Seven Things You Didn’t Know Your Accountant Could Do
Did you know that your accountant could do more than just help you with your taxes? In fact, accountants can help you with a variety of tasks, including bookkeeping, financial planning, and even business consulting. If you’re not taking advantage of all the services your accountant has to offer, you’re missing out on valuable assistance and wasting money.
Let’s take a look at seven things that your accountant can do for you that you may not have considered until now.
#1 – Strategise
One of the most important things your accountant can do for you is help you plan for your family business’ future. They can help you set financial goals, identify key performance indicators (KPIs) and create a strategy to improve the financial health of your family business.
This is especially important if you’re thinking of expanding your family business or making any major changes. Your accountant will be able to advise you on the best course of action to take and create a plan of action to ensure your success.
#2 – Cash Flow Management
Another important task your accountant can help you with is managing your family business’s cash flow. They can help you track where your money is coming in and going out, identify any areas where you may be overspending, and provide advice on how to improve your cash flow situation.
This is vital for all businesses, but especially family businesses who may have limited resources. By keeping a close eye on your cash flow, you can avoid any financial problems down the road.
#3 – Debt Management
Not all debt is bad. In fact, some debt can be used to help your family business grow. But it’s important to know how to manage your debt so that it doesn’t become a burden. That’s where your accountant comes in.
Your accountant can help you understand the different types of debt and their pros and cons, as well as develop a plan to pay off any debt you may have. They can also negotiate with creditors on your behalf and help you get better terms. Accountants can also help with credit control and introducing technology solutions to offer better terms to your customers whilst improving your cash-flow by getting paid quicker.
#4 – Help with Loan Applications
If you’re thinking of applying for a loan, your accountant can help you with the process. They can advise you on what type of loan would be best for your family business and put together a package of financial statements and other documentation that lenders will require.
They can also help you understand the different terms and conditions of loans so that you can make the best decision for your family business.
Applying for a loan can be a complicated and stressful process, but with the help of your accountant, it doesn’t have to be. A great accountant will prepare a strong pitch for your family business to maximise your chances of success and help you to negotiate the best rates and terms possible, whilst ensuring that you understand exactly what you’re signing up for.
#5 – Increase Efficiency
Your accountant can help you to streamline your family business operations and increase efficiency. They will take a close look at your current systems and procedures and make recommendations for improvements. This could include automating tasks, eliminating redundant processes, or improving communication between departments. In addition, they can help you to implement new technologies that will save you time and money.
By increasing efficiency, you can free up time and resources to focus on other areas of your family business. This not only makes your family business more profitable, but also more enjoyable to run.
#6 – Support You
Accountants are often thought of as primarily being number crunchers, but first and foremost, they’re actually great listeners who take the time to understand their clients’ individual pain points. This allows them to provide targeted support and advice that is tailored to each client’s specific needs.
In addition to providing expert advice, your accountant can also be a great sounding board for your ideas. They can help you to flesh out your plans, identify potential problems, and find creative solutions. And when things get tough, they’ll be there to lend a supportive ear.
Here at Satori Accounting, our CEO Kieran is a certified NLP Practitioner. Kieran can help family business owners to adopt strategies and tools to help shift their mindset, so that they can set and achieve their goals in their family business and in their life as a whole.
#7 – Help With Personal Financial Planning
Given our expertise with numbers, your accountant is ideally placed to look at your personal finances as well as your family business numbers. In fact, we believe this in absolutely key in our life-centred approach to working with our clients and customers. Understanding your personal financial position puts us in a much better position to understand your family business needs and drivers.
We can gather information on your mortgage, your life cover and policies, your personal debt exposure, your family circumstances (e.g. childrens’ school needs etc) and your retirement planning (such as pensions). We can use this information to show you how your personal finances can look over the course of your working lifetime and how much money you will have in retirement, taking into account big life events, sale of your business and your pension pot.
We can share your information with other relevant professionals such as chartered financial planners, mortgage advisors and pension specialists to review your current situation and help improve your future personal financial position.
Final Thoughts
At the end of the day, your accountant is more than just someone who does your taxes. They’re a valuable business partner who can help you to overcome challenges, grow your business, and achieve your goals. If you’re not taking advantage of all the services your accountant has to offer, you’re missing out on valuable assistance and support.