Don't Wait Until it's Too Late for Rescue

Too many business owners wait until their business is in trouble before they call their accountant. It is similar to how people treat their doctors; they don’t like to visit the doctor unless they are really ill. Wouldn’t it be far better to see your doctor when things are starting to look grim so preventative measures can be put in place?

It’s the same in your business.

You need to see your accountant not just when your business is really sick, but when you sense that your business may be running into a bit of difficulty. If your accountant is given the time to look at your situation early enough problems can usually be avoided. Problems cost you a lot of money as well as many unnecessary heartaches. Many accountancy firms are happy to take on a larger role when advising clients about issues involved in their business but they cannot do so unless the business owner requests help.

Accountants can put in strategies for cash planning, computer consulting, marketing strategies, personal and family financial structuring and business forecasting. Your accountant can help you with your business if you get in touch early. Don’t wait until it’s too late to help.  

Check for Signs of Trouble
A good accountant should be paying close attention to the progress of your business and should notice if the overall health of the business is deteriorating. In such a situation a good accountant will call your attention to the problem and put in place steps to rectify the problem before the business starts suffering.

One of the signs indicating your business may be in trouble will show up when your business actual results are compared with the budgeted plan. If things are not going according to plan, something needs to be fixed or put in place to ensure that the business is able to get back on track as soon as possible.

Poor financial records and reporting systems are contributors to trouble in your business. Too many clients roll up to their accountant with their financial records stuffed into a large shoebox and no system whereby their transactions can be identified It is why it is important for your business, at the beginning of each financial year, to set out in its business plan, its goals and objectives. The business plan will be the roadmap that the business needs to operate by.

The correct information channelled to your accountant at the right time will help keep away trouble from your business. Too many businesses do not plan at all and most do not have a 12 month budget to compare against their actual results.

Don’t Use Your Accountant only at Tax Time
Many people only see their accountant at tax time. This means that they see their accountant at the time when they bring in their business records and their main concern is for the accountant to ensure that their tax bill is the lowest it can be.
While many business owners are able to run their business well (as in many cases they know far more about their particular industry, or trade than their accountant) they are not making full use of the financial expertise of their accountant if tax savings is the only thing on their mind when they call.

A good accountant can provide an extensive range of financial services to include both preventative and restorative care. A good accountant should be looking after the overall business needs rather than be bogged down with compliance work all the time.

While tax saving is the big issue, expertise that helps the business generate a higher profit is just as important. The moral of the story is that your accountant is much more than a tax expert whose sole function is reducing your tax bill. They will help your business be more profitable and take the stress off your operations by coming up with ideas and plans to decrease your workload and increase your efficiency.

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