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Six extra services your accountant can potentially provide for you

When most people think about accountancy services, it’s payroll management, filing tax returns and providing basic business reports that come to mind, because that’s how most businesses use their Liverpool-based accountants.

Of course, these services are vitally important, but they are not the only tasks that your accountant can help you with. Here are some extra services you may want to take advantage of.

1. Invoice management

For any business, late payment is a problem. According to statistics released by the BACs Payment Schemes, UK SMEs are owed £14bn by their customers. Late payment of invoices is a therefore big issue that has a seriously negative impact on their cash flow. Every year, profitable businesses run out of cash and have to fold, so it makes sense to employ someone to manage the issuing of your invoices and to chase up payment.

2. Debt recovery

For the same reason, more accountancy firms are offering invoice management services that include chasing people for payment. Some take things further and offer advice about debt recovery or employ a team of specialists to do this type of work.

3. Help you sell your business

If your business is successful, there is a good chance you will want to put it up for sale one day, or at least sell part of it. Every year, thousands of businesses are bought and sold in and around the city of Liverpool. So, it could easily be a service that you will need at some point in your business career.

How much your accountant can help you varies. Most will put together a suite of reports that enable you to demonstrate to potential buyers the profitability of your business. Some can even help you with the actual process of marketing and handing your company over to a new owner.

4. Help you buy a business

Running a firm in Liverpool can be very lucrative. Local companies turnover £23.1bn per annum and that amount is growing. Firms in the city have access to a good transport network, which includes an international airport and a huge port.

An experienced accountant will be happy to help you to identify whether buying another firm makes sense for you. They will work to identify the true cost of making the purchase. With their help, you will be able to understand what is needed to turn your purchase into a more profitable arm of your current company.

5. Secure funding for your business

A good locally based accountant will have strong connections with many of the organisations that help firms grow and prosper in the city of Liverpool. At an early stage, they find out about funding opportunities, so if you need finance, always ask your accountant if they can help.

6. Manage certain types of change within your business

Your accountant can only do a good job if your accounts are accurate and up to date. If you are struggling to keep up with recording your invoices, purchase orders and other input tasks, your accountant can guide you.

Of course, not all accountants provide these extra services, but many do. Ask yours if there’s anything more they can do for you.

Posted by Louise
June 29, 2018
Accountants

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