It’s vital to understand that an accountant can offer you so much more than just making sure your accounts are done on time. Accountants are so much more than bean counters and can help you make your business thrive.

A good accountant should be genuinely interested in wanting to help you succeed and invested in making sure you don’t fail. Make sure your accountant is with you on your journey. Remember that in most cases they are vastly experienced and have seen it all before. Whilst problems you face will feel deeply personal the reality is that many other business owners have gone through similar scenarios.

Treat reaching out for advice or help as a sign of strength not weakness and remember, like most problems in life the earlier you reach out and get help the easier it will be to find a solution.

A Chartered Accountant will be able to help you look at your business objectively and can be the critic friend you need. Investing in a good chartered accountant can be one of the best investments you make as a business owner.

It’s also worth remembering that your Chartered Accountant will help you grow. Whether organically or via an investment. A good Chartered Accountant will know the local funding and business support ecosystem. They can sign post you to the right people at the right time. Not only will they be able to do that but they can help you plan to make sure your business is structured and financially sound enough to make your business attractive to both high street lenders and other sources of investment.

Planning

Start with a comprehensive financial plan that outlines your objectives and strategies. Regularly review and update you plan but also make sure you share it with your accountant.

Cash Flow

Whenever I’ve spoken to business owners and asked them what keeps them awake at night it’s this. Make sure there is always enough cash in the business to meet your liabilities such as VAT, corporation tax and payee. Planning your cash flow is vitally important and it will help you sleep well at night!

Strategic Budgeting

Develop a realistic budget aligned with your business goals. Speak with your accountant regularly they can help you analyse your performance and suggest what you need to do to stay on track.

Investment in Technology

Embrace technological advancements to streamline operations and improve productivity. Whether it’s implementing cloud accounting software or adopting automation tools, investing in technology can drive reduce the time your accountant needs to complete your accounts and increase the time they spend offering you advice.

Manage Your Risk

Identify and assess potential risks to your business including supply chain and cybersecurity threats. Develop mitigation strategies to minimize the impact of these risks on your operations.

Continuous Learning and Improvement

Stay informed about industry trends and best practice. Invest in training and development of your team to ensure you’re equipped to adapt and thrive in a rapidly changing business landscape but most of all invest in yourself.