12 things you didn’t know an accountant could do for your business

12 things you didn’t know an accountant could do for your business

Accountants often don’t get enough credit for how much they bring to a business and their involvement in growing a company and helping it thrive.  Of course, we do tax and compliance work – that’s a given. But we can do so much more. 

We can give you strategic advice and come up with clever ways to save money or boost revenue. We’ll remove or automate administrative tasks that distract you from your core business.  We’re excellent trouble shooters and strategic advisors for small business.  We can help you run your business with more clarity and confidence. Here are 12 things you might not know that we can do for your business:

1. Launch a start-up 

Starting a new business is a very exciting time, but it takes more than a good idea. You need to know that it will be successful and make money – and you may need to convince investors and lenders of the same thing. We can do that for you.

We can help test your idea, identify your start-up and operating costs, and create accurate revenue forecasts. We also know which lenders are most willing to help, saving you time and guiding you towards the right people for finance, before helping you to work on your elevator pitch so you’re ready to impress those lenders.

2. Help with business strategy

There are so many moving parts in a business. We can help you get all those parts moving together smoothly. We’ll work with you to set goals – personal, professional and financial – and give you tools to measure your progress. You’ll end up with a set of key performance indicators (KPIs) that tell you how well your business is doing. And if things aren’t going as planned, we will help you troubleshoot the issues, test solutions, and reset your KPIs as needed.

3. Fix your cash flow

Sometimes capable businesses struggle because they run out of money at the wrong time. Even a highly active business won’t last long if payments are slow to come in, or expenditure is too high.

As accountants, we know that revenue ebbs and flows, and that outgoing costs do the same. We can help you predict the effect on cash flow and come up with strategies to manage the situation. We’ll work with you to come up with a spending plan that ensures there is always money in reserve in case of the worst-case scenario. It will help make payday less stressful, supplier relations stronger, and your life easier.

4. Manage your debt

There’s good debt and bad debt. An accountant can help you tell one from the other. We’ll find the least expensive borrowing strategies for your business – with the right mix of repayment flexibility and low interest. If you need refinancing, we’ll take care of that too.

We will also advise when spare cash should be used to pay back loans, and when it should be reinvested in the business. We will do that by considering the numbers behind your business and looking at how your debt's structured to develop a specific strategy for you.

5. Deal with unpaid invoices

Unpaid invoices are a fact of business. You don’t always have time to be chasing debtors, but you can’t afford to ignore the problem. We can take that headache away.

We can set up invoice systems that send automatic reminders to customers when their bill is due - or overdue. We might even call businesses that don’t respond. If invoices remain unpaid after this, we can arrange debt financing where a business will buy your unpaid invoices from you and chase the payment themselves.

6. Write and pitch loan applications

Applying for a loan can be tough, so a good accountant will do more than just pull together your numbers. We will do that, and help you craft a compelling story.

Lenders need to see solid financials and credible forecasts, but what an accountant can help with is tying it all together in a presentation that sells the wider vision for your business. We will create ways to showcase your numbers that isn’t solely spreadsheets, allowing your lender to literally see the opportunity. And we’ll use powerful forecasting tools that loan officers trust.

7. Budget smartly 

Detailed budgeting can take up a lot of your time and energy. As a result, some businesses end up working off a vague set of numbers that are rough estimates. We can help you produce a detailed and accurate budget that gives you the real cost of doing business. We’ll know how much money you can reinvest, and you’ll know what you can pay yourself.

8. Get you staffed up

Yep, we can even help you hire the right people for your business.

We will figure out what sort of hire will boost business the most. We then work out the cost of hiring, training and paying an employee to make sure you can afford it, and we’ll help you get payroll right, including complying with government paperwork, tax and insurance requirements.

9. Set up your cloud accounting software

Your accountant can automate a lot of your business’s accounting so that sales and expense data flows directly into your accounts. We can also provide you with invoicing systems that tell you what’s been paid and what hasn’t.

Some examples of automated systems that we can implement for you are:

  • cash flow dashboards 
  • KPI tracking, so you can check overall business performance 24/7 
  • automated accounts payable, so you’re always on top of expenses 
  • mobile accounting apps that allow you to manage your finances from the road

10. Help you manage stock

Do you spend a lot on storage, or lose money writing off obsolete or damaged goods? Or do you sometimes lose revenue because you run out of stock? Smart inventory management is critical to doing good business.

Your accountant will identify the cost of holding inventory and come up with strategies to save some of that money. We’ll review your sales data to help predict stock needs so you can place accurate orders. We can even set up software that tracks stock levels and auto-orders items as they run low.  

11. Make your business more efficient

Everything costs money in business. Storage, utilities, staff. If you don’t have the time or expertise to think about these costs strategically, we can do that for you. We identify unnecessary costs in your business and help you develop more efficient ways of working.

12. Unlock the power of technology

Smart business software can automate a lot of the things you do manually. We can set up affordable software for things like:

  • staff scheduling and time recording
  • point of sale
  • taking payments
  • customer relationship management
  • invoicing
  • payroll

This is one of the most important things we can do for you. Automating business processes saves time, lowers costs and ensures everything runs smoothly.

Final word

You’ll be amazed at the difference a top accountant can make. We can bring a tonne of extra capability and insight into your business.

So, what does an accountant do? Anything you need, really. Because if we can’t solve your business problem themselves, we will know who can!

With almost 20 years of industry experience, working with businesses that range from start-ups and freelancers to SMEs, our talented and friendly team will review your current business operations and numbers and advise you on the best ways to cut unnecessary expenses, maximise your profits and expand your business.

If you are looking for an accountant you can rely on, call us on 01202 755600 or send an email to hello@asfb.co.uk.

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