5 Surprising Benefits of Hiring a Small Business Accountant from Leeds

October 19, 2017

You knew they could do your tax returns and maintain your books, but I bet you didn’t know an accountant could do these five important tasks.

Here at Russell Smith Chartered Accountants, we’ve talked about how our small accountants from Leeds can be a beneficial hire before.

In a previous blog, 5 Benefits of Hiring an Accountant for Your Small Business, we looked at the common reasons to bring an accountant into the fold. Today, though, we are changing tack slightly. We want to discuss some aspects of accountancy you probably aren’t aware of; reasons to hire an accountant that go beyond the basic financial needs of a business.

So, what are these surprising benefits?

1. Often Find Yourself Going Off-Track? We Can Keep You In Check

As a business owner, it can be easy to stray from the path. Maybe you’ve gotten a bit lax with your responsibilities of late, or maybe your mind keeps wandering away from your goals to new ideas.

Accountants make it their business to be aware of what goes on in your business. If they don’t, mistakes can get made and finances can suffer.

In an environment where you are working alone, or at most with a handful of people, sometimes it’s hard to find that push to set yourself back on targets. An accountant can be the answer to this problem.

As somebody who is aware of the company’s financial situation and what needs to be done in order to maintain profitability, a small business accountant from Leeds is the perfect person to make sure you don’t stray from your duties as a business owner and lose sight of what is important.

2. Our Small Business Accountants From Leeds Can Help You Grow Your Company

At Russell Smith Chartered Accountants, we worked with more small businesses than we can possibly count. Over that time, we’ve seen plenty of them rise and a few of them fall. Throughout our years of experience — over a decade’s worth — we’ve picked up a thing or two about what it takes to grow a business.

Using a combination of financial expertise and experience in the business sector, accountants can help you grow your business. Looking at your unique situation and goals, and drawing on everything they know, accountants can help you make the right financial and business decisions to progress your company.

From investing in the right places to building links with the right suppliers and even which products will be most successful, a small business accountant from Leeds can help support your journey towards a brighter, more prosperous future.

3. An Accountant Can Perform Competitor Analysis

Knowing how successful you are compared to your competitors is very important. It can allow you to see what you are doing right and, vitally, what you may be doing wrong.

But competitor analysis is a complex thing. It requires a great deal of knowledge and technical ability, having to learn about things like markets, spending, and company value. Not only that, but competitor analysis absorbs a great deal of time, too.

Accountants have the technical knowledge and time to carry out competitor research properly, harvesting the data you need to form an accurate picture of your place within the industry — and crucially allowing you to make decisions based on your position.

4. We Can Support The Development of Partnerships and Networking

Our small business accountants from Leeds might be great for filing tax returns and formulating financial strategies, but I bet you probably didn’t think they’d also be a powerful tool when it comes to building links.

Accountants work with a lot of people, in a lot of industries, over a long period of time. As you might have guessed, this results in some excellent opportunities for networking.

It isn’t just the people accountants know that can benefit, though. They can also help you understand how viable a partnership is. Looking for a potential partner, an accountant can perform something akin to a competitor analysis, helping you work out if they are really the right business to be working with.

5. Small Business Accountants Can Devise an Exit Strategy

Business doesn’t always go the way we want it to.

Sometimes, our companies take on a life of their own — a life we don’t want to be a part of. Sometimes, the money starts to run dry or the market shifts in an unanticipated way.

Whatever the reason for you wanting to get out, you should always have an exit strategy.

The problem is: abandoning a business is easier said than done.

A business comes complete with certain financial and legal entanglements that you cannot just drop and run from. Doing so could leave you facing serious repercussions from banks, lenders, customers and even the government.

But that doesn’t mean you are tied to the business without any hope of escape.

Our small business accountants from Leeds can help you devise an exit strategy if circumstances should arise that warrant such a decision. This includes planning and preparations for a smooth exit transition, informing you of your legal obligations and working together to create an end result that works for you.

Have these surprising benefits of hiring a small business accountant from Leeds got you thinking it might be time for you to call in a bit of extra help? Russell Smith Chartered Accountants are small business specialists. Contact us today to find out exactly how we can support you!

0113 337 2130

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