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Five little-known ways an accountant can help business owners

Hiring the right accountant for your company is important. This is the case whether you are running a small startup from Prenton or a multinational company in London or another major world city.

Most company owners recognise this fact, so hire one as soon as their turnover reaches a point where they can afford to do so. Usually, in time, their accountant becomes a valued and trusted member of the team, and someone they can rely on. Often, business owners are surprised to learn that an accountant can actually do far more than just keep the books, and file tax returns. Below are a few services you may not have realised that your accountant can provide for you and your business.

1. Provide guidance on company structure

One of the decisions you will have to make when setting up a business is how to structure your company. In the UK, your main choices are working as a sole trader, setting up a Ltd company, and in time becoming a PLC.

A good accountant will be able to educate you so that you understand the financial implications of each of these structures. They will be able to guide you and help you to decide which the best option for you is.

2. Help you to write a business plan

Whether you are running a company in Prenton or elsewhere in the UK, you need a business plan. Again, this is something that a good accountant can assist you with.

For example, they can provide you with spreadsheets to help you to evaluate which of the products and service you offer are the most profitable. Armed with this information, you can determine which areas of your business to focus on and expand.

This will likely take the local area into account, so a Prenton accountant may analyse trends in nearby Birkenhead or the bigger cities of Liverpool and Chester.

3. Help you to evaluate business ideas

If you have ideas for new products or services, your accountant can help you to evaluate how feasible it would be for you to provide them. This includes understanding data to help you to evaluate the size of your potential market.

4. Help you to measure success

Once you have decided on what direction you wish to take, your accountant can set up ways for you to monitor progress. That way you can see if you are meeting production targets, and evaluate whether you are making the profits you thought you would. Monitoring your business, and constantly evaluating what you are doing and how successful you are, has a big impact on how profitable you will be.

5. Interpret other business data

The fact that accountants work with numbers all day long means they have the expertise to help you to interpret any set of data. If you ask them to, they can help you to crunch other vital business data, such as staff attendance, productivity records and bonus scheme information. The figures your accountant works with do not have to be money related.

The nature of accountancy work means that your accountant is always learning new skills. They can therefore potentially help you with many different areas of your Prenton business. Often, all you need to do is ask.

Even if they cannot help you directly, most accountants will be able to quickly tell you where to turn for help. The fact that they work with many other businesses means that they are well connected and knowledgeable so can often help you to solve problems, finance related or not.

Posted by Mark
October 4, 2016
General

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