For many business owners their accountant is someone they visit once a year with a carrier bag stuffed full of receipts. However, a modern, proactive accountant is an invaluable resource for your business with a wealth of knowledge for you to take advantage of.
Management Accounts
By using an accountancy package such as Xero, your accountant can produce monthly or quarterly management accounts. These give you an accurate, up to date overview of your business performance. It’s amazing how many business owners work tirelessly without knowing whether or not they are actually making a profit!
From a credit underwriting perspective, up to date management accounts give the lender a snapshot of the business today and demonstrate that the owners are in control. They can also help show turnaround of a business if it has filed loss making accounts, giving some assurance that they are a safe lend.
Tax Planning
Your accountant can use the management accounts to calculate tax liabilities, allowing you to preserve cash flow accordingly. *Don’t forget that Start Point Finance can organise a loan for Corporation Tax and VAT bills.
Business Advice
Accountants hold a wealth of business knowledge beyond their immediate expertise. If you are planning strategic steps for growth, acquisitions, exit plans or any other reason, your accountant can be an excellent sounding board and may well have experienced similar situations before.
Professional Network
If your accountant doesn’t have the skillset to assist you in a specific area of expertise they are likely to know someone who can. Accountants network with other professionals, be it legal, HR, financial or insurance. If you have an issue, someone in their trusted network will be able to help.
Start Point Finance work with accountants small and large, helping their clients access suitable alternative business finance. If you would like to talk to us to see if we can help your clients, please email toby@startpointfinance.co.uk.