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Your accountant knows a lot about running a business from a financial aspect. From income to expenses, taxes to VAT, from trading structure to accounting software, using your accountant for business advice is a smart move. They can help you determine projected costs of expansions and show you how to spread the cost out over time to maintain adequate working capital. They can even advise you how to re-invest profits to further grow your business. If you are considering changing your trading structure, they can advise you of the tax and financial liability aspects of the new structure you are considering.
The goal of any business is to make money, no matter the business model or industry. As the highest form of professional money manager, your accountant can offer a great deal of helpful advice on matters than impact your ability to make money with your business. For example, a retailer contemplating adding a second location should talk to their accountant about projected costs, how long before the second location starts making money, and how to effectively manage cash flow for two locations. They can also help you determine projected income and expenses for the new location.
If your business routinely finds cash flow or working capital a problem, your accountant can offer helpful advice in better capital management. They can assess inventory levels, underused assets, record keeping, and better uses of cash to help put an end to negative cash flow problems. They can also help you determine if a loan or overdraft account would be advisable to help with temporary cash flow problems. In looking at loans and other funding sources, your accountant can also warn you of potential problems with increased interest or loan payments. With their help, you may determine the interest on a loan is more expensive than the additional funds are worth. Likewise, they may also help you determine a better funding source, such as selling unused assets or liquidating property.
As your business grows and increases in value, your accountant can also help determine when is the best time to take your business public or expand into international trade. Many accountants are familiar with international trade expenses and procedures. Additionally, your accountant will be instrumental in drafting the appropriate financial records necessary to take a company public. They can also help find legal representation for complex business transactions. In short, your accountant can provide a wealth of assistance with general business advice.
The goal of any business is to make money, no matter the business model or industry. As the highest form of professional money manager, your accountant can offer a great deal of helpful advice on matters than impact your ability to make money with your business. For example, a retailer contemplating adding a second location should talk to their accountant about projected costs, how long before the second location starts making money, and how to effectively manage cash flow for two locations. They can also help you determine projected income and expenses for the new location.
If your business routinely finds cash flow or working capital a problem, your accountant can offer helpful advice in better capital management. They can assess inventory levels, underused assets, record keeping, and better uses of cash to help put an end to negative cash flow problems. They can also help you determine if a loan or overdraft account would be advisable to help with temporary cash flow problems. In looking at loans and other funding sources, your accountant can also warn you of potential problems with increased interest or loan payments. With their help, you may determine the interest on a loan is more expensive than the additional funds are worth. Likewise, they may also help you determine a better funding source, such as selling unused assets or liquidating property.
As your business grows and increases in value, your accountant can also help determine when is the best time to take your business public or expand into international trade. Many accountants are familiar with international trade expenses and procedures. Additionally, your accountant will be instrumental in drafting the appropriate financial records necessary to take a company public. They can also help find legal representation for complex business transactions. In short, your accountant can provide a wealth of assistance with general business advice.
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