Every business owner knows that an accountant comes hand in hand with your business, you generally can’t have one without the other. What not all business owners know though is an accountant isn’t just someone you speak to once year to complete your accounts and tell you what your tax liability is.
Getting the right accountant can bring a lot to the table that can help your business grow and succeed, especially with the advances in technologies like AI.
The stereotypical view of an accountant is that they deal with historical data to complete your company accounts and tax return, with very little input into your business in real time. However, the profession has come a long way over the last few decades.
With the improvement in software, accountants have never been better positioned to assist with cashflow forecasting, event modelling and scenario planning. Essentially while an accountant’s bread and butter are still historical accounts they are moving further into real time reporting & forecasting future events.
We’ve highlighted the top 4 ways you can partner with your accountant.
Analysing performance. We can assist in tracking key performance indicators (KPIs) by looking at live data about your business, being able to build custom reports and report back you the health of your business.
Optimising revenue. We can review pricing models, customer values & payment terms, and help work out which of our revenue streams are generating the most profits.
Managing cashflow. By using cashflow forecasting we can let you see a glimpse into the future to determine what your cashflow could look like, and in a lot of cases highlight areas where you are potentially losing cash or could tighten up the reins a bit.
Tax and dividend planning. By modelling what-if scenarios we can help you plan for future tax liabilities, including the best way to be tax efficient, as well plan for dividends in a tax efficient manner. A lot of these options can’t be used after the event, so by working with your accountant before any periods have past can save you money!
If you’d like more information on how we can help you maximise your business please get in touch with us, because at the end of the day we are here to help you get the most out of your business.
