5 signs you are outgrowing your accountant
By Haines Watts Birmingham LLP
Over the last few years, we’ve seen many businesses go from strength to strength, and with this comes a fresh set of unique financial challenges, from higher tax rates to the need for more strategic guidance. As these businesses have grown, they’ve discovered that their accountants have often struggled to evolve alongside them, creating a fresh set of challenges.
Why your accountant should grow with you:
As a business owner, having a reliable and efficient accountant is vital for ensuring your financial affairs are in order. You’ll likely be seeking an ally who can help guide you towards ensuring your profits are maximised and growth trajectory is maintained for the future, alongside someone who can offer strategic guidance and support. The challenge is, many business owners discover their accountants struggle to keep pace with these evolutions, potentially denying access to the strategic guidance and support business owners require during this important growth stage to ensure efficiency, mitigate risks, and continue growth.
What are the signs I could be outgrowing my accountant?
1. Missed Deadlines and Penalties
As your business grows, you may discover your current accountant is struggling to keep pace with the growing financial demands of your business. Typically reporting becomes more complex, and if you’re finding your accountant is late meeting deadlines for tax filings, payroll, or regulatory requirements it could lead to costly penalties which negatively impact your businesses reputation.
2. Lost Opportunities
As your company expands, you’ll likely be seeking ways to maximise and further grow your revenue and profitability. For this you’ll require an accountant who can be a strategic advisor, identifying the key reliefs and incentives that could benefit your business. If your accountant has not yet advised on these, then it could be a sign changing your accountant could be on the horizon.
3. Limited Industry Expertise
If your accountant lacks expert knowledge of your industry, they may struggle to advise you on the unique opportunities, challenges, and regulations which your business could encounter. This could hinder your ability to progress and grow with the best financial knowledge available.
4. Inadequate Technological Integration
Technology plays a crucial financial role in today’s digital age. With the right accounting software, businesses can streamline their accounting process and maximise on opportunities such as forecasting and multi-currency transactions. A failure to have an up-to-date accounting system could create inefficiencies and delays in managing your finances.
5. They’re not coming to you
One of the largest signs you may have outgrown your accountant is a lack of proactivity. If they’re reacting to financial issues rather than being proactive in offering strategic guidance, forecasting and support, then your business could be being held back.
Identifying and responding to the signs you’re outgrowing your accountant could save you from potential challenges and risks in your growth journey. At Haines Watts, we understand that each business is unique. It’s why our teams of experts have a vast specialist knowledge and experience of working with various industries. They’re well-equipped to handle the specific financial challenges that your business faces and prioritise building strong, long-lasting relationships. Contact us today and take the first step towards financial excellence.