How Can An Accountant Help Grow My Business?

An accountant just does your taxes right? Wrong - an accountant can do so much more than that. 

If you pick the right accountant and work with them closely, they can not only keep you on the right side at tax time, but they can also help you grow your business.

In the first instance, an experienced accountant will support your business with relevant reporting and up to date figures so you can make informed decisions. But, that’s not all they can do. They’ll also work with you to offer advice on the best way to approach your business growth. 

And because accountants are up to date with the latest tax and financial regulations, they will be able to give you up to the minute advice.

Have you been thinking about how an accountant can help grow my business? Then, wonder no more! We’re going to let you know the ways your accountant can help with business growth.

How Can An Accountant Help Grow My Business?

5 Ways Your Accountant Can Help With Business Growth

There are plenty of ways an accountant can help you to grow your business, but here are five of the top ways they can get that done:

Implement a business plan 

When you run a business, there’s lots to think about, especially if you are planning growth. Creating a business plan will help establish the right goals for growth and will also lay out the actions to get you there. But, it can be hard to take a holistic view of the business when you are in the midst of the day to day activities. Having a fresh pair of eyes on your business can help you focus on what’s important and the best direction to take. 

If your business is new, an accountant can help to ensure you have the right structure in place, so that you are best placed to reduce risk and promote growth. Your accountant can also help you set key performance indicators (KPIs), so you can track how your business is doing.

If your business is established, then your accountant an help you determine how best to utilise your exoistinf resources and how to transition to the next level of business.

Cash flow management

Cash flow is essential for your business. Money needs to flow consistently in and out of your business otherwise it can affect your day-to-day running and ability to grow. 

Having an accountant look at your figures helps you to manage your cash flow and maintain a healthy business. It also gives you the chance to assess whether there are any changes you need to make before they become an issue. That might include chasing outstanding debts, negotiating better deals or reducing costs.

More than ensuring you have enough money in your account to pay your bills, understanding your cash flow puts you in a strong position to make informed decisions about investment and growth.

Tax management

Paying tax is unavoidable, but that doesn’t mean you should pay more than you should. A good accountant can work with you to ensure that you are claiming any relevant expenses and not overpaying tax. This leaves you with more money to put back into your business.

This tax management process can be implemented throughout the year so that there are no nasty surprises come tax time. You can also make informed decisions during the year with a full understanding of how it will impact the tax your business needs to pay.

Smarter working

Few people are still working with a shoebox full of receipts under their bed or locked in a desk drawer. But, the analogy is a good one! 

If you are still shuffling with sheets of paper or you don't have a centralised system to manage your accounts, then you probably don’t have as good a handle on your business as you could. 

A forward-thinking accountant will get you set up in the cloud with an accounting software programme like Xero. And, if you are already using an accounting system, they can help you to maximise the efficiency of it.

Using accounting software effectively makes it easier to keep your records in order and gives you a greater range of information about your business at your fingertips. Accurate reporting helps you to make clear decisions about your business, and can be used by your accountant to support you as you make annual business plans.

Informed decision making

The right accountant can give you advice and support to better understand how your business is operating. When you know your numbers, you can make better decisions about many things. 

Having an accurate picture of your financial health means you know when you can invest in equipment or marketing, and when you might need to tighten your belt slightly.

Sometimes, growing your business needs extra funding. Your accountant can advise you on the best options for your current position. That could involve bringing in investors or applying for funding. They can assist with putting together the right figures for a loan application or investors and help you tell the right story to give your business the best chance of success.

Figuration Are Ready To Grow Your Business

If you’d like to work with an accountant who will do more than just prepare your tax return, then choose to work with Figuration.

Our team of expert accountants are backed by the latest accounting software to keep your business finances properly organised. Of course, we will prepare your end of year accounts and make sure everything is in place to file your tax return. And we’ll help to ensure that you don’t pay any more tax than you have to. 

But, that’s not all we can do. Beyond that, we’ll help you keep an eye on your business all year round. 

We’ll provide you with regular reporting so you know where your business stands and we’ll offer advice that helps you make the right decisions. 

Stop wondering ‘how can an accountant help grow my business’, and get in touch today to arrange a consultation. You might even start to enjoy your accounting!