help you understand how your business is performing. Through detailed financial reports, you can glean information to identify which products and services are profitable and those that are loss-making. This in turn will enable you to realign your business strategy with new objectives and any relevant marketing strategies, so you can stay focused on profitability.
Business growth – using financial forecasts, your accountant will help you to determine which revenue streams should become your focus for business growth. If you need to secure finance to fund your growth plans, you will need to prepare your business for investment. An accountant will be able to present your financial position to lenders and stakeholders. They will also help you manage sudden growth, which can cause problems.
Business sale – if you are a business owner, you may decide to sell your company in the future. An accountant will help you value your business and prepare the necessary documents for the onward sales process. Likewise, should you decide to buy a business, your accountant will help you to prepare financially, so you can negotiate and secure a suitable deal. They can also support you with any company mergers and acquisitions (M&A).
There are countless benefits an accountant can bring to your business, including choosing suitable company structures, auditing for compliance, advisory services, payroll, credit control, and many more. Working with a good accountant will ensure your business stays economically viable, allowing you to expand and grow. And, most importantly of all, you will stay in control of your business.
If you would like to find out how our accountancy services can help your business, please get in touch by emailing: email@example.com