Do you feel like your current accountant is simply going through the motions? Getting the help of a top/good accountant will open your eyes to what you and your business’s capabilities are.
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.
A Good Accountant Should
Here are five 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.
Fix Your Cash Flow Issues
The last couple of years have been challenging in terms of cash flow. Even the most profitable business might 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.
For example, they can:
- 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.
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, automatic reminder emails to clients who haven’t paid, cash flow tracking, KPI goals monitoring, and more.
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 you can’t ignore.
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. Debt financing 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 work off a vague set of numbers full of assumptions and estimates.
For instance, your accountant can help you produce a rigorous, accurate budget that gives you real confidence. You’ll know the actual cost of doing business, and you’ll see what you can pay yourself.
Creating Strategies To Suit Your Business’s Needs
As the business owner/developer, your fingers are in many 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 challenging to know what your business 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 the issues in the business that prevent you from reaching/achieving KPIs and goals and finding solutions.
Just remember that when looking for an accountant, consider more than their knowledge and skill. You should have very frank conversations with them so find somebody you like.
Above all, 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, filled with professional, considerate staff at our firm.
