‘Accountancy’ means different things to different people. For some, it’s a simple matter of crunching numbers and ticking boxes. For others, it’s an integral part of growing, managing and protecting a business – informing decisions and driving plans.
So it’s hardly surprising that accountants vary considerably in the level of service they provide. Almost every business has an accountant, but have you ever stepped back to consider whether that firm or person is doing a good job?
It’s only when you look at what accountancy can support that you might realise your accountant is holding you back. In our view, they should be more than someone who sits, waits, and merely counts coins. They should be actively advancing your potential…
The Symptoms of Basic Accounting
A good accountant is like a coach – they can run alongside you, but easily keep pace when you’re able to go faster and harder towards a goal. They can also work with you to build a plan that continuously strengthens your business.
Of course, they might be the opposite; what we’d call an armchair accountant, happy to answer questions when they arise but otherwise only acting when it’s time to file your latest tax return.
The problem with this reactive approach is that it results in poor planning and missed opportunities. Have you ever had a last-minute panic to pay a tax bill? Or have you considered that your tax bill could have been lower in the first place if your accountant had taken a closer look at your current situation?
If you’re in the company of an armchair accountant, the long-term cost on your business could be huge.
Find a Proactive Extension of Your Team
Your financial health is a lot more complex than completing annual accounts and ensuring you pay all the tax you’re liable for. Done right, accounting can help you gain a clear idea of what your business should do next.
Are you looking to raise investment, re-invest profits efficiently, grow overseas or even prepare your business for sale? Any of these scenarios – and many others – are made infinitely easier if you have the support of an experienced accountant who acts as a strategic partner in your business.
The better we know our operations, the finer we’re able to tune them. That goes for you, and for your accountant too. By taking a proactive role in your business, they can help you remove stumbling blocks to growth and improve performance at every level.
You deserve an accountant that’s committed to weaving a path towards financial excellence. So don’t wait until those records have to be compiled before approaching them. Treat them as part of your team, and if they’re not prepared to pitch in, it might be time to move on.
RJF take pride in offering another level of finance support. We go much further than most to meet your ambitions, and provide invaluable insights into things such as investment that can help your business reach its potential.