Your accountant just does your annual accounts and tax return, right? Wrong!
A good accountant is in touch with you and your business throughout the financial year, checking in, finding out where they can help and offering solid, practical advice.
Here are five areas of your financial management where talking regularly to your accountant is a must – and where we, as a firm, can make a real difference.
1. Cashflow, budgeting, and spend management
Cash is king, so keeping on top of your cashflow is a must.
We can produce cashflow forecasts to predict future shortages, giving you time to act and avoid those cashflow gaps. We can suggest realistic operational budgets, look for overspending and suggest keyways to keep you in a positive cashflow position.
2. Revenue generation and sales strategy
Steady, reliable revenue is what drives the financial performance of your business.
We can review your key sales metrics, like customer acquisition cost (CAC) and lifetime value (LTV), to look for opportunities to generate improved revenue. This could mean optimizing your pricing, new sales strategies or focusing on the most profitable product/service lines.
3. Financial reporting and performance
Having up-to-date, in-depth financial reporting keeps you in control of your finances.
We can produce regular profit and loss (P&L) and balance sheet reports to help you track your performance over time. We can also set up real-time dashboards in your cloud accounting, giving you the key metrics needed to monitor that performance on an everyday basis.
4. Profitability and investing in growth
To evolve, expand and grow, it helps to be profitable as a business.
We can supply a detailed margin analysis, evaluating your offering to pinpoint the key areas of high and low profitability.
We’ll also model the return on investment (ROI) you could get from for capital expenditures, helping you make smart, sustainable investments to drive growth.
5. Being a sounding board for your plans
Running a business can be overwhelming and sometime lonely, you can get concerned if you’re focusing on what really counts especially for achieving your financial goals. Having an experienced and friendly advisor can make all the difference when you’re weighing up your future plans.
Come and talk to our team about ways we can support your financial management, revenue goals and overall financial performance as a business.
The following content was originally published by BOMA. We have updated some of this article for our readers.