• New Wave Accountants

Ways to Maximise the Value You Get from Your Accountant

Updated: May 24

Having an accountant on payroll will come in handy in more ways than one. When people think of what an accountant does, the first things that usually come to mind are the financial statements and reports in the middle and end of a financial year. However, accountants can provide a lot more noteworthy services that fall outside of the mid-year and annual reports that they are most known for.


Knowing about these other services will help a business make the most of their accountant’s skills and services. An accountant is well-versed in terms of interpreting financial data and using it to identify potential problems as well as opportunities for a business. Accountants also work with a number of different industries. This experience outside of the confines of your business (and even outside of the industry you are currently in) may allow your accountant insight into how you can bring more value to your business.


Ways to Maximise the Value You Get from Your Accountant


1 - Business Benchmarking


Since an accountant has experience with other businesses in the same industry as you, they can help you do business benchmarking. Benchmarking can help you know how your business is faring in the industry you are in. You will be able to know where you stand against your competitors as well as tweak operational protocols to increase your profitability.


2 - Business Planning


Your accountant can also help you do successful business planning and audits. They have access to all your financial reports and statements, so they will be able to give you an accurate presentation of where your business stands and how you can plan for the future.


3 - Cost Control


You will also be able to do effective cash flow planning and forecasting. Accountants can help you manage your income, put it against your expenses, and strike a balance that will result in profit. Keep in mind that most businesses that close are forced to do so because of the mismanagement of cash flow. Asking for the advice of an accountant on this front will help you avoid any financial trouble for your business.


4 - Business Growth


If you are looking to expand, an accountant will be the best person to tell you if your business is ready to do so or not. If you are looking to upgrade your systems or buy new equipment, they will be able to help you manage your finances better.


Conclusion


If you already have an accountant on payroll, and you only have them do your yearly financial statements for you, you may not be getting the most out of the fee you are paying them. Your accountant is skilled in all aspects of the financial side of businesses. They will be the best people to talk to, especially if you are thinking about expanding your business.


Even if you are not going to diversify or expand, having regular meetings with your accountant will help your business grow. Accountants can give tangible advice on what financial opportunities are available for your business. Taking advantage of these opportunities will give your business leverage over your competitors, and your accountant may be able to help you get that head start.


Whether you are ready to expand your business or you are only starting out, you will need a trustworthy accountant with you. If you are looking for a small business accountant in the Gold Coast area, contact us today. Let us find you a skilled accountant who can help your business grow.


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