Is your accountant doing everything they can?
Every business needs an accountant. Running a business is challenging enough without juggling the minutiae of finance. Having an individual or group to do it for you is often the best course of action. Although your business accountant might be doing a fantastic job of making sure your bottom line is healthy, ask yourself, are they being proactive? Are they helping your business to maximise its value or are they doing the bare minimum? What was the last piece of advice that your accountant provided to you without being asked?
A sign that your business accountant could be doing more is if they are steadfastly focused on the present but not the future. While it is critical to spend time thinking about the here and now, it is equally as vital to consider what the future of your business and its finances will look like. Remember, how your business is performing right now will impact on the future. Having discussions with your accountant about your long-term goals and the bigger picture is an excellent place to start. It allows you to plan how best to use your finances.
Discussing your goals with your accountant is essential if you plan to take your business to the next level. If they are aware of your goals, what are they doing to support this? Whether it is cutting costs or analysing your spending and factors like your pricing, your accountant should be highlighting areas for improvement.
Cutting costs might be an innocent sign that you are unnecessarily spending funds; however, it could also be a sign that your pricing isn’t right. Has your accountant shown you how to calculate your Break Even point? If you find that you need to reduce your outgoings, it is worth revisiting your pricing structure to eliminate the possibility you are undercharging. A good business accountant should be able to guide you through this process.
It can be challenging to navigate the rough seas of taxes, especially if you’re a new business. But if your accountant is an expert in their field, they will have all the up to date knowledge necessary, leaving one less thing for you to worry about. Hopefully, your accountant will go one step further and advise you on how you can make the most of each tax year.
Whether you’re a new or established business, an accountant who goes the extra mile is an asset to your business. But if you’re paying someone who doesn’t help your business to succeed, it might be time to re-think your partnership.
If your business needs help with accounting, Big Hand offers a range of expert services from bookkeeping to payroll to business growth planning. We give your company the opportunity to develop. Get in touch with us today on 0161 327 2911 to find out how we can support your business.