How an Accountant Can Help a Small Business
Are you a small business trying to navigate your way through unchartered waters; just trying to keep afloat during these uncertain times? If you are, then perhaps your local Gold Coast accountant can help!
One thing I often notice with small business, or any business, looking to get a leg-up is that they turn to marketing and promotions in their time of need.
Business is slow, so we throw more money into Google Ads, increase our Facebook Ads budget, run a 20% storewide discount. Such tactics may get you more business in a timely manner, which is great. But, you’re not solving the problem! Advertising doesn’t look at the fundamentals of your business structure to analyse and identify the issues holding your business back. Your accountant does.
If you’re looking to improve business, consider investing in your accountant rather than advertising. Continue reading to discover how an accountant, such as Grow Advisory Group can help your small business.
Business Structure
Is your business structured correctly? Do you even know? An accountant can ensure your business structure is right for your needs. The right business structure will offer significant tax incentives and asset protection.
Grow Advisory Group are business development specialists. We can analyse your current structure and recommend and implement change to place you better for business success.
Streamline Procedure
One of the most important ways an accountant can help a small business is by streamlining the procedure.
Grow Advisory Group excel at this. We review and analyse procedure to identify areas that can be simplified, saving you time and money. One of the most common ways we assist in this process is by moving your business to cloud-based solutions. By automating your accounting, you can reduce staffing costs and free up your own time.
We a fluent in all the top accounting software, and can integrate it with your POS systems.
Improve Cash Flow
Cash flow is always a problem for a struggling small business. You can’t order new stock because you simply don’t have the funds.
Gold Coast accountants, such as Grow Advisory Group, can help predict your spending to come up with a strategic solution to ensure your cash flow never ebbs.
Manage Your Debt
Not all debt is bad; some debt is necessary for growth and expansion. An accountant can help you tell the difference between good and bad debt, and help you find the best borrowing strategy for your small business. By analysing reports, an accountant can advise whether its best to put cash onto a loan or reinvest it into your business.
Help with Business Strategy
You don’t need to be business savvy to own a business. Although it helps, an accountant can provide you with all the information you need. They can help you set goals and give you the tools to measure progress.
Support Growth
Every small business’s dream is to grow; whether its to bring on more staff; expand premises or to franchise. Growth seldom happens from sheer luck. It takes planning. An accountant is instrumental in business expansion. An accountant can help your business grow by:
- providing a financial forecast to help aid decision making
- providing cash flow, pricing, financing, and inventory management insight
- provide advice on leasing and purchasing property and equipment
- provide people-focused financial metrics such as operating profit per employee
- and much more
Conclusion
If you own a small business which is struggling to stay afloat during these COVID times, then reach out your local Gold Coast accountants at Grow Advisory Group.
Our team of accounts in Tweed Heads and Nerage can help your business in more ways than you could imagine. We can review your business structure to ensure it is set up to maximise tax savings and asset protection. We can automate your accounting to streamline procedure. We can manage your cash flow, so you always have funds on hand. We can manage your debt so you can invest wisely. We can help set goals and provide you with the tools needed to measure progress, and we can provide you with everything you need to plan and manage business growth.
Contact Grow Advisory Group for a free consultation to see how we can help your small business during these trying times.
Also read, ‘Should You Hire a Business Accountant – The Pros and Cons & Everything Else You Need to Know‘ for more information.
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Disclaimer: The information contained in this blog is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from an accountant and/or financial adviser.
