Gazing into your future
10th October 2018
My advice as an accountant has always been don’t skimp on financial services. Well, I would say that wouldn’t I? After all it’s how I make my money.
But how do you make your money?
Your business is likely to be built around an idea that you had (and hopefully still have) an affinity with. By learning, knowing and running your business effectively you’ve established something your proud of. You’ve created and scrutinised all processes, you know the nitty gritty of every operation and now you want to think about growth. And who better to help you with that than your accountant.
Well, this week’s article delves into the vision and perspective that an accountant can bring to your company.
Your accountant’s good eyesight is not just beneficial for late nights poring over the debits and credits of a ledger. Their vision and perspective on your business from a separate point of view can be extremely useful to you. Think about how they, as independent from your company, can have the long-term view in mind.
The longer view and the bigger picture
From their standpoint, accountants can look at your business in a way that you, in the thick of it, might not be able to see. Here are some things they can offer:
1. Measure and monitor growth by looking at your business history to predict your future
2. Identify risks before they affect the way you work
3. Guide you and your business into developing good practices that give value to your customers
Business owners can spend a lot of time worrying about the future. But an accountant can help and support you through making the big decisions too. Taking on an employee, for example, can be a big step and huge commitment. Planning to reinvest in your company also seems like a minefield to tip-toe through. But with the open and honest communication that I have written about before, your accountant is well placed to encourage and advise on those decisions.
Ringing the changes
Of course, changing family circumstances, new addresses and organisational restructuring are all things that can impact your business, and these are things that your accountant should know and monitor.
Going digital with new accounting software is as an important change, to keep up with demand and other businesses. Quickbooks and Xero are just two of the applications used in an explosion in the market of computerised accounting, and your accountant will have their own choice. They will have no doubt tested a range of software that best suits them and their clients and that will stand the test of time, to avoid having to constantly change over to new and different packages.
“It’s all gobbledygook”
As an accountant I often act as interpreter for my clients when it comes to the myriad changes in the financial business environment. Busy entrepreneurs simply don’t have the time to explore and understand every piece of financial information that may influence their bottom line.
Accountants’ ability to analyse financial information and trends can take that perceived burden from you. Advising through changes in your business with their good analysis and unique perspective can free you up to make sound decision for your business growth.
If you would like some longer term vision in your business or just someone who can explain your numbers to you, then contact us to see how we can help.