There’s no doubt that we all know that an accountant does tax and compliance work. But, the truth is that professional accountants do so much more, from providing expert financial assistance and strategic advice to automating administrative tasks that distract you from actually doing your business.
To help you learn what exactly an accountant could do, Syndeo Group – the leading Brisbane accounting firm – has come up with the following list of ways they can help your business. Just continue reading to find out more.
1. Launch a Startup
First and foremost, it goes without saying that launching a business is a time-consuming challenging process. Having a great business idea is vital, but not enough. Luckily, an accountant can help you test your idea, identify the costs of starting and operating your business, and aid in selecting the right people for getting finance.
2. Help in Building Business Strategy
Syndeo Accountants can also help you identify your priorities and the aspects of your business you should focus on. Furthermore, they will help you determine your goals, both professional and financial, and provide you with the tools needed to track and check your progress by analyzing a set of KPIs (key performance indicators).
3. Manage Unpaid Invoices
No one likes chasing debtors, that’s for sure. It will certainly distract and annoy you. But, on the other hand, you cannot and shouldn’t ignore the issue. So, let your accountant deal with it. They can create an invoice system that automatically reminds customers when their invoices are due or overdue and arrange debt financing if they remain unpaid.
4. Craft and Pitch Loan Applications
Similar to setting up a business, applying for a loan is also a challenging task to complete. Still, accountants who do provide quality financial assistance, have the knowledge and experience to write and pitch credible loan applications. Lenders look for strong financials and forecasts, i.e. more than some spreadsheets.
5. Assist with Human Resources
Although this may sound strange, as the best accountants are also financial advisors, it’s no surprise that they may help you with your human resources. An accountant can determine the type of hire that will boost your business the most; the cost of hiring, training, and paying staff; and help you get payroll right.
6. Aid in Managing Inventory
Last but not least, an accountant can help you manage inventory by identifying how much does holding inventory cost your business and find the best strategies to save a portion of that money. Then, they can also review sales data and predict stock needs or set up software for tracking stock levels and automating orders.
Hiring a skillful and qualified accountant can bring lots of benefits to your business, not only doing tax and compliance work. Hence, if you want to get that extra capability, contact the ultimate Brisbane accounting firm – Syndeo Group.