It’s a misconception: far too many startups and small businesses think that outsourcing their finances is a futile or frivolous cost. But in reality, this isn’t the case at all – an accountant can be incredible value for money, especially if you maximise on their capabilities.
In this blog, we lay out exactly how you can leverage them for your gain.
Get them to weigh in on decisions
One of the best ways to make the most of your accountant is by drawing on their expertise and experience. They’ll have worked with many similarly sized businesses before, probably in your sector too. That means they’ll have significant knowledge around the challenges you could possibly come across, as well as how to solve them – which is especially key when dealing with money problems…
Ask for every route forward available to you
When times get tough, it’s the accountant that business owners turn to. They’re the ones with a keen eye on worrying finances. And as a result, they’re best placed to give a proactive warning or talk through your financing options (like a loan or lease) and eligibility. What’s more, they can prove to be a pillar of support – always open to answering your questions and offering guidance, in good times and in bad.
Seek out their cash flow support
An accountant can also be worth their weight in gold because they’ll help you avoid problems in the first place. By preventing you from making a costly mistake or entering into a decision without all the facts, your cash flow remains healthy. As they’ll have a near real-time view of your business’ income and expenditure, they can support with forecasting too – organising the likes of cash reserves in hard times and ensuring you’re tax-efficient.
Share your growth plans with them
Another way to make the most of your accountant is to leverage them for your growth plans. Again, they’ll be well-versed in highlighting and supporting growth – they’ve done it for countless others. They’ll help you figure out if you have the necessary funds for investment, how it’ll affect your business’ finances, and whether it’s the right time to make this move based on current market trends and the wider economic landscape.
Test their suitability for your business
Of course, not every accountant is the same – you need to choose one that suits your needs. As a basic starting point, ask the following before moving forwards with them:
- How can you support my growth?
- What taxes should I be paying – now and in the future?
- What records should I be keeping?
- What can I do to improve my cash flow?
- What legislation do I need to know about?
Here at Nabarro Poole, we offer a variety of accounting services – from monthly and quarterly accounts to budgeting and forecasting, and even right down to Corporation Tax and payroll support. We’ll be by your side all year round, providing a tailored service that puts your needs at the heart, and makes your finances one less thing to think about.
Ultimately, we can help you manage and grow your business. Get in touch today to see how.
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