Starting a growing a successful business is a challenging endevour. Thee are so many moving parts to maintain on your path to your goals. One of the important things that a business owner can do to ensure the highest probability for success is to surround themselves with a strong advisory team. One of the important members of that team should be a good accountant. Below I have outlined a number of signs that may indicate that it’s time to get an accountant in your corner.
Below are seven clear signs you should be using a good accountant in your business.
– You want your business to grow but aren’t sure what it would look like. A forward thinking accountant will be able to help you build a business plan, so that you can see what your larger business would like.
– You don’t understand what your bank manager is talking about when they ask what your gross margin is, or you don’t know what the difference is between profit and revenue. A good accountant will be able to explain financial terms in plain English, so that you can understand the finances of your business.
– You don’t know how to predict your tax bill. With good planning and forecasting with your accountant you should be able to predict your future tax bills and not have any nasty surprises.
– Your revenue is increasing however you don’t understand why there isn’t more money in your bank account. An accountant will be able to analyse your figures to see if your profit is increasingly as well as your revenue, and will be able to identify why it might not be, for example your sales are increasing but you are losing your profit through projects with a low gross margin
– You are spending more time balancing the books than winning new business. It is a good idea to understand how to look after your accounts and finances, especially in the early years, however, spending too much time on it isn’t an efficient use of your time. This is the time when you should bring in an accountant so that you can spend more time winning new business. After all most people don’t setup a business because they want to spend time bookkeeping.
– You need to improve your profit but don’t know where to start. Your accountant will be able to review your accounts with you, to identify where you could be increasing your profit margins and where possible cost savings could be made.
– Your bookkeeper is doing a good job keeping your books up to date, but you need additional reports to help you manage your business. An accountant will be able to work with you to clarify what your KPIs (key performance indicators) are and any other essential information that is useful to you when making decisions for your business. They will be able to put together this information into a useful management information report, which you may need weekly or monthly.
If you could identity yourself in the above then the financial advisors at Kilcoyne Accountants will be able to provide solutions for your business financial needs such as tax needs, retirement planning, investment planning, insurance planning, mortgage planning etc.
This synergy will result in a more efficient plan as opposed to hiring three or four separate advisors that will be unable to communicate effectively with each other; this disconnect will bring costly inefficiencies into the equation. Start your wealth building and tax reduction strategies with Kilcoyne Accountants now.
It makes sense to choose Kilcoyne Accountants. You will receive more comprehensive advice from one financial advisor who is knowledgeable in all areas of your tax reduction and wealth management plan.