1. Spotting opportunities and threats – a proactive approach
Unfortunately, this is not something your average accountant does. Sure, they will say they do, they will say all he right words to impress you, but when push comes to shove, going the extra mile to really think about what’s best for your business is something only a few accountants will actually do.
Many of you who have dealt with accountants already will already have experience of this. You sign up with high expectations and then soon enough you’re left at the bottom of the pile, having to chase your accountant to get them to do the jobs they promised they would do. It’s not right and it fosters mistrust in the profession.
At Xoba, we prioritise being helpful above all else. We listen to your needs, we learn about your business and we stay informed of current accounting news to keep you ahead of the game. Whether its spotting if you are eligible for any of the covid support, or noticing you have legal requirements not yet satisfied, rest assured we are always looking for ways to help you and your business thrive.
2. Provides highly qualified and experienced advice and support
Did you know that as a member of the ICAEW we have passed what is generally considered to be the most difficult accountancy exams in the world?
From personal experience I can tell you, it’s not easy! In fact, whilst studying, ICAEW students are often working alongside their exams and have to put their lives on hold for about 3 years to get through the exams. It takes complete and total dedication. On top of that, you have to have 3 years work experience and then another 2 once qualified before you can practice on you own! They sure don’t make it easy.
But, once achieved, the rewards make it well worth the effort. The knowledge and expertise gained by qualifying with the ICAEW makes an accountant’s knowledge and skillset first rate.
A chartered accountant is highly skilled and experienced in assessing the needs of a business and providing essential information about it to the owners. Performance reports, accurate forecasts and expert business advice are all part of a chartered accountants skillset.
There are lots of accountants out there, so look out for the ICAEW logo to make sure you are getting the best.
3. Inspires confidence in your business and reduces risk
Having a chartered accountant sends a message to stakeholders that the company is in good hands. Management will be well advised by seeking assistance from a qualified and experience accountant.
Accountants can even speak on your behalf to deal with HMRC and investors, so you don’t have to.
By consulting with a chartered accountant, you are getting the best advice you can before implementing your plans. It means your decision making is informed and evidence based and your outcomes more predictable.
After all, you wouldn’t make a large investment without doing the proper research, would you?
4. Saves you money
We all want to save money where we can, but how does an accountant help you do that?
For a start, an experienced accountant knows all the tips and tricks to help bring your tax bills down. For most businesses, this is a case of knowing what schemes can be taken advantage of, or what expenditure can be put through the business.
Is your accountant doing enough to help you reduce your tax bill? It should be discussed with you every year, at the very least. See our excellent list of tax saving tips at how to reduce your tax bill.
In fact, here at Xoba we often save our clients more money than we charge in our own fees! That’s why it’s always best to go for someone experienced.
5. Access to a wider community and knowledge base
Accountants are social creatures. Operating in the services industry creates strong links across similar sector, in particular legal and HR.
If you are ever in need of a new bank manager, HR specialist or legal advisor to help you and your business, your accountant may be able to recommend someone reliable who’s perfect for the job.
Also, let’s not forget bookkeepers and growth specialists. Your accountant can point you in the right direction here as well.
Accountants also have access to a wide range of resources to help business, whether its to help businesses grow, get out of a tight spot, or to advise you on tax legislature, your accountant has access to a large database of information to help advise you appropriately.
At Xoba, advice is always free of charge. We support you, prompt you and lend an ear to bounce your ideas off. We love to hear from our clients and offer advice wherever we can.
6. Saving you time
This is a big one.
If you’re running your own business, you probably have a rough idea of how much your time is worth.
Now imaging doing your own tax return, it could take a few hours, maybe even best part of a day. And what about all the prep needed to get set up correctly in the first place? There’s a lot to read about first and lot to understand before even starting your personal tax return. If you’re going to do it properly, it’s going to seriously eat up your time.
How much time would it take for you to do it yourself?
At Xoba, personal tax returns are generally around £125.
Imagine what you could do with all those hours back – I bet you could earn more than £125.
Of course, accountants don’t just do tax returns, they produce accounts and offer advice and support for a wide range of different scenarios. But the overall aim is to save you time and to keep you on top of your deadlines, so you can focus on your business, or whatever make you happy.
7. Insight into your business
An accountant can help you see the inner workings of your business with absolute clarity – and can help explain it in easy-to-understand terms!
Getting on a bookkeeping application such as Xero or QuickBooks is a great first step. This allows you to keep up to date accounting data which is easily accessible and easy to use.
From there, your accountant can create management accounts/performance reports, cash flow forecasts, project appraisal, KPI monitoring, budgeting, departmental tracking, and the list goes on.
You’ll be amazed just how much information an accountant can show you on the inner workings of your business. And they can tailor it to your exact needs.
So don’t go in blind, or else you’ll lose out on all the opportunities to tweak your business to the perfect money-making machine it deserves to be!
Accountants can show you exactly where you are making money, and where you’re not.
Summary
So, how do accountants add value?
Let’s remind ourselves…
- Proactive approach – spotting opportunities and threats
- Highly experienced and qualified
- Inspires confidence in your business and reduces risk
- Helps you to save money
- Access to a wider community and knowledge base
- Saving you time
- Insights into your business
So, now the important question.
Is your accountant doing enough?
If the answer is no, then consider switching! It’s a very simple, pain-free process.
Xoba – Chartered Accountants in Preston are here to add value wherever we can. Why not give us a call to see how we can help?
Get in touch with Xoba now to find out more!
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