You already know how an accounting firm can help with business tax and advisory services, but what else can they do? Take a look at three little known areas.
3 Little Known Areas of Your Business that a Chartered Accounting Firm Can Help With
It’s no secret that a chartered accounting firm is a great asset to your business. We already know how professional accountants can help you stay compliant with tax regulations, cut costs, keep on top of cash flow, and give you the insight you need to run your business in the right way. But what about other areas in which a chartered accounting firm can help?
We’ve compiled a list of three little known areas in which an accounting firm can go above and beyond traditional business tax and advisory services. Take a look.
Developing Your Infrastructure
Professionals from the top 100 accounting firms really know their stuff. Rather than just showing you the numbers, they use their professional expertise to help you get the best from those numbers.
Perhaps it’s time to invest in new equipment for your business. Maybe you need to renovate your premises. An accountant will help you to understand whether buying or leasing equipment is the best idea. They will ensure you know when to invest and how much you can budget for.
Targeting Opportunities for Growth
If your business is to grow, it needs to be flexible and agile. In other words, you need to be able to invest as and when a new opportunity arises. This means understanding your current revenue streams and how they can be improved, as well as recognising opportunities for improvement and responding.
You cannot do this unless your accounts are in order. When tax professionals handle your accounts, they are giving you an insight into how your business is performing. Their advisory services will help you see which revenue streams are not pulling their weight.
So, this is one piece of the puzzle. With the right professionals working alongside you, you will know exactly what your business needs in order to grow. But what will you do when that opportunity comes around?
Well, with the right accountant, you will have saved money by identifying inefficiencies and by reducing your tax bill. This will give you access to the capital needed to strike when an opportunity presents itself.
Traditionally, account services have been viewed as a way to keep our businesses ticking over in the short term. However, as we can see, the right services can also help you strategise for the future.
Retaining Key Staff with the Right Accounting Firm
What happens when you lose key staff? Well, you need to find new staff. And this means you need to invest. You need to invest in finding the staff to begin with, and then training them up. Sure, agencies can make this easier. But this can add as much as 25% of the new employee’s salary to the overall cost.
Of course, there are many reasons that staff may decide to leave. Perhaps they found a better position elsewhere, or a change in life circumstances led to them leaving the area. However, many staff leave simply because they are unhappy with how the business is run and do not feel secure.
Working with the right team of accountants enables you to demonstrate how much your team means to you. You are showing them that you are serious about running the business the right way. You are demonstrating that you have the resources required to grow and expand in the future. And you may even be able to find room in the budget for bonuses and perks.
All of this is crucial if you are to keep your team together.
Reach out to Alliance Accounting today to find out more about how a top accounting firm can benefit you and your business — in ways you might not even expect.