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Accountants can help individuals and businesses alike prepare and manage their taxes, that much we all know, but this isn’t the only way in which an experienced accountant can help them.

If you’re a business owner who is already working with an accountant in Surrey, you’ll likely be more than aware of the many different ways in which they can help you grow your business, and may even be reaping the rewards of this as you read this. However, for those who haven’t yet started working with an accountant, here are no less than 7 ways in which they can help your business expand:

  1. Through strategic financial planning

When your accountant works closely with you, they’ll be in a prime position to help you set up your financial goals and objectives, and ensure that they’re in line with the overall objectives of your business. Through analysis of your financial position, trends within the industry, and market conditions, they will develop a financial plan that’s comprehensive, and helps to drive growth in a sustainable manner. 

In addition to this, an accountant can assist with budgeting and forecasting, giving you financial projections that are altogether more realistic.

  1. With efficient book and record-keeping

No business can survive for long without its’ financial records being updated and maintained successfully. Without this, it’s impossible to get an accurate picture of expenses, income, and cash flow, meaning that any financial decisions a business makes, may be based upon outdated or incorrect information.

With an accountants guidance, your business records can be maintained meticulously, and at the same time, they’ll ensure that you’re always compliant with regulations and reporting requirements related to taxes.

  1. Through financial analysis and reporting

Understanding the overall health of your business and making sure that any decisions you make are well-informed, is crucial, and an accounting professional can help you achieve this through the analyzing of KPIs and interpreting of financial statements. Able to spot trends and patterns, along with potential risks, they will present financial information in a way that is easy to understand, helping you steer your business in the right direction.

  1. With tax planning and optimization

Accountants strive to achieve the highest levels of tax efficiency for their clients, and with their in-depth knowledge of tax laws and regulations, they can devise and put into action a series of strategies to help your business minimize its tax liabilities. When it comes to taxes, a proactive approach is the way to go, and with an accountant in your corner, you’ll always be prepared and compliant.

  1. By managing risks and internal controls

For a business to remain stable and be in a position to grow, it must mitigate financial risks, but without the deep understanding of the principles of financial accounting that an accountant has, this isn’t always easy to achieve.

An accountant will help you implement a series of internal controls to protect your assets, spot and prevent fraud, and be compliant with regulations at all times; all potential barriers to a businesses growth.

  1. Through financial forecasting

With the advanced techniques accountants employ, they are able to project financial outcomes based on a number of different scenarios. Through the analysis of historical data, trends in the market, and industry factors, they can accurately predict your businesses future revenue, cash flows, and expenses and provide you with projections that are both reliable and realistic.

  1. With stakeholder collaboration

By working closely with management teams, investors, and any other stakeholders, accountants can be trusted to ensure that the company functions smoothly, and is in a solid position to grow. In their advisory capacity, they will help create an environment of transparency that encourages trust among stakeholders, and gives them the opportunity to make decisions that are well-informed, and which will drive the business forward.

There are a multitude of ways in which Surrey accounting firms can guide businesses towards expansion and ultimately, success, and if you had teamed up with one earlier, who knows where you might be now!