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7 Things You Didn't Know Your Accountant Could Do
Friday 17th June 2022
Andrea Cassidy
Did you know your accountant can do a lot more than just file tax returns and prepare accounts? In fact, accountants can help you with a variety of tasks, including financial planning and business consulting.
If you're not taking advantage of all the services accountants have to offer, you're missing out on valuable assistance and wasting money.
Let's take a look at 7 things that your accountant can do for you that you may not have considered until now.
#1 - Strategise
One of the most important things your accountant can do for you is help you plan for your business' future. They can help you set financial goals, identify key performance indicators (KPIs) and create a strategy to improve the financial health of your business.
This is especially important if you're thinking of expanding your business or making any major changes. Your accountant will be able to advise you on the best course of action to take and create a plan of action to ensure your success.
#2 - Cash Flow Management
Another important task your accountant can help you with is managing your business's cash flow. They can help you track where your money is coming in and going out, identify any areas where you may be overspending, and provide advice on how to improve your cash flow situation.
This is vital for all businesses, but especially small businesses who may have limited resources. By keeping a close eye on your cash flow, you can avoid any financial problems down the road.
#3 - Increase Efficiency
Your accountant can help you to streamline your business operations and increase efficiency. They will take a close look at your current systems and procedures and make recommendations for improvements. This could include automating tasks, eliminating redundant processes, or improving communication between departments. In addition, they can help you to implement new technologies that will save you time and money.
By increasing efficiency, you can free up time and resources to focus on other areas of your business. This not only makes your business more profitable, but also more enjoyable to run.
#4 - Debt Management
Not all debt is bad. In fact, some debt can be used to help your business grow. But it's important to know how to manage your debt so that it doesn't become a burden. That's where your accountant comes in.
Your accountant can help you understand the different types of debt and their pros and cons, as well as develop a plan to pay off any debt you may have. They can also negotiate with creditors on your behalf and help you get better terms.
If you're struggling with debt, your accountant can be a valuable ally.
#5 - Help with Business Plans
If you're thinking of applying for a business loan or grant then it's highly likely you will need a business plan to support your application. Your accountant can help you with the process.
They can advise you on what type of loan would be best for your business and put together a package of financial statements and other documentation that lenders will require.
Applying for a loan can be a complicated and stressful process, but with the help of your accountant, it doesn't have to be. A great accountant will help you prepare a strong business plan which will maximise your chances of success and help you to negotiate the best terms possible.
#6 - Improve Inventory Management
If you have inventory, your accountant can help you manage it more effectively. Firstly, your accountant will get an overall picture of your inventory management and identify areas for improvement. They can then develop systems and recommend software to track your inventory levels and set up alerts when stock needs to be replenished. In addition to this, they can help you to negotiate better terms with suppliers and find ways to reduce waste and obsolescence.
#7 - Support You
Accountants are often thought of as primarily being number crunchers, but first and foremost, they're actually great listeners who take the time to understand their clients' individual pain points. This allows them to provide targeted support and advice that is tailored to each client's specific needs.
In addition to providing expert advice, your accountant can also be a great sounding board for your ideas. They can help you to flesh out your plans, identify potential problems, and find creative solutions. And when things get tough, they'll be there to lend a supportive ear.
Final Thoughts
At the end of the day, your accountant is more than just someone who does your tax return. They're a valuable business partner who can help you to overcome challenges, grow your business, and achieve your goals. If you're not taking advantage of all the services your accountant has to offer, you're missing out on valuable assistance and support.
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