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Six ways your accountant can help you future-proof your business

Businesses that find and hire the right accountancy firm benefit in several ways. A good Liverpool-based accountant can do far more than simply make sure that you comply with the tax laws. The more experienced accountancy firms can also help you to future-proof your businesses.

1. Tap into your accountant’s business experience and connections

The best accountants take the time to build strong connections with the organisations actively working to make it easier for Liverpool’s businesses to grow. They frequently attend events like the International Business Festival, which is taking place right now in Liverpool.

While there, they learn about new initiatives, meet other business owners from across the world and identify emerging trends. All of which builds up their knowledge, which they can then use to help their clients thrive.

2. Keep your accountancy systems up to date

Accountants have to work efficiently to be able to compete and make a profit, so most take advantage of the very latest technology to help them to do this. As a result, the software you use to keep track of your bills, invoices and salary is also modern and up to date. Any process that can be automated or streamlined will be when you use the latest software and systems, saving you both time and money.

3. Help you implement changes in legislation

The UK government is actively trying to reduce how often they change the rules surrounding the tax system. However, some are still occurring and the way you file and pay your taxes is set to change significantly, very soon.

This is all part of the ‘Making Tax Digital’ initiative. Your Liverpool-based accountant will be able to help you to identify the changes you will have to make and assist you in implementing them properly within your business.

4. Your accountant can help you diversify

When you run a business, it’s very important not to rely on just one product or service. A good accountant can provide you with modelling reports that will enable you to identify whether any new business ideas you may have are likely to be profitable or not.

5. Improve the ROI of your marketing efforts

Any company that wants to grow needs new customers. That means running effective marketing campaigns. Your accountant can help you to set up ways to track how successful each campaign is. This will ensure that you get a good return on your investment.

6. Help you invest your profits wisely

Speaking of investments, a good accountant can help you keep track of the ones you make for your business. They will provide you with the reports you need to be able to understand how much interest you can expect to earn. If asked, your accountant will help you to compare the different investment vehicles that are available, allowing you to identify which ones make the most sense for your business.

Speak to your accountant

The above is an overview of the main ways your accountant can help you future-proof your business. However, it is by no means a comprehensive list. If you have not done so for a while, sit down with your accountant and ask them how else they could help you grow and prosper.

Posted by Peter
June 22, 2018
Accountants

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