The New Year means a lot of things for any business – indeed, even your whole business might be new. But whatever your own circumstances may be, you are likely to appreciate whatever expert, targeted help you can get to relieve some of the day-to-day burden involved in the running of your company. That, in turn, will free up more of your time and energy to focus on your business’s core activities and fuel its growth.
So, what services here at ST Accountancy Services would we particularly urge every business to think about, whether or not they turn specifically to us for such solutions. Here are just three.
There can be a bit of confusion among some people about what exactly bookkeeping is, relative to ‘accounting’. So, let’s get that factor straight out of the way.
As the Association of Accounting Technicians (AAT) explains, bookkeeping is the first part of the accounting process, focusing on the recording and organising of financial data; the term ‘accounting’ refers to the process of that data being interpreted and presented.
As any responsible business owner knows, you won’t get very far in business if you don’t keep on top of your income and outgoings. Keeping track of every detail of your company’s cashflow will greatly help you to balance the books each month, while ensuring you can continue paying for all those business essentials such as stock, suppliers and taxes.
We’re as handy at bookkeeping as you’d expect us to be here at ST Accountancy Services. This service can be provided by us on a weekly, monthly, quarterly or annual basis to help ensure you soundly manage your business’s finances and make all the right decisions.
You might understandably wonder why, as an entrepreneur, you really need much external business advice. After all, you are probably protective of your business, and you might fear that anyone providing advice from outside your firm would not understand your company, your industry, or what you are attempting to achieve with your business.
But the fact is, even the most capable business owner cannot hope to know about or understand everything about their firm’s operations, or what they need to do to keep their company surviving and thriving.
While you are focusing squarely on optimising your core products or services, you may be overlooking such crucial aspects as your business’s week-by-week or month-by-month finances, or a need to take on – or shed – staff. Or maybe it’s time you considered whether you should be moving into new business premises. There are a lot of aspects of your business that you could benefit from receiving informed advice on.
Here at ST Accountancy Services, we’re accustomed to working with an exceedingly wide range of businesses from many different industries. Just as importantly, we are well-acquainted with the fundamentals of what does and doesn’t work for firms like yours – so don’t be afraid to get in touch with our professionals today for impartial business advice.
Finance director services
The accounting services we have outlined in this article so far aren’t just ‘nice to haves’, especially in the middle of the COVID-19 crisis. Nonetheless, even outside pandemic conditions, businesses do fail. Just consider statistics recently disclosed by the House of Commons Library indicating that over the last two decades, the business ‘death rate’ – the proportion of active firms that cease trading in any given reporting year – has consistently hovered at around the 10% mark.
The very highest standard of financial management, then, is imperative for any business that aims to both survive and thrive. That’s why you might look to take on a financial director who, while you concentrate on your core business, oversees the complete financial running of your company.
After all, today’s finance directors are far from the grey ‘bean counter’ image of old. They are vital professionals for a responsible business owner to have by their side, not just putting in place stringent cash management practices, but also serving as influential leaders, strategists, and relationship managers.
There are various ways in which a great financial director in Suffolk can make your life easier as an entrepreneur, including by pinpointing which parts of your business are generating the most profit, assessing the risk that new ventures and contracts represent, and identifying sources of funding to make the firm’s growth goals more attainable.
It is also true, however, that taking on a full-time, salaried financial director can be a heavy commitment for some firms. If that sounds like your situation, it’s a good reason to consider a provider of packaged financial director services such as ST Accountancy Services, so that you can benefit from the expertise of highly capable financial and accounting professionals tailored to your needs.
Do any of the above accounting solutions sound like they would be well-matched to your aspirations and requirements for 2022 and beyond? If so, please do not hesitate to reach out to the ST Accountancy Services team today, via phone or email.