A List of the Little-Known Services You can Expect from an Accountant
You may already have a good perspective of what precisely an accountant can do, and you are correct in thinking that they can help you with tax returns and making sure your books are accurate, updated, and in order. But they can do more besides these, and your accountant can serve as a helpful consultant in your financial affairs and the best decisions you can make to move your business forward. For example, not only can your accountant ensure that you are up to date with regulations, especially with HMRC, but they can also assist you with finding funding, managing your growth, and more. If you are not quite sure about what else an accountant can do for your business, here’s a list of the little-known services you can expect from an accountant.
Provide you with invaluable advice
As stated, your accountant can act as a financial consultant, and they are more than ready to do this because they have, after all, the best knowledge of your financial circumstances. They will assess your financial affairs, and their information can help you with your business decisions and investments. In addition, your accountant will have a wealth of knowledge that you can use for your own business’ gain, as they are sure to have a lot of experience working with different clients in different sectors.
You can talk to your accountant if you are planning something big for your business, and they can prove to be an objective sounding board, just like the central London accountants at a firm such as Griffin, Stone, Moscrop & Co. They can warn you of any risks you may be facing and give you a heads-up regarding various opportunities for your business. Accountants can also have a vast network of contacts, adding even more value to your decisions as they can help you connect with their network as well.
Help you become more cost-efficient
Another little-known service your accountant can help you with is becoming more cost-efficient. How can they do this? It’s simple – your accountant can help create a ‘financial map’ for you, as it were so that you can grow your business exponentially. They can help you determine which expenses you should keep and which expenses you can cut. They can guide you when it comes to determining which expenses you can improve on as well. For example, if you are dealing with contracts, your accountant can assess and examine these contracts and tell you if they are too expensive. If you have certain costs you think are too high, your accountant can help you find a better alternative based on their experience and expertise.
You can also take advantage of their expertise regarding your taxes, as your accountant can help you with tax deductions and proper tax planning. If you ever decide to sell your business or franchise it, your accountant can prove to be a more than sufficient ally because they can ensure that you sell your business as profitably and efficiently as possible.
Aside from the services mentioned above, your accountant can help with your cash flow management and payroll processing and even assess the performance of your business to see if you are reaching your financial objectives and increasing your revenue as desired.