Can An Accountancy Firm Help Growth?

28 September 2020|Related :

Many people think an accountant’s only job is to handle their clients finances, however, we do much more than that. Most accountants work with their clients to help them make substantial business decisions and provide advice to help their businesses flourish.

Starting Your Business

All great businesses start out with an idea. However, if you have an idea but no knowledge of how to start a business, you’ll struggle to reach your maximum potential.

An accountant can help you to draw up a business plan, and offer a second opinion without bias. They will provide advice on the best legal structure for your business e.g. sole trader or limited company, which may help you save money further down the line in terms of taxes, and overheads.
Once your business plan has been signed off by an experienced accountant, you will have more confidence , and be buoyed by the fact a professional has had an input into how the business will work. A well thought out plan with help from an accountant also makes your idea more appealing to investors, which could be key for the long-term future of the company.  If you are a business startup and require some advice, have a read through what we can do for you!

Get Your Tax Straight

Submitting your tax return can be a complicated task. Nobody wants to pay too much, but paying too little can land you in trouble with HMRC. 

An accountant can calculate your expenses and allowances with greater accuracy and will know exactly where you can save and how to avoid detrimental mistakes.

This is because they are always keeping their eye out for any updates to the tax law and can apply tax-efficient strategies that fully comply with the law. These include the use of government incentives, allowances, expenses, offsetting losses or amending the way in which you receive income. At Ryans

HMRC Audits and Investigations

A HMRC Audit, or tax compliance check, is a check into your company’s tax returns by HMRC. More serious checks will become investigations.

Many companies will experience routine checks from time to time, however, more serious investigations will be conducted if HMRC have reason to believe that your tax returns are inaccurate.

If you have been warned that HMRC are performing an audit or investigation into your company, this can seem complicated and very stressful. This is where your accountant comes in. 

They can check through your records and systems. This will allow you to provide accurate, up-to-date information when the inspector visits, making the audit quicker and less likely to lead to penalties.

When faced with an investigation, it is best to handle any communications with the tax inspector through your accountant, who can deal with it professionally and work in your best interest.

Forecasting Cash Flow

Cash flow forecasting is an incredibly strategic tactic that can identify any opportunities or problems that may arise. An accountant with expert knowledge will be able to improve your cash flow which will safeguard you against risks as well as reassuring your investors. Cash flow problems are often the downfall of businesses, particularly new businesses, having an expert take care of this for you means it is one less thing for you to worry about. 

Secure Funding

Businesses often require extra funding from time-to-time in order to grow. Your accountant will be able to provide you with the options that are available and present a convincing case to lenders and investors as to why they should lend money to your business.

Managing Growth 

Before you go ahead with any plans to make your business grow, consult your accountant. They can advise you on the positives and the potential downfalls to your plan. 

Not only can an accountant help you with your own plan for growth, but they can also identify where your business can grow in other areas and guide you when there may be unexpected growths, as these can be just as problematic as large declines, without the right preparation.

Mergers & Acquisitions

One of the quickest ways to grow your business is to merge with or acquire another company. If you’re considering M&A, you should consult your accountant, who will be able to assess the risks and review the finances involved. This is not a straightforward process, and we would always recommend having an expert accountant involved within the process. 

Cut the Workload

As your business grows, so will your list of responsibilities. This means you will have less time to dedicate to your finances, which will only become more complex and this could lead to costly mistakes. 

Hiring an accountant to take care of your finances will take the pressure off you and allow you to focus on growing the business and doing what you love.

Count On Us

At Ryans Accountants, across all of our services, we’ll guide you on how to make, and save, more money. Simple. In order for us to do that, expect us to work with you much more closely than other accounts would, by getting to know your business as well as you do. 

Expect us to point out the problems, but bring solutions, offer fresh ideas and spot opportunities, too. 

Don’t expect us to try and impress you with our expertise though, because making what we do simple, and easy for you to understand, is what we’re all about.

We don’t want to bore or bamboozle you – we want you to really see the value in partnering with an accountant that is clear on how they can help grow your business and your profits.

If you want to grow your business, let’s chat.

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