7 things that your accountant should do (but probably doesn’t)
What do you expect from your accountant? Not enough judging by the limited services on offer from many practices. There are many things that your accountant can and should be doing for your business but the sad reality is that many simply don’t bother.
Here is a list of 7 things that we at DP Accounting feel that your accountant should do (but probably doesn’t):
1. Offer fixed and fair prices for services
There’s nothing worse than surprise bills from accountants. Business owners hate it! Telling you the price after the work has been done is unfair, means that work often takes longer than necessary and usually costs a lot more. There’s no reason for accountants to do this yet many still get away with it! At DP Accounting we offer fixed and fair prices in advance with no surprise bills, allowing you to budget with complete peace of mind.
2. Proactively find opportunities to improve cashflow, boost profits and solve problems
An accountant should be proactive in helping to find opportunities to improve key areas of your business. Are you fed up of accountants who don’t seem to help your business to grow and develop? Even profitable businesses can fail if the cash runs out. Managing this can be time consuming. At DP Accounting we guarantee proactive input and advice that will lead to noticeable changes. We offer unlimited phone access meaning that we’re always on hand to give you straightforward, honest and practical advice. We are committed to helping you improve cashflow and profits, as well as helping to solve whatever problems your business may encounter. We produce regular cashflow forecasts to ensure your plans can be fully funded and you don’t fall into financial difficulties.
3. Identify the most tax efficient structure for your business and reduce annual tax bills
Proactive tax planning is imperative for all businesses but many business owners are unhappy with the service their accountants offer when it comes to saving money off annual tax bills. Whether you run a small or large business, there’s no doubt that you will be looking for more money to reinvest into your business and to achieve the income and standard of living that you want and have worked hard for. Having an accountant who actively helps reduce your tax bills even further is vital. The team at DP Accounting use leading strategies and state of the art software to help identify the most tax efficient structures for your business and plan accordingly – saving you both time and money.
4. Help make your business recession proof!
We are now 10 years on from the beginning of the global financial crash which led to recession across the western world yet some businesses are still struggling. With the uncertainty of Brexit, low interest rates and high inflation, there are pressures on prices, inevitable leading to pressures on profits and cashflow for many businesses. Research shows that business owners are looking for active help from their accountant in this area but many accountants simply don’t have the tools to do this. With over 25 years’ experience, we do!
5. Benchmark your business against others in your industry to identify the areas where you can most easily improve
Does your accountant know what is happening in your industry or are they just concerned with sorting out the numbers to satisfy the HMRC? In order to grow and develop as a business leader it’s important to know what is going on in your wider industry. At DP Accounting we get to know where your business sits in the market. In fact, our research can offer insight into your industry to identify areas where you could improve and grow most easily. We even include a one-page business review so you know exactly where you stand and how you compare to your competitors.
6. Help you take home more money
Many entrepreneurs and business owners are not taking home as much money as they would like and this can put a strain on their family and their quality of life. Accountants are in the ideal position to ensure you are not earning too little or paying too much tax. Is your accountant proactive in helping you in this area? Are you and your family living the lifestyle you dreamed of when you went into business?
7. Help you find a better work-life balance
An awful lot of business owners work far too hard because everything depends on them. Money is usually the driving force for this and therefore your accountant has a key voice in helping you to bring your life into balance. This sort of thing is far from the minds of most accountants but not for DP Accounting. We recognise that the quality of life you are achieving on a personal level is absolutely central, otherwise why be in business in the first place? Our services are structured to provide expert input that can help make the balance of your business and personal life a whole lot better.
Reading through this list will make grim reading for many business owners who aren’t being rewarded the benefits that should come when investing in accountancy services. Maybe it’s time to reflect on what kind of accountancy service you really need and to speak to an accountant that gives you more than just numbers…
Many small businesses and startups won’t have even realised many of the benefits that a good accountant can bring. Don’t fall into the trap of choosing a cheap service that won’t do what is required to take your business to the next level.
We would be delighted to speak to you, offer our expert opinion on your situation and explain how we may be better placed to help you get to where you want to be.
Let’s start the conversation today. Pick up the phone and dial 01246 451133.
If you could benefit from an accountant that gives you more than just numbers,
then its time to get in touch!
Call DP Accounting today on 01246 451 133
We look forward to hearing from you!