5 ways (beyond accounting) an accountancy firm can support your business
Businesses are about numbers, and accountants help you to take full control over those numbers. Financing is such a vital part of running a business, and any mistakes can have long-lasting consequences. What most entrepreneurs and business owners forget is that an accountant is much more valuable than simply taking charge of your invoices and bills.
Far more than simply doing your accounting for you, a smart entrepreneur will use an accountancy firm for a wide range of additional reasons, and their businesses only benefit as a result. Here are the top five ways that an accountancy firm can positively support your business in ways that go far beyond simple accounting.
1: General business support
An accountant isn’t just someone who’s good at maths. They are also useful business advisors who have likely worked with a wide range of business types. That means that they can offer tips and advice at any stage of your business development. If you made a miscalculation on your business plan or you have a growth strategy with basic roadblocks, an accountancy firm can help you recognise and resolve the problems. Businesses fail for many reasons, so make sure that your figures and forecasts add up with trained teams of professionals who can help make any business more attractive to investors.
2: Local connections
An accountancy firm will have a diverse range of business clients that they help with their financial management. That means that they are a fantastic source for forming local connections. If you need a digital marketing agency, they will know the best one in your area. If you have recruitment needs and can’t find staff to help run your business, you can be sure that your accountancy firm has a direct line to the best local recruitment agency. And if you need to raise some money and find investors, it’s a safe bet that they will be able to help you find exactly what you need.
3: Important date reminders
It’s hard work running a business, and it’s easy to forget about important deadlines. That can become very troublesome when it comes to your taxes. If you miss a VAT deadline, then your business is going to be in a very risky position. An accountancy firm will ensure that you are always in front of your tax deadlines, ensuring that your entrepreneurial venture is always safe from the attention of the taxman.
4: They’ll keep you in the know
Not only will an accountancy firm be able to advise you on the best business structure for you, such as whether it’s better to be a sole trader or a limited company, they also make sure that you’re not missing out. Over the last few years, accountancy firms have saved their clients from the effects of pandemics and Brexit alike. They know the furlough rules and can keep you updated, and understand how best to reconnoitre the challenges of Brexit changes. Even factors like falling foul of new contractor IR35 laws can lead to a lot of worries, which your accountancy firm can help you to avoid.
5: Invites to lots of events
When most people picture an accountant, they think of a grey person hunched over a calculator. The fact is that the world of accounting has transformed, and the industry is renowned for the number of social events that they now have. There are award ceremonies seemingly every month and regularly hosted business lunches. In many cases, accountancy firms invite their clients to these events, meaning that you get to network with other business owners and make your own connections. Never underestimate the social and business connections that you can earn organically by simply forming a strong relationship with an accountancy firm.
Using an accountancy firm in the right way could be the best business decision you ever make. From before you launch to the middle of a business expansion, there’s never a bad time to get in touch with an accountancy firm and start earning yourself all of the benefits that go far beyond basic accounting.
