Does My Business Need an Accountant?

If you have a business or are thinking about starting one you might be asking yourself ‘does my business need an accountant?’ There are lots of other exciting and important things to be doing right now. But how important are accounting services?

How do they help you achieve your goals?

Accountancy plays such a key role for many businesses, but rather than being a faceless pit you send your receipts to, supporting people personally, on a local level, can make a big difference in how they are

able to grow and thrive.

At DBA, we prize the personal connections we make with our clients, and how we can help them realise their ambitions, on whatever scale they operate.

Speaking Business Language

We speak your language, because, as professionals, we know that we need to be able to connect with you, our clients, and understand your financial issues and ambitions. Choosing an accountant is one of the most critical decisions a business can make, and we want you to make the right choice.

Business accounting services are about much more analysing what you’ve got, or what you’ve accomplished. A good accountant should help you grow your business.

Helping businesses grow means more than annual accounts and tax compliance. It means asking the right questions about whether your money could be working harder, helping you make decisions about funding, and planning for the future.

Is it worth it?

Sure is! The added value of having professional accountancy support is as much in the potential we can help you unlock as in the core accounting services we provide.

Meeting Your Requirements

There’s research by Experian reporting that 59% of startup directors are running a company for the first time, which means that seeking advice and delegating tasks is a really good idea. Even if you are a wizz with a spreadsheet, you need to be focusing on the fun stuff, like growing your business, not tinkering with the nuts and bolts.

Whether your business is brand new, or fairly established, we can offer different levels of support to help your business grow, be that through regular face-to-face meetings or electronic and telephone contact. Or, if you’re local to Lancashire towns such Burnley, Rossendale, Rawtenstall, or Bury, you can pop in for a coffee.

Accountancy is about more than being a service provider. We act as your essential business partner, and what matters is that you know that you can trust us.

We’re a friendly ear, a sounding board, a directory, or, if you need it, a firm guiding hand.

 Managing Your Finances

Effective planning will help your business survive and expand. Getting sound financial advice is a big part of this. This includes how you organise, control, and monitor your financial resources.

This doesn’t have to seem daunting or over-complicated. What it means is that you must be clear about your goals, and about how you maintain what you have.

But how do you do this? Its easy-there are 5 things to remember:

• It might seem obvious, but you need a business plan-and writing a robust an effective one is easier said than done. But we can help you put a clear business plan together. This will set out where you’re up to and where you want to be. It should be clear where your money will be coming from to finance your business, what resources you need to keep running it, and what your backup plan is in case you hit difficulties.

• It’s important that you always know what your financial position is. We’ll monitor it for you, helping you to check your progress regularly. It’s vital that you know what you’ve got in the bank, what your sales levels are like, what your forecasting to bring in, and what stock you own. All these things you should be comparing with the targets set out in your business plan. How else would you know if your business model is working or not?

• Keeping up to date accounting records is also vitally important. We’ll help ensure you don’t let any payments slip, or lose track of your invoicing. You’ll need to maintain proper records to track your creditors, your debts and your expenses.

• You may need financing for your business, so we can help you find what best suits your business model, whether this is personal funding, investors, or loans. We can help you source and apply for funding.

• Finally, good financial management means being equipped to deal with problems when they arise – and no business is trouble-free. The earlier you seek professional help if you have financial issues, the easier they will be to sort out.

Success or Failure?

Business success is not guaranteed by having a revolutionary new concept or the spark of genius. It comes from understanding the numbers and knowing what it will take, financially, to do what you want to do. That, good old fashioned hard work.

Some businesses go on to exceed all expectations while others fail after only a few years. Getting the finances right is most often the key to making a business work, which is why accountancy is so crucial.

If you’re not sure whether you need an accountant, ask yourself the following questions:

Is your business currently profitable?

What’s the condition of your cash-flow?

Are you collecting on your invoices?

Do you have a clear financial plan?

Get in Touch

If you need business accounting services in Burnley, Lancashire or anywhere in the North West, get in touch. We’re here and we’re easy to talk to. Give us a call on 01282 902456, email info@directbusacc.co.uk or visit the contact page on our website and fill in the contact form – we’ll reply as soon as we can.