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Does Your Accountant Provide Value, Or Are They Just A Cost?
Accountants are people who do the books, file tax returns and generally fulfill a necessity of life that most business owners would prefer to do with out! Well that is the case the majority of the time, however there are professionals out there who offer services that can really enhance your business’ wellbeing, and as a result your wealth. This brief article looks at some of the areas you could be looking at.
Do you just send your books off for the basic accounting services that you have to get and consider it an unnecessary expense?
I have listed below a selection of services that your accountant could provide you. If they do not, you should consider either getting a new one, or contacting a strategic planning company such as Exit Plan Ltd. Who can kick start what you need to get to the next stage of success, with a plan that ensures you get these services?
Standard Accounting Services
1. Year End Accounts Preparation – at minimum you should get your year end accounts completed efficiently and professionally
2. Tax Planning - The whole purpose of tax planning is to pay less to the government and keep more for you and your business!
3. Financial Management Systems - Your accounting records must be maintained to meet legal and government requirements. Furthermore, they should be capable of efficiently supplying you with the information you need to run your business.
4. Bank and Professional Advisor Selection - Different banks suit different businesses. In some cases it can be a matter of personalities. The same goes for solicitors, financial advisors, and factoring companies.
5. Wealth Management - Your personal financial planning, including mortgages, pensions, investments, life assurances etc, should not be carried out in isolation but part of your overall financial strategy. A good accountancy firm will have strong links with excellent Independent Financial Advisors who can give you all the advice and support you need.
6. Personal taxation issues - You should be able to avail of a full self-assessment management service for business owners, employees and individuals. Starting with a pre-tax year preparatory letter that will help you collate the information required, prepare your annual tax return, calculate your tax liabilities, advise you of future timetables for payment of the tax, check statements of account, obtain any repayments due and help you meet all filing deadlines.
Listed below is what a value added accountant should provide their client. At minimum, they should be able to advise where these services can be obtained.
Analysis of your accounts to identify Performance improvements
Full analysis of your financial data and performance
Business Plans and Forecasts
Acquisitions & Disposals
Payroll and Bookkeeping
So how many of these services do you receive, or did you even know that they existed? It is time accountants shrugged off the mantle of being slaves to business owners’ demands and actually started providing real value.
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