If you’re looking to expand your business, then you’re most likely trying to keep your expenses as low as possible. Reducing overheads, improving efficiency and automating tasks are solid business decisions – but you shouldn’t cut corners on professional finance support.
There are many ways in which an accountant can help your business to grow. Click the list below to skip to a particular topic – or carry on reading for the full lowdown.
Firm foundations
Working with an accountant at an early stage will help you to create firm financial foundations and develop good habits, particularly when keeping records.
An accountant will be able to advise you on vital decisions like business structure and tax planning, which will steer your business in the right direction. They’ll also be able to help you to draw up a business plan if needed.
Forecasting cash flow
Staying on top of cash flow is your most important duty as a business owner, particularly in the early stages when your business can be growing quite rapidly.
Accurate cash flow forecasting can make a real difference. You’ll have more confidence in your decisions and you’ll be able to spot any potential issues early. An accountant will provide the expert insight required to make your cash flow forecasts precise and reliable.
Moving on to the next stage
Once you’re satisfied with your business’s performance, then you may want to consider expanding and upscaling. This can feel like a trip into uncharted waters, especially for new business owners.
An accountant can provide assistance and advice on everything from payroll setup and processing to changes in tax status and planning. Having an experienced, qualified professional to assist you will make things a lot simpler.
Raising finance
You may need to raise extra funds to develop your business. This could involve extra investment in stock, a change of location, or employing more members of staff. An accountant is trained to offer support in all areas of finance.
You may be searching for a potential investor, preparing forecasting documents or making loan applications. Accurate numbers are crucial for obtaining business loans and investment, so an accountant’s expert advice will give you extra reassurance.
Changing management
An accountant’s help can extend a long way beyond tax planning and maintaining correct books and records.
As your business grows, an accountant can assist with tax efficiency and cash flow optimisation. They can even help you to make decisions about the financial viability of an expansion or merger.
