What Does a Business Accountant Do Beyond Taxes and Accounts?
When most people think of accountants, they tend to picture tax returns and number-crunching at year-end. But what does an accountant do beyond basic compliance work? The best accountants become part of your team, offering insights that drive growth, increase profitability, and ensure you’re running your business efficiently.
Here are 15 ways an accountant can support your business beyond tax and accounts:
1. Launching a Start-Up
You need to know that your idea will make money, and you may potentially need to convince investors of the same thing. An accountant can help you develop credible financial forecasts, identify start-up costs, and present your idea clearly to potential investors. Having a solid financial foundation from the outset can make all the difference.
2. Managing Cash Flow
Keeping cash flow steady can be challenging, especially in the early stages. Accountants help you forecast cash needs, making sure you have funds to pay staff, cover bills, and set up emergency reserves.
3. Optimising Your Tax Position
A good accountant doesn’t just file your returns—they work with you to effectively reduce your tax burden. This includes tackling old tax debts, setting up tax-efficient structures, and making sure everything is above board in the event of an audit.
4. Creating a Debt Management Strategy
What loan should you choose? Should you use spare cash to pay back loans or reinvest in the business? Balancing debt repayment with reinvestment is essential for growth. An accountant helps you choose the best financing options and creates a strategy that aligns with your business goals, helping you make informed decisions about borrowing.
5. Automating Invoice Chasing
An accountant takes the ‘chasing money’ headache away from you by setting up an automated invoice system. When a payment is due or overdue, automatic reminders will be sent to your clients until they pay. Some accountants will even call clients who are very overdue with payments.
6. Refining Your Business Strategy
Where do you want your business to go? Accountants can work with you to set achievable goals—personal, financial, and professional—and track your progress toward them, giving you a clear path to success.
7. Budgeting and Forecasting
Working off a vague set of numbers can result in irreparable damage to a business. A reliable budget is essential for long-term growth. Accountants can help you develop precise budgets so you know exactly what’s coming in, what’s going out, and what you have available for reinvestment. This also includes crisis planning, so you know how long your business can weather unexpected setbacks.
8. Supporting Loan Applications
Applying for loans can be daunting. Accountants help you create a robust loan application by pulling together financial statements and forecasts, increasing your chances of securing funding.
9. Advising on Recruitment and Payroll
Should you hire a full-time employee or outsource? Will your bottom line benefit more from a salesperson or a technician? Can you afford to hire and train a new employee? Hiring decisions impact your bottom line. An accountant can help you decide when to hire, whether outsourcing is a better option, and how staffing decisions will affect your finances.
10. Implementing Cloud Accounting Software
Modern accountants are tech-savvy. They can introduce you to cloud-based accounting tools that streamline your finances, making them accessible anytime, anywhere. They’ll also help train you to use these tools effectively.
11. Increasing Efficiency with Business Apps
Accountants can recommend tools that boost productivity, such as invoicing, payroll, and staff scheduling applications. They can also integrate these apps to create a seamless workflow that saves time and money.
12. Improving Inventory Management
Many business owners don’t realise how much money is lost due to poor inventory management. Accountants can help you assess holding costs, reduce revenue loss from inventory issues, and optimise orders to balance supply and demand.
13. Planning for the Future
Do you want to sell your business in the future? Do you have a succession plan? Do you want to retire early? From succession planning to retirement, accountants help you design a long-term strategy. They’ll keep you on track toward these goals and adapt the strategy as your business evolves.
14. Offering Ongoing Support
A strong accountant isn’t just a year-end advisor; they’re a consistent part of your team. They’re there for questions, support, and guidance throughout the year. They will be your financial advisor and will be there to listen and support you when you need them (not just appear in your life at the end of the tax year).
15. Providing Peace of Mind
Most importantly, a good accountant gives you confidence that your finances are in order. They help ensure that your business, personal finances, and family are protected, allowing you to focus on growing your business with peace of mind.
Discover What Atek Accounting Can Do for You
If you’re ready to work with an accountant who’s more than just a number-cruncher, contact Atek Accounting. We’re here to support your business at every stage, with tailored advice that drives results. Let’s have a chat about how we can help you reach your goals.
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