By Pamela Phillips
Why changing your accountant could be the best business decision you ever make!
Every year, business owners across the UK submit their year-end accounts. For many owners, the process consists of a few emails back and forth with their accountant to clarify a few things while a select few might get some feedback on what went wrong or what they could have done better. Very few will be given guidance on future direction and activities.
This is a shame. Having the right accountant shouldn’t be about filing paperwork once a year. An accountant should be an important and integral part of the business that gives your business direction and feedback throughout the year on how to grow your business. The right accountant is one that’s forward-looking rather than simply commenting on historic data once a year with thoughts such as “You should have been better prepared for the change in the economy” or “If you had managed these costs properly 18 months ago, profits would have been three times higher, but they aren’t.”.
At de Jong Phillips, we believe that you get what you pay for. If a business wants the cheapest accountant available just to review and submit year-end documents, then this can seriously impact its growth prospects.
We believe that businesses that are serious about growing long-term profitability shouldn’t have an accountant that you talk to once a year and who ‘ticks the box’ on their task list when they submit financial reports. An ambitious business will always benefit from having an accountant that understands their business and who is able to give ongoing future planning support on how to manage costs, increase profits and forecast cash flow in a way that doesn’t hinder growth.
The ideal accountant should partner with you and work with you closely to understand your business plan and the challenges you face; as well as make sure your financial management and planning run smoothly with the latest processes and technologies such as Xero and Receipt Bank.
Changing accountants - What’s holding you back?
We quite often hear reasons from businesses that are struggling or ‘stuck in a rut’ as to why they haven’t changed their accountant. Arguments such as ‘it’s too risky and complicated a process to change’, ‘a new accountant won’t understand our business’ and ‘we’ve been with the same accountant for years, so it’s just easier’.
Many businesses actually end up missing out on opportunities to become more efficient and more profitable by remaining with an accountant that ultimately underperforms, simply because they are loyal.
When it comes to accountancy, there is a better way…
At de Jong Phillips, we make changing accountants incredibly simple and stress-free. We have a clear and proven onboarding process and other than filling out a form, sending an email and having a short meeting to get started, there really isn't much for you to do!
Before you start to think “yes, but you’ll take a while to understand my business” don’t worry, we have that covered. We are experts in understanding agencies, their way of working, and their challenges - and we have a robust, proven process for getting up-to-speed very quickly with the financial situation of your organisation and the challenges you face.
Are you ready to take your business to the next level?
If you would like to understand more about how we can help take your creative agency to the next level, get in touch with our Xero accountants in Epsom today. We are happy to explain how we work with businesses using our proven processes and experience to ensure they are growing profitably. We would love to have you on board with us!