Four ways to save money with an accountant
Your accountant can do more than you think when it comes to saving your small business money.
At a time when many firms might be thinking about tightening the purse strings, we’re sharing four helpful things that your accountant can do to save you money without compromising on performance.
Your accountant has an expert understanding of the tax system. Whether you’re a freelancer or a small business with several employees, they will be able to advise you on the best ways to reduce your tax liability and operate efficiently.
Accountants can also advise you on the best ways to manage your finances and they will be able to spot business trends and problem areas that can save you money in the long run.
Setting you up with cloud accountant software
Your accountant can set your business up with cloud accounting software. Although there is usually a monthly cost to using cloud accounting software, it means that you can automate accounting and financial processes, saving you time and money on tasks that you would otherwise end up doing yourself.
Examples of processes that you can automate include tracking your cashflow, monitoring KPIs, chasing invoices and automating accounts payable, so you can stay on top of expenses.
Managing inventory can be a significant expense for business, particularly if it needs to be stored for a long time or if you need to write off a high proportion of obsolete or damaged goods.
Your accountant will be able to help you identify the costs associated with holding inventory and devise strategies for saving some of that money. They can even set up software that links with your cloud accounting system to manage inventory, auto-order new items and predict stock levels.
Automating more business processes
Carrying out manual processes takes a significant amount of time and money, particularly if it is a full-time job for you or one of your deputies. Managing your workplace, invoicing, payroll and customer relationships are all examples of processes that can be partly or fully automated using low-cost technology.
Automating business processes is one of the most important things that an accountant can do for you. Not only can it reduce costs, but it can also make sure that everything runs more smoothly. Just make sure you use a tech-savvy accountant that understands the full potential of business apps and how they can sync with cloud accounting software.
For more information about cloud accounting software packages such as FreeAgent or Xero, speak to a member of our accounting team today. Call: 0808 281 0303.