When searching for the right accountant for your company, it is perfectly natural to try and find someone who can take care of only your accounting requirements. The common perception when it comes to accountants is that they are the ones who will be maintaining your books of accounts and maybe advise you on your taxes. Beyond this, most people do not think an accountant can play any other role. However, times have changed and if you are serious about growing your business to its true potential, you need to work with an accounting firm that provides much more than simply book keeping services.
To ensure that your company is working with the right firm, you need to check for the following services apart from accounting needs.
Help with legal matters: If the person or company handling your accounts does not offer any help when it comes to legal matters, they are probably not the right fit for you. You need a company who has contacts with legal firms and will be able to recommend legal advisors at a good rate. The reason your accountant is probably the right person to help you with legal requirements as well is because they know your financial situation in and out. They are the ones who know about your past financial history and will be able to brief the legal team as well on it if required.
Help with business expansion: This is quite an important requirement. Your accounting firm should not just be worried about your current finances. They need to participate in helping your company grow further. Of course one of the main considerations for growth is funding requirements. The right accounting firm will be able to help you acquire finances as well required to grow your business. They should be able to study your current business plan and recommend funding options. This is one of the most important roles your accountant can play as they are an integral part of your company’s future growth.
Help with business planning: Of course to acquire capital for growth, you need to have a sound business plan. Your investors or lenders should be convinced of the viability and profit potential of your company. Your accounting firm needs to be able to help you write a sound business plan and at the same time help you with your overall financial planning as well. This is required not just to acquire business funding but for proper management and organization of the company as well. Without a proper plan, it is similar to walking blindly on the road just waiting for an accident to happen. You need to make sure that the accounting firm you choose to work with can help you create your business as well as financial plan to maximize the growth potential of your company.
Operating a business is no longer the same as it was few years ago. There is intense competition and other challenges that you need to face constantly. Working with an accountant who can provide other essential business support services is one of the ways you can stay ahead and sustain your company’s growth over a long period of time.