Many business owners are already familiar with the go-to list of helpful things that accountants can do. Regulatory compliance, financial reporting, managing cash flow, bookkeeping, payroll… these are all burdens that accountants happily take off your hands. However, there are several other ways in which an accountant can save you and your business time and money. In this article, we’ll look at three ways that we can support your business’s financial health.
1. Business Planning
Business planning is one of the most time-consuming elements of any organisation. A lot of SME business owners work long hours that frequently spillover into evenings and weekends, Making strategic decisions about growth and investment, analysing the competition, defining and refining goals, and making accurate predictions and forecasts can therefore be frustratingly slow. Positioned on the frontline of organisational finance, and with the benefit of a panoramic view of multiple businesses over countless generations, accountants are perfectly positioned to understand which plans will work, which will flop, and to guide you accordingly.
2. Cashflow Management
Cash flow management is one of the most essential tasks for a small business owner, but unfortunately is also one of the most time-consuming. No matter how solvent or profitable a business is on paper, if you don’t have the cash in hand to make the purchases you need, to pay yourself or your staff, or plan for growth, then the plans you have for your business are likely to stall, and you’re always just a couple of steps away from insolvency.
An experienced accountant can be an extremely valuable asset for business owners looking to save time while improving their cashflow management. By monitoring your cashflow, providing strategic advice, and preparing detailed financial reports using your data, your accountant can help you keep on top of your finances without you having to micromanage every detail yourself. This makes it easier to track your finances more accurately, and minimises the risk of errors and costly mistakes. Their insight can also help you plan your expenditures and investment decisions to align with your cash inflow and outflow cycles, so that you can pursue new opportunities without putting a financial strain on your business.
3. Funding
Whether it’s for research and development, investment in a property, expansion, or new technology, growth usually comes at a huge time cost. This is frequently a Catch-22 situation for organisations. Without funding, they cannot demonstrate their vision. Without a demonstration of their vision, they cannot secure funding. As a consequence, countless hours are wasted in funding applications that get nowhere. In the meantime, many stunning ideas simply fall by the wayside, where they are scooped up by eagle-eyed competitors.
Accountants can help business funding in many ways. We can formulate a comprehensive growth plan enriched with market analysis, projections, and forecasts. Accountants can advise you on which type of funding is available, expand your networks, and can negotiate on your behalf to help to secure loans.
What Next?
If you’re looking for ways to give your organisation a competitive edge, your accountant may be your best secret weapon. To find out more about what our Chartered Accountants have to offer, please get in touch today.
Image Source: Canva
