10 Ways An Accountant Can Help Your Business Grow In 2024
2024 is underway, so it’s time to cement strategic plans for the coming operational and financial year. With 15% of UK SMEs alone anticipating growth in 2024, it’s clear that companies are looking at this year as the time to pull things back after an unpredictable 2023.
One of the services we specialise in at Hysons, Chartered Accountants, is business planning as part of our corporate offerings. To learn how an accountant can elevate your business in 2024, keep reading.
Ways an Accountant Can Increase Business Performance in 2024
Choosing an accountant who offers services that align with your business goals is essential as they will have an important role to play in helping plans come to fruition. Therefore, working with an accounting professional gives your business the tools needed to scale positively.
New Year Audits
Starting your year as you mean to go on is essential for creating a solid foundation on which growth can be experienced. This could be looking at the current year, previous operations or even activity versus new goals. By essentially carrying out a gap analysis, an accountant can then work to plug the financial gaps or weaknesses you may have.
Adopting your own standards or aligning with a recognised accreditation is a brilliant way of scaling a business in 2024. Business accountants will be able to best advise what compliance measures need to be adopted to ensure a company is eligible for opportunities that will ensure growth is achieved.
Intelligent Cash-Flow Forecasting
Accountants should also provide a cash-flow forecast for 2024, which considers the financial changes that have occurred in recent months. By aligning with a company’s goals, there is a better chance of balancing the books no matter how fast growth happens.
One of the keys to growing and doing so sustainably is having structures in place. An accountant can ensure a business has approved processes that develop the right habits and ensure organisations can work confidently and on their own.
Reputation management is essential for attracting new customers and more sales, making it vital for growth. An account can work to make a company more credible by advising on recommended investments, producing professional company reporting and achieving competitive pricing.
Provide Hands-On Support
Accountants work directly with the relevant stakeholders to reduce risk and offer immediate assistance, both of which are essential for growth.
This point may seem obvious, but managing taxes is much more than creating year-end reports. Professional management ensures that any tax changes are reflected in a company’s growth plans. Furthermore, accountants can also help offset taxes that businesses may be overpaying, adding to the ability to witness a faster increase in operations.
Assist With Operations
Every stakeholder in a company will have a role to play in achieving growth. An accountant can free up individuals time and also offer dedicated support when needed.
Lastly, accountants can help businesses to secure funding needed to grow operations. This includes creating reports for prospective investors and liaising with suppliers to ensure the capital is available for sustained growth.
How to Select the Right Accountant
Selecting the right accountant is already a large part of the battle to achieve growth plans. You should choose a provider with business experience that offers planning and campaign support, plus be an agency that supports all operational interests.
We are proud to tick all those boxes at Hysons Chartered Accountants. To start planning for a growth-filled 2024, contact our team.