Feature
Accountancy Services
Harness the potential of accounting options
Neil Lancaster (pictured below) partner at Adams Moore, offer advice on how to fully utilise accountancy services
Engaging the services of an accountancy firm is something businesses of all sizes tend to do at some point. Usually, this is to carry out the mandatory functions that all businesses are required to by duty – such as tax returns, VAT compliance and payroll services, to name the most common accountancy services. The accountancy firm has become the necessary evil
for many small businesses, there to carry out obligatory duties. In our experience, we find business owners can be reluctant to turn to the accountant for advice and guidance around business plans, finance sources and options or how they can identify opportunities to aid further business growth – largely due to fear of the meter running! But accountancy services have changed, and businesses need to wake up to the benefits that a higher level of involvement with their accountant can bring. There are several reasons why it’s good to talk
with your accountant (we may not be renowned for our conversation skills – but we really can be a friendly bunch! Firstly, finding out about any additional services
offered and how they might help with business operations and growth is key, as there are often options for which the benefits or potential for business growth outweigh the cost.
Let your accountant identify the blind spot Having an open dialogue with your accountant means that they are abreast of your business on an on- going basis, rather than getting a snapshot at the end of the tax year when it comes to submitting the accounts. Being informed of how the business is performing – by regularly reviewing and monitoring cash flow, forecasting and budgeting - means that any potential issues can be identified and dealt with quickly,
avoiding potential disaster. Conversely, any opportunities can be identified, as when running a business, particularly in the case of small businesses, it can be
difficult to take a step back and see the bigger
picture. There’s always a blind spot, and as a result, opportunities that are ripe for the taking may not be apparent and therefore get missed.
40 CHAMBERLINK June 2017
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