In today’s competitive business world, where overheads are high and profits tight, it’s not uncommon for small businesses to do their own bookkeeping in an attempt to save money. Saving a few hundred pounds on retainer fees is an enticing prospect for business owners. However, progressive accountancy providers understand that successful businesses, looking for sustainable growth, often require flexible layers of support. By delivering through an agile service model, using the best skills and resource at the right time for each project or challenge faced, can actually save money.
In this article, we cover a few ways that progressive accounting providers can help your business save money, build revenue and grow your business.
How can a progressive accountancy provider save you money and grow your business too?
1. Save your precious time
As the old adage goes, ‘time is money’. The more time that an accountant frees up in doing your bookkeeping, taxes and financial statements, the more time you can dedicate to the tasks that will actually generate money for your business. Not only this, but an accountancy provider is going to take a lot less time to sort out your finances than you do. You are an expert at your business so your time is always going to be better spent running it.
2. Help you to be more tax efficient
Accountancy providers will always look to ensure your business is tax efficient. The UK tax system is changeable, meaning opportunities for tax-efficiency can often be missed. Hiring an accountant with the knowledge and the right contacts (tax specialists), will mean you will always be running as efficiently as possible and maximising your tax deductions.
3. Avoid fines and penalties
With legislation changing all the time, the potential of incurring penalties and charges for missed and late submissions is increasingly likely. Filing your taxes correctly and on time is a statutory obligation, so not knowing or forgetting a deadline is not an option. Hiring an accountancy provider means you can rest assured that you’re filing on time and gives you the peace of mind that no surprise letter from HRMC will turn up at your door.
4. Identify opportunities for growth
Accountancy providers keep your records up-to-date so you will always know the figures of your business. At a glance, you’ll be able to see how your business is performing, your income and outgoings and your liquidity. This data is powerful and vital! With it, your accountancy team can help you ascertain the resilience of your business through financial challenges and where you can reduce expenses and save money. They will also be able to advise you on the strongest aspects of your business and where to position your budget to grow.
5. Assist with gaining funding
Securing finances from banks, lenders or government support schemes is time consuming. Hiring an accountancy provider to help you apply for loans and financing can streamline this process. Their professional expertise in creating a solid business plan, effective budgeting and clear financial procedures also makes receiving this funding not only more likely but faster too.
6. Provide reliable contacts who can deliver investment advice
If you’re interested in investing, an accountant can help you understand different investment options. From stocks and money markets to real estate and investment vehicles, they can show you how you can grow your money and which opportunities are the best for you and your business.
7. Deliver invaluable business advice
As well as maintain the day to day accounts, progressive accountancy providers will also offer business advice to help you and your company succeed. They can help you at any point in your business from the initial set up and financing, planning and setting business goals, budgeting and forecasting and pricing to increase your profit margin. Accountants have a host of expertise in different business areas and industries and they often specialise, so make sure to take advantage of their knowledge.
Spend money to make money with an accountancy provider
While you can save a few hundred pounds doing your own books, you are likely to save more and see your business grow further with an accountancy function on your team. With their services, you can save both time and money while having the reassurance that you’re making sound business decisions for your future.