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How to tell if your accountant knows their stuff

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As a business owner you’ve worked hard, put the hours in and set your sights high. Once your company has been operating for a number of years, you might find that you need more than tax, payroll and bookkeeping support, you need a trusted advisor who will proactively help you achieve your ambitious growth plans.

You should be able to rely on your accountant to fulfil that role.

What type of support should I be receiving?

Alongside usual accounting practices such as handling taxes and ensuring your business remains compliant, your accountant can add real value strategically, and as a growing business you should expect to be able to look to your accountant for this type of tailored advice.

By working with you to develop a thorough understanding of your vision and goals, as well as providing clarity on the financial health of your business as a whole, your accountant can offer financial insights and guidance on company decisions that will help move your business forward.

As your business develops, you might find that the corporate structure that worked well when the company was a start-up is no longer appropriate. Your accountant should be able to explain and advise on each and every aspect of your business, helping you choose the right structure for its specific needs.

Another consideration as you scale your business are the systems you have in place. With such a wide range of software choices available, your accountant can make recommendations to ensure you have the system in place that best suits your business needs now and for the future you are working towards.

Once the correct structure and systems are in place, you should be looking to your accountant for more than to just keep things ‘ticking over’; a good accountant should be able to provide you with information that will enable you to make important decisions that will affect the future growth of your company. This could include industry insights or sector specific support, for example.

Using that insight alongside a regular set of easy to understand management account documents will help you make efficient decisions as a business owner. It’s vital that your accountant is providing you with these, not only to help give a clear picture of the full financial trading of your company, but by reviewing against agreed KPIs each month, the reports will help to keep you on track and flag up any areas where cost efficiencies could be made. Management accounts documents are also a useful tool to demonstrate to other management team members where there needs to be an increased focus.

Regularly reviewing your financial data in this way should allow you to work with your accountant to identify any changes that need to be made to your growth strategy – as one of your most valuable advisors, they are one of the few people outside your management team with knowledge of your business challenges and so should be able to offer an objective perspective.

Accountant or Finance Director?

One consideration you might have could be the recruitment of a Finance Director. Overseeing all departments, a Finance Director helps to plan and manage budgets, and the future financial performance of the business. Working closely with the founder or CEO, a Finance Director is responsible for undertaking analysis and making recommendations that will have a positive impact on the financial health of the business.

Although your business may well be in ‘full steam ahead’ mode, the financial commitment of hiring an in-house Finance Director might not be something your business is ready to commit to. However, choosing the right accountant, one that will work with you as a strategic business partner to take a holistic view of your business, will ensure your business continues on its current successful trajectory.

Team Jupiter supporting your future growth

The Jupiter team at Blue Rocket, headed up by Miguel and supported by Client Managers Laura and Sumayya, are dedicated to looking after the needs of companies on our Reach for the Stars programme. Working with you throughout the financial year, we will monitor your progress, review strategies where necessary and identify whether anything can be done to reduce tax liability. After the financial year end, we will benchmark your performance against your competitors to evaluate any potential growth opportunities.

Strategic thinking combined with financial expertise

Business growth opportunities, explained in a straightforward way, with easy to access financial reports that allow you to make the right decisions for your business. Does your accountant know their stuff?

With chartered certified accountants as well as bookkeepers on our team, we can offer companies from Bromley to Folkestone, and Tunbridge Wells to Margate the support and advice they can use to grow their businesses and achieve success. Call us to find out how we could take your business to the next level.

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