Accountants are often seen as guardians of tax and compliance. However, their expertise extends far beyond these areas.
We regularly act as problem solvers, assisting with a range of tasks that can set the stage for a smooth and profitable business operation. Here are eight ways your accountant can help your business to flourish:
Assisting with business formation
Launching a new business is never straightforward, and there can be bumps in the road that may not become apparent until it is too late.
The structure of your business, whether sole trade, partnership, or limited company, comes with unique tax obligations, paperwork and, in some instances, personal liabilities.
We can guide you in choosing the most suitable structure for your business, with knowledge of your objectives, potentially saving you significant time and money.
Guiding business acquisitions or sales
If you are considering selling your business or acquiring a new one, consulting with your accountant should be your first step.
We can assist with business valuations, help you to develop robust exit strategies, and compile the necessary financial reports and documents to ensure you are able to make informed decisions throughout the process.
Engaging the right expert advice can help you to minimise costs, and ensure that you are protected from entering into deals that are of no benefit to you in the long-term.
Improving cash flow
Inadequate cash flow management is a common cause of business failure, but something that can be easily avoided when equipped with the right support and know-how.
We support clients to regularly analyse their business performance, to build cash flow forecasts, to balance budgets and to optimise the funds they have available.
With a robust understanding of your financial obligations, and by ensuring that cash is being used appropriately, you can avoid disrupting relationships with suppliers and staff and your business can continue to operate as smoothly as possible.
Strategic decision-making
Decisions that may seem straightforward can become critical when they involve financial considerations.
Accountants can assist with decisions such as whether to buy or lease equipment, where to rent office space, and how to evaluate supplier terms and conditions.
Understanding the best pricing structure for your products, to maximise profit and reach a broader customer base is also something we’re able to help with.
With years of experience supporting clients with business strategy, we can easily identify aspects of your business that are underperforming and suggest potential expansion opportunities.
Implementing cloud software to streamline business operations
Automating some of your business’s monthly bookkeeping tasks, and so streamlining some of the key processes that keep your business ticking over, can save you time and resource.
We offer a comprehensive suite of bookkeeping and cloud advisory services, that are designed to help you stay on top of your finances, and to relieve you of your frustrations about financial administration.
Quasi-FD support and advisory
For businesses experiencing growth, or who are finding that they’re being held back by the same inefficiencies time and again, outsourced operational and commercial support in the form of a Quasi-FD type advisory service can be invaluable.
We can have regular involvement with your business, providing commentary on business performance and detailed reporting catered to your requirements.
Discussion, direction and a service that goes beyond the ‘standard’, means you can be coached to utilise metrics and financial data effectively right from the word go.
We encourage clients to view their engagement with us as an ongoing ‘subscription’ whereby their contact with us is regular and timely, as opposed to only speaking with us once a year.
Networking
Effective accountants will have a network of other professionals that they have built relationships with. If you are seeking suppliers, lenders or specialist advice, we can point you in the direction of people that can help.
Securing funding
At some point in the life of a successful business, additional financing may be necessary.
Whether it is securing a loan to navigate challenging times, or attracting investors for essential expansion, obtaining this funding will require well-structured and clear financials.
We can help you to structure investment proposals, and loan applications, in a way that appeals to investors and lenders, showcasing your business and increasing the likelihood of your funding efforts succeeding.
Managing inventory
Daily inventory management can be challenging. However, your financial records can provide your accountant with valuable insights into your stock room operations.
We can work with you to analyse trends over time and suggest changes to ensure peak operational efficiency.
How can George Hay help?
With the ability to tailor a package of support that spans multiple aspects of your business, we can help you to sidestep challenges and to create a successful, streamlined operation.
If you would like to talk to one of our team of chartered accountants and business advisers, in Cambridgeshire, Bedfordshire or Hertfordshire, about how we can help you to flourish, contact us today
