Most business owners understand the basic equation behind success – make more money than you spend.
But there are a lot of factors that go into making sure that you’re meeting your obligations as a business owner, and maximising your money.
At Merchant Capital, we know that what you do best is great business, and there’s no time for you to become an accounting expert to ensure that you succeed.
With tough times ahead, you need the right team and resources to make sure you stay competitive, and a brilliant accountant using the right software is an important ingredient for a successful team.
Here are just some of the benefits that a great accountant offers.
Manage Your Money
Although it is critical that you understand how well your business is performing on the financial front, as a business owner it’s unlikely that you have the time or knowledge to get caught up in figures.
What you really need is an accountant familiar with software that gives you a snapshot of income, expenditure, payments due, payroll, and overall financial status, with the ability to dive deeper into the details if necessary.
There are numerous accounting suites available, and these offer varying degrees of insight. Chat to your accountant and invest in software that you are both comfortable with so that you retain the level of control you need. They should be able to guide you in finding a solution that works for your needs.
Thought starter: Once your accountant has helped you select a suite of accounting software, spend some time with them so that you learn how the programme works.
Benefit at Tax Time
Accountants do a lot more than check balances: they can guide you on when to invest, when to spend, and how to get what’s owed to you at tax time.
A good accountant will have an understanding of the tax system, and depending on the structure of your business, your industry, and the size and makeup of your team, you may find that tax season is no longer a time of undue stress and panic.
If you are still looking for integrated financial software, make sure that you choose a supplier that offers automated tax documentation to make filing and claiming simple.
Arming your accountant with this kind of software will not only make the claims process simple, but can also reduce penalty fees.
Thought starter: Give your accountant access to all the documentation associated with your business costs – from payroll to receipts. This will help them plan for the next tax window.
Invest in the Best
There are multiples software suites out there, all of which offer different functions and services.
Selecting the suite that works best for you is essential, as this choice can help your accountant to make better decisions.
Although we don’t recommend or favour any service, there are three suites that meet the needs of most of our customers:
Thought-starter: At Merchant Capital, we deal with a wide range of quality accounting partners, so please let us know if you would like us to recommend or connect you to a service supplier, CLICK HERE.
Most business owners are happy with an overview of whether they are in the red or the black, but when markets are tough, it pays to have more insight so that you can plan your next quarter effectively.
Your accountant will be able to give you an honest overview of where you really are as a business, and because they are exposed to all your income and expenditure, they can help you streamline your operation.
A good accountant will be able to highlight areas of overspending, and suggest a solution to help you rebalance your finances to keep growing without getting deep into debt.
Accounting software is a huge help in this goal, as it gives you real-time data and information on your money. Plus, most software suites come with automated reporting so your numbers expert is free to focus on saving you money.
Thought-starter: Chat to other business owners for advice on the best accountant software, and explore the difference through free trials.
Adjust and Optimise
Investing in the services of a qualified accountant will benefit your business in the long-term, as they will be able to give you the information and insight you need to make sure you are as smart with your money as possible.
Keep them on board to help get through dry spells, and reign your spending in when things are going well.
When they have the tools they need, a good accountant is like your financial conscience – and that can make all the difference.