'15 Things You Didn't Know That Penney's Accountancy Could Do for You'
Posted on 23rd March 2021 at 12:13
When asked “What does an accountant do?” many people answer with accounts, tax or compliance work. While that’s true, what many don’t know, is that the good ones, like us, do so much more, we are accountants helping trades businesses; plumbers, builders, electricians etc and can become a part of your team giving you strategic advice to save money and boost revenue, and helping you work more efficiently, and not only help you plan for your future, but help you to get there.
To better answer the question, “What does an accountant do?” here is a taster of what we can offer to you and your business. We are accountants based in Farnborough specialising in the building and different trades businesses.
15 things we can do for you as Accountants in Farnborough
1. Launch a Start-up
You need to know that your idea will make money and may potentially need to convince investors of the same thing. As your accountant, we can do that for you, plus work out your start-up and operating costs and create credible revenue forecasts. We can also register the company for you, if you are setting up a limited company, and ensure that the share structure is set up in the most tax advantageous way.
2. Manage your Cash Flow
Getting a stable and consistent cash flow is every trade business owner’s dream. We can make sure that you always have the money there to pay staff and suppliers, as well as having the necessary cash reserves in place in case of an emergency.
3. Help Make You More Tax-efficient
Everyone knows that an accountant can help you complete and submit your returns at the end of the tax year. What many do not know however, is that they can also help you to lower your tax ethically as well as helping you deal with old tax debts and making sure your books are watertight if ever you are audited.
4. Manage Your Debt
What loan should you choose? Should you use spare cash to pay back loans or reinvest in the business? With us as your accountant, we can help you develop a specific strategy to manage debt in a way that is best for your business
5. Chase Unpaid Invoices
An accountant can take the ‘chasing money’ headache away from you, by being able to set up an automated invoice system. When a payment is due or overdue, this will send out automatic reminders to your clients until they pay. We can even personally call you if you have any overdue payments.
6. Improve Your Business Strategy
Yes, with us as your accountant we can help you figure out where you want to go and what is important. We will work with you to set realistic personal, professional, and financial goals, and then we will measure your progress to help you achieve them.
7. Budgeting and Forecasting
Working off a vague set of numbers can result in irreparable damage to a business. With Penney’s at your helm, you can work to an exact budget where you know exactly what is coming in and going out, and how much money you have to reinvest, and all in real-time! As well as having the figures at your fingertips, you will also know your figures that you’re aiming for and how long you could last in a crisis. As our motto is “See how Penney’s can help you look after your pounds”
8. Writing and Pitching Loan Applications
Applying for a loan is a tedious and difficult process, but not when Penney’s has your back! We can pull together your numbers to help you write a solid application, not to mention give you the forecasting figures that will win over any loan officer.
9. Help You with Recruitment and Payroll
Should you hire a full-time employee or outsource? Will your bottom-line benefit be more from a salesperson or a technician? Can you afford to hire and train a new employee? All these questions are important and should be handled with confidence. We can confidently assist you, to make the best choices for you and your business and make payroll easy.
10. Set Up Your Cloud Accounting Software
Accountants are not confined number crunchers who speak a different language (although it may appear that way sometimes), we are tech-savvy and future-driven when it comes to accounting software, so-much-so that we are taking it upon ourselves to have our very own accounting software designed, to better help and assist you! Using the best tools at our disposal, good accountants can help you automate your business’s accounting so that you’re always on top of your finances wherever you are. As well as implementing this software in your business, we can also train you to use it confidently.
11. Help Your Business Run More Efficiently
In addition to accounting software, accountants can also help you unlock the power of other applications so that you can start working smarter, not harder! We can help you increase productivity with your invoicing, payroll, customer relationship management, staff scheduling and time-recording etc, and integrate all these tools together to create an effortless work-flow.
12. Improve Your Stock Management
Many business owners don’t realise how much money is lost due to poor stock management. What we as your accountant can do, is help you identify the cost of holding stock and how much revenue is lost, so you can start to place accurate (and cost-effective) orders.
13. Help You Plan For the Future
Do you want to sell your business in the future? Do you have a succession plan? Do you want to retire early? All these questions need to be addressed and planned for early on in your business journey. As well as helping you develop a plan for the future, Penney’s will keep this larger goal of yours in mind and will help you stay on track.
14. Listen and Support You
A good accountant will become an essential part of your team. We will be your financial brainstormer for all aspects of your life and will be there to listen and support you whenever you need us (not just appear in your life at the end of the tax year).
15. Give You Peace of Mind
Your business, your finances, and the welfare of you and your family are probably the three most important things in your life. An accountant can help ease this pressure, giving you the reassurance and confidence that everything is being done, or is planned for. The result? Peace of mind and being able to sleep soundly.
We, Farnborough Accountants, are way more than just tax and accounts!
If you want to sleep soundly at night knowing that everything in your business is being taken care of AND you have a plan for let’s say, another Covid-type scenario, it may just be worth reading about all the things that Penney's Accountancy can do for you.
Call your friendly Farnborough Accountant today
We are specialist accountants serving plumbers, builders, electricians and all other trades, providing business advice, compliance, bookkeeping, CIS, tax returns, payroll, VAT, mangaement accounts and cash flow forecasting .
Click the above or call us on 01252 856 150
Book a discovery meeting with your local Farnborough Accountant today
Share this post: