Time for Change?

Picture the stereotypical accountant…

Sat in a dark and dingy office, surrounded by mounds of paper and files, furiously punching numbers into a calculator or a mega-box-style computer, doing dull and monotonous tasks, day after day. It’s all a bit grey.*

They don’t want to speak to you, they want to “crunch the numbers” and “count the beans”. They are there only to file a set of accounts or complete a tax return – delivering the compliance activities that businesses have to do, but are very much backward looking and not focused on driving your business forward.

Does this stereotype ring true? Well, I’m pleased to say this is just that, a stereotype.

A qualified and experienced accountant can, and should, be doing so much more to help you build your business for future success. They want to talk to you, learn about you and your business, and think strategically to provide advice on how you can achieve your goals.

More than compliance.

With constant regulation, trading and tax rule changes compliance is always going to be on your and your accountant’s agenda, and so it should, as staying compliant gives your business its license to operate. 

However, compliance should not be the sole focus or be disconnected from the strategic future and growth of your business. 

By thinking-forward you can maximise your business opportunities, whilst adhering to the latest regulations. In fact, thinking ahead when it comes to compliance can often lead to tax-beneficial decisions taken at the right time, and not missing an opportunity after your financial year has ended.

An accountant can provide advisory services to help you understand where your finances are now, and help you make a plan for the future. They can advise how you can grow your revenue, streamline your costs, or improve your cash flow.

The role of accountants is changing.

The accounting industry is embracing technological advancements to automate the previous paper-based, repetitive data entry tasks, which frees up time for accountants to be the strategic advisors they were trained to be. 

Many accountants now use bookkeeping software, working with business owners, to automate invoicing, bill payments, bank reconciliation tasks, which creates a robust foundation for compliance activities, and a rich and real-time data source for performance reporting and forecasting.

Accountants can stop focussing on what happened in your business 9 months ago, and instead use up to date information to talk to you about what’s happening today or what could happen in 3 months’ or 12 months’ time. These are the conversations which will allow you plan for success and drive your business forward.

Are you making the most of your accountant?

All businesses need help and support to make sense of their finances, to ensure they’re financially viable now, and to give them confidence they still will be in the future. Larger businesses will employ teams of people in their finance departments to provide this support – but this is expensive, and therefore not a realistic solution for many small businesses.

Business owners may not be aware their accountant can do more than their statutory accounts or tax returns, and the reality is your accountant could be best placed to provide you with strategic advice as they will know your business and know your numbers.

Many accountants will be proactively advising their clients on what services could help their business grow, but this is not always the case. If you only hear from your accountant once a year it might be time to consider the value you’re getting and what support you really need.

Need help? Contact Scotch Accounting today.

We’re here to help you build your business.

At Scotch Accounting, yes we do accounts, yes we do tax returns, but we offer so much more. We will be your trusted finance partner, listening to your needs, understanding your pain points, helping you plan and execute a strategy to achieve your goals.

We think-forward, and will encourage you to do the same, to help you build your business with confidence.

If you would like to learn more about how we can help you then book your free discovery call here. 

Simple, clear and proactive services focused on driving your business forward.

Thank you for reading and if you want to know more then hit the Contact Us button.

* I should say I’m lucky the accountants in my network are nothing like this stereotype, and the accounting industry seems to be moving with the times and out of the grey ;)