Using the business advisory services of a company like UHY FDW will ensure a realistic plan of action is devised & implemented to get the best results for your business.
Why your accountant should also be your business advisor?
Your accountant is often viewed as a trusted source of independent advice.
And the better the advice means the better the results.
However, do you view this as an extra service that business clients only get if they ask for it and pay for it over and above the fees for accounting and tax work. Or do you expect it to be included?
When your accountant offers to prepare regular management accounts, this is still not the same as helping your business implement effective financial management controls and procedures. Implementing these controls and procedures not only makes your processes more efficient, but will also result in time being spent in more proactive activities by your staff. Which will have significant positive impact on growing your business.
Consider some of the benefits of using your accountant as a business advisor.
Company Structure & Strategy:
Accountants who are business advisors can make the best recommendations based on your business objectives and your personal situation.
They can advise you not only on the ins and outs of the various structures available, but on which structure will result in your desired outcome.
In some cases it may be to grow your business through purchasing other mergers, acquisition or strategic alliances. In other cases it may be to sell your business or put a succession plan in place.
For any business, the tax implications of restructuring vary considerably, so working with an accountant who can advise you on the best course of action, with all of these factors in mind, will make a significant difference to the results and potential revenue outcomes.
Breadth of Knowledge:
They have expertise and experience working across a range of business areas, with their key focus on your bottom line. This means they will assess any activities and make recommendations based on return on investment.
Understanding of your business and your market:
They work with other clients in similar businesses and are therefore well aware of where the best financial rewards are likely to occur. They have insights into trends, they are familiar with regulation, legal changes and political influences.
One Stop Shop:
Accountants who offer business advisory services offer a distinct advantage over working with separate companies for these services.
Collaboration and identifying the best approach for your company is carried out with the full picture of your businesses performance in mind rather than advice in one area been provided in isolation. This immediately gives a better chance of a more effective result.
Accountants are in the know when it comes to where your business can reduce your tax liabilities
Using your accountant as your business advisor means you are not paying the fee you might pay another advisor in order to become familiar with your figures. Your accountant is already working on your accounts and know your businesses figures.
Access to information:
They have access to all the relevant information around your businesses performance putting them in a strong position to advise you on your businesses financial performance and how to improve it.
Understanding of your business:
They are familiar with how your business is run and have a clear view of where the weaknesses exist, based on your figures. They are just using information they are already gathering, in a more proactive manner with your optimising your businesses performance as their key objective.
Of course, all of the above is dependent on how good your accountant is. It may be time to change your accountant. Its easier than you think. We do all the work. Talk to us to find out more.
At UHY FDW we offer the best advice for better results.
UHY FDW have been serving businesses for 25 years through our experienced advisers, helping you pinpoint issues your business may be facing, providing solutions and identifying opportunities for your business to grow and save money. Contact us Today.