Whether you’re an established business or you’ve just decided to go it alone it’s always a good idea to get another business professional to give your business model, ideas and plans the once over to confirm that your approach is a sound and profitable one. And who’s better placed than your accountant to advise you on profitability?
If you’re a new business and haven’t found an accountant yet, or you’re thinking that it’s time for a new accountant, then it’s important that you find one who’s switched on and able to advise on general business matters, as well as on the intricacies of accountancy. Finding a great accountant to work with could give your business the boost that it needs for on-going success.
What should my accountant bring to my business?
An accountant’s ability to analyse business situations objectively, along with their in-depth financial knowledge, technical expertise and commercial insight makes them the ideal sounding board to help you to make informed decisions no matter what stage you’re at in your business.
Your accountant has probably seen many good and bad businesses over the years, and should be able to help you spot opportunities and identify flaws in your business model that will help you strengthen your business offering and leverage opportunities.
How do I know I can trust my accountant with my ideas?
Like every industry there are people you can trust and people you should run a mile from. One thing’s for sure you should be able to trust your accountant explicitly with your deepest and most secret business ideas knowing that they will treat everything you say to them with the utmost confidentiality.
If you’ve never used an accountant before then honesty and integrity are very important characteristics that every accountant should be able to demonstrate. When looking for an accountant to work with ask other business owners about who they use, what they’ve done for them in the past, how discrete they are, and whether they would recommend them to you.
Often word-of-mouth recommendations from other business owners are much more valuable than an accountancy firm telling you that you should come with them because they’re the biggest, the most expensive, and therefore the best. As we know these three things don’t always go hand in hand.
Also, if you’re a business owner or start-up looking for an accountant to give you planning, tax and growth advice you should ask them to give you examples of where they’ve helped businesses like yours in the past, and how they can help you now and in the future. Most accountancy firms will give you an initial consultation and some business advice for free with a view to securing your on-going business and loyalty.
So what about this horse then?
Choose your accountant wisely as they can add a lot more to your business than just completing your tax returns at the end of the financial year. They can also help you by brainstorming business ideas, advising you whether now is the right time to grow, and giving you blunt ‘whether you like it or not’ business advice that will save you from being left with the profit draining remnants of the dead horse nobody wants.