| Accountants are people who do the books, file tax | | | | So much can be gained from focusing on your |
| returns and generally fulfill a necessity of life that most | | | | financial data. By looking in detail at your financial |
| business owners would prefer to do with out! Well that | | | | performance a good accountant who is also a |
| is the case the majority of the time, however there | | | | business person should achieve the following for you:o |
| are professionals out there who offer services that | | | | Full analysis of your financial data and performanceo |
| can really enhance your business' wellbeing, and as a | | | | Comparison with industry statistics such as |
| result your wealth. This brief article looks at some of | | | | performance, turnover, liquidity and employees.o Cash |
| the areas you could be looking at. | | | | flow managemento Overhead analysiso Gross Profit |
| Do you just send your books off for the basic | | | | margin analysiso Pricing structureso Analysis of stock |
| accounting services that you have to get and consider | | | | levelso Employee efficiency - time management etc.o |
| it an unnecessary expense? | | | | A full and comprehensive report covering all the above |
| I have listed below a selection of services that your | | | | including the steps needed to be taken and what |
| accountant could provide you. If they do not, you | | | | results can be expected.o Review meetings |
| should consider either getting a new one, or contacting | | | | Managing for Reward |
| a strategic planning company such as Exit Plan Ltd. | | | | Running a successful business is helped by having up |
| Who can kick start what you need to get to the next | | | | to date financial data. These days it isn't enough to |
| stage of success, with a plan that ensures you get | | | | wait until the year end for this information. You should |
| these services? | | | | receive regular feedback on the performance of your |
| Standard Accounting Services | | | | business in the form of Management Accounts. Indeed |
| I can only assume if you do use an external | | | | you should receive management accounts monthly or |
| accountant that you would at least get the following | | | | at least quarterly from your accountant. |
| standard accounting services: | | | | Business Plans and Forecasts |
| 1. Year End Accounts Preparation - at minimum you | | | | I'm sure you've heard the saying, "If you fail to plan, |
| should get your year end accounts completed | | | | you're planning to fail." This is why it's so important for |
| efficiently and professionally | | | | you to have a "working" business plan and |
| 2. Tax Planning - The whole purpose of tax planning is | | | | supplementary forecasts. A good accountant or |
| to pay less to the government and keep more for you | | | | business advisor will help you develop your plan to |
| and your business! | | | | meet your objectives, and regularly update the plan to |
| 3. Financial Management Systems - Your accounting | | | | for ongoing management use. |
| records must be maintained to meet legal and | | | | Raising Finance |
| government requirements. Furthermore, they should be | | | | There comes a time in the life of almost all companies |
| capable of efficiently supplying you with the information | | | | when extra finance is needed. Your business is no |
| you need to run your business. | | | | different. Finance could be needed for a new car, a |
| 4. Bank and Professional Advisor Selection - Different | | | | new piece of machinery, working capital demands, |
| banks suit different businesses. In some cases it can | | | | acquiring freehold or leasehold property, and business |
| be a matter of personalities. The same goes for | | | | acquisitions. Getting the right advice using the most |
| solicitors, financial advisors, and factoring companies. | | | | sensible and appropriate sources is all that matters. |
| 5. Wealth Management - Your personal financial | | | | Does your accountant provide this service? |
| planning, including mortgages, pensions, investments, life | | | | Acquisitions & Disposals |
| assurances etc, should not be carried out in isolation | | | | Whether you're considering buying, selling or passing on |
| but part of your overall financial strategy. A good | | | | your business, we offer a full advisory service. This |
| accountancy firm will have strong links with excellent | | | | includes valuations, tax planning, market searches, |
| Independent Financial Advisors who can give you all | | | | arranging finance and project appraisal. We agree |
| the advice and support you need. | | | | your instructions in advance and offer you a |
| 6. Personal taxation issues - You should be able to | | | | straightforward opinion on the viability or otherwise of |
| avail of a full self-assessment management service | | | | your position. |
| for business owners, employees and individuals. | | | | Payroll and Bookkeeping |
| Starting with a pre-tax year preparatory letter that will | | | | For many business managers, payroll and bookkeeping |
| help you collate the information required, prepare your | | | | are two of the most boring and time consuming tasks |
| annual tax return, calculate your tax liabilities, advise | | | | necessary for the smooth running of the company. |
| you of future timetables for payment of the tax, check | | | | The good news is you don't have to worry about |
| statements of account, obtain any repayments due | | | | either of them. A good accountant should be able to |
| and help you meet all filing deadlines. | | | | help you find the right outsourced solution. |
| Listed below is what a value added accountant should | | | | So how many of these services do you receive, or did |
| provide their client. At minimum, they should be able to | | | | you even know that they existed? It is time |
| advise where these services can be obtained. | | | | accountants shrugged off the mantle of being slaves |
| Analysis of your accounts to identify Performance | | | | to business owners' demands and actually started |
| improvements | | | | providing real value. |