Five ways a proactive accountant and business advisor can save you time and money
Accounting, along with other services, is often seen as a cost that should be kept as low as possible.
For the clients we work with, who have typically been in business for at least two years and have an annual turnover of around £500,000, having a proactive approach to accounting and finance can actually be a great investment.
What is a proactive approach to accounting?
A proactive approach to accounting often comes with some level of business advisory, as well as accounting and bookkeeping.
Think of it this way: Traditional, compliance-based accounting works on your past numbers (your last tax year or your VAT for the previous quarter, for example).
Accountants who offer business advisory services often do the compliance side, and then also look toward your future numbers, so that you understand where you are heading, and can make improvements.
A return on investment
As with all investments, you want to see a return.
Two of the benefits of having a proactive accountant and business advisor are that you save time and money.
In this article, we look at the top five ways they can do that.
1 – Budgeting
Proactive accountants and business advisors will assist you with budgeting and maximising your profits. Their knowledge and experience will help you allocate resources efficiently, so you invest your money as wisely as possible.
They will prepare budgets, monitor expenses, and review account performance over time. This means you’ll gain valuable insights about the income you need to stay profitable, and grow.
By letting a proactive accountant and business advisor handle these tasks, you can focus on running and growing your business.
As well as creating budgets, they will also hold you accountable and help you implement these proactive strategies.
2 – Allocation of Resources
As mentioned above, a good business advisor will know how much of your resources are needed for certain activities, and ensure that they are being used efficiently.
This means that you can focus on the core aspects of running and growing your business, whilst they help you make more informed decisions about where to allocate your money.
3 – Streamlining Processes
More than financial experts; forward-thinking accountants and business advisors can help streamline processes and improve productivity, saving both time and money.
Efficient systems ensure everything runs smoothly, eliminating wasted time searching for documents or completing tasks inefficiently.
Better systems also boost employee satisfaction, as they will understand their tasks and deadlines better, allowing them to focus on adding value to the business.
Are you looking to become more proactive with your accounting and finance? To receive more of our tips for implementing a proactive accounting approach, so that you are more likely to achieve your goals, enter your details at https://bit.ly/proactiveaccountingtips.
4 – Measuring Performance
A good business consultant will monitor and measure the performance of your business to identify any opportunities you have- whether that’s to make any improvements or to build on the success you are already having.
They will review your performance against budgets and key metrics, as well as provide insights into areas needing attention, such as underperforming resources or inefficient processes.
Working with you, they will identify the best strategies to help move your business forward.
5 – Custom Solutions
Every business is different. One of the first things a proactive accountant and business advisor should do is understand the goals you have for your business and for your lifestyle.
Focusing on this first, means they will then be able to implement a proactive strategy that aligns to those goals.
On a scale of 1-10 (1 being ‘not at all’ and 10 being ‘very’) how proactive is your existing accounting and finance process?
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This article was written by the team at Argus Accounting.
Argus was founded by Sharon Hirsch in 2020, and our team of 5 has more than 20 years of experience in the accounting and bookkeeping sector.
Based on Sharon’s experiences growing up, and the conversations we have with so many business owners, it’s our mission to ensure you can run your business in a way that works for you and your family.
To receive more of our tips for implementing a proactive accounting approach, so that you are more likely to achieve your goals, enter your details at https://bit.ly/proactiveaccountingtips.
