When people think about their accountant, they usually only think in terms of Tax Returns, BAS Statements and other purely financial data. However, when it comes to what your accountant can do for your business, this is just the tip of the iceberg. They can provide a whole range of services that are designed to add value to your business, improve your business performance and ultimately earn you more money!
A lot of what accountants learn when they train focuses on interpreting your financial data to identify opportunities and potential issues within your business. When you think about it, your accountant has an in-depth knowledge and understanding of your business from undertaking your BAS and tax returns. They also work across a variety of industries, so have experiences and ideas that they can bring to your business from outside your direct market. So why would you not work with them to add value to your business, improve your cashflow and make more profit.
Below I have highlighted 5 value adding services your accountant can offer you. All of these will improve your business performance and directly increase your profitability.
- Business benchmarking – your accountant can compare your financial data with that of other businesses in your industry. This is a great tool to see how your cost structure and business financials compare to others. From here your accountant can make recommendations on how to improve your cashflow, maximise profits and allow you to grow your business.
- Business Planning – businesses with a robust business plan are more successful than those without, however your plan doesn’t have to be a huge document that takes weeks to write. For example we specialise in a 1 page business planning process, ensuring you have a plan covering key elements, identifying KPIs and goals. As Accountants we can help you formulate your plan, ensure it is financially viable and give great insight that you may not have considered. Having a business plan ensures your business:
Has a clear focus;
1. Stops you wasting time on aspects of the business that won’t add value;
2. Ensures you achieve your goals;
3. Maximises your chances of success.
- Cashflow Planning and Forecasting – Cashflow problems are the reason 92% of all businesses are forced to close. Your accountant can review your business income vs expenses, highlight any potential cashflow issues and make recommendations to minimise their impact.
- Business Growth Plan – If you want to maximise your income and grow your business then your accountant can help. Many businesses grow their operations, however actually reduce their profitability as the additional business if not as profitable. As accountants we can help you review your current business, identify opportunities to reduce your cost, free up capital and grow your business profitability. With a bit of careful planning we can save you spending thousands in the long run.
- Business Systemisation – Most Accounting firms have now joined the 21st century and are embracing the cloud revolution. Cloud systems can make running your business cheaper, easier and provide you with the essential data and information to monitor and understand your business. As well as cloud accounting packages, there are a whole realm of add-ons available to help manage your business. At Omnis Group we help our clients to identify systems that will save them time and money, as well as making their business easier to run.
The days of your accountant simply entering your financial data and producing your tax returns are long gone. If you want to get real value for money and utilise your accountant’s vast skills, then make sure you include them in all aspects of your business. Try catching up with them to discuss your biggest business issues, I am sure that they will be able to help you solve it in some way. This may not even cost you a penny. We regularly meet with our clients to review their business at no charge. Feel free to contact us on 9380 3555 to discuss any pressing issues your business has.
Improve your business today, with our free business improvement report. Simply answer a few simple questions about your business and its performance and get your free business improvement report. It will outline the quick wins and step by step business improvement opportunities. Claim your FREE business improvement report here