We all know that your accountant helps with bookkeeping and tax, but there are many other aspects to consider.
- From the very beginning, accountants can test your business idea before you launch it. They will help identify start-up and operating costs. As financial advisors, they can create credible forecasts and identify lenders who would be prepared to back your new business. They can also provide help with business pitches and make sure you approach potential backers in the correct way.
- Accountants can help with strategy and setting goals for you personally, financially and as a business. They will identify key performance indicators (KPIs) to measure your progress and these will clearly identify how your business is working and which areas need your attention.
- A professional advisor will understand the ebb and flow of finance within a business. There will be times when a business slows down, but expenses like the staff payroll will always have to be covered. A business can fail if the money dries up at the wrong time. Accountants can offer professional help organising a spending plan and managing cash reserves. This will ensure you are always aware of your financial situation, and it will give you the confidence to move forward in business.
- In terms of staffing, accountants can help you understand which roles would best suit your business. Do you need waiting staff or an extra hand in the kitchen? They can help evaluate a position and how it will best benefit your business. They can also calculate the costs of training and paying wages, sort out paperwork, tax and insurance.
- Accountants can take away some of the pressure of organising a business, by introducing an automated business processes. They will have an up to date knowledge of business processes and the latest software to deal with staff rotas, payroll, customer relations, invoicing, taking payments and managing the point of sale.
- You will have to consider strategic costs, like stock control and storage, utilities and staffing. Accountants will be able to give an accurate breakdown or estimate, as they are more familiar with these issues. This will provide you with a far more efficient way of working.
Finally, accountants know that being in business can be tough, with long hours of hard graft, often working alone. They can provide moral support and help you through the tough decisions, because they know how much your business means to you. An accountant should be someone you can have a frank conversation with, someone who you can rely on to help solve your business problems. They are a wealth of knowledge and capability. If they don’t have the answer, they probably know someone else that can help.