There can be a misconception about accountants. They’re a necessary evil to make you sign off your annual accounts, deal with compliance issues, and deal with the IRD. Well, yes, they do that, but they can – and should – also do so much more. The right accountant can be a trusted business partner and advisor, adding real value to your business and helping you to go where you want to go by following a logical, realistic plan based on real numbers and accurate forecasts. Today’s business owners are increasingly turning to high quality accountants to drive their success and meet their goals.
With the right accountant working alongside you, he or she doubles up as a company analyst who can interrogate your data and translate sometimes unnecessarily complex terminology into plain English, giving you access to clear, concise, and accurate information. Your accountant should be a master of your accounting system and provide you with regular management reporting, adding value to your strategic planning and decision making.
This level of service isn’t just for the big Corporate organisations and, in fact, is all the more useful to the smaller businesses who have the advantage of being able to take action without needing multiple levels of approvals to make progress. Your data is accessible anywhere where you have a smartphone and access to the internet, and your accountant is just a phone call or instant message away. The power is in your hands.
A good accountant should save you money, especially when combined with bookkeeping services (which Office Angels can also provide 😊). Technological advances means that manual data entry isn’t the time-consuming, monotonous necessity it once was. Rather, automatic feeds now cut the processing element to a fraction of the time. That leaves more time available to them to help provide you with quality information about your business.
Why am I not making a bigger profit?
A good accountant can help you get to the bottom of this common question and, more importantly, help you implement a workable,
sustainable solution. For example, the answer might be that you’re not charging enough, but equally that doesn’t necessarily mean the solution is to put prices up across the board. By taking a closer look at your debtors and creditors, and the detail behind your monthly accounts, your accountant should be able to recommend an approach that will positively impact your bottom line and not risk losing valuable customers.
Another angle might be to focus on the products or services that give better margins. Your accountant should be able to provide this breakdown for you, which can inform your strategic direction. Ultimately, your accountant can put some rigour and analysis into your business, eliminate the guesswork, reduce the risk, do business better, and support you in getting to where you want to go.
A sometimes significant bonus is that you don’t have to provide a desk and equipment for your accountant to access your data. You can get an up-to-date healthcheck for your business, a report, check your cashflow, or piece of financial information with little more than a click of a button from anywhere. The accountant adds value by interpreting what your system churns out, but this can be done from their home, their office, or anywhere that suits you best.
If you’re just starting out with a business in any capacity, it’s great if you can find yourself an accountant from the start who can allow you to focus on what you’re good at. Would you not rather be freed up to creative, innovative, operational, inspirational, or whatever your strengths are that will make the biggest difference to your business? You’ll have a partner who can provide unbiased advice to help you avoid many of the pitfalls that new businesses encounter, increasing your chance of success. If you’re an established business, congratulations on succeeding this far in a difficult environment! It’s never too late to build a fantastic relationship with your accountant further down the track. Start today and the right accountant will save or create money many times over their cost.
If you’re already getting this level of service from your accountant, don’t let them go! If you’re not, or you just want to talk about any of the aspects of accountancy or anything raised in this article, get in touch.