How does an accountant save your company money?
The Finlay-Mulligan & Co Accountants team know that turning a profit will be high on your list of goals as a business owner. And if you want to generate the best margins, that means keeping an eye on the money that’s going out of the business, as well as what’s coming in.
So, how can your accountant help with this?
If you partner with the right accountant, they can actually save you money – in both the short, medium and long-term. And that’s good news for the growth of your business.
So, what specific things can your accountant do and what will the impact be on the future of your business? Here is a guide from us all at Finlay-Mulligan & Co Accountants on what a good accountant can do for you.
- Tax advice and planning – tax costs can be one of your biggest outgoings as a business, so we’ll focus on getting your tax planning under control, applying for all the relevant tax incentives and ensuring you minimise the taxes on your profits. By paying only what you’re legally required to pay – and making use of any reliefs – we can significantly cut your tax spend in the business.
- Cashflow management and advice – ‘Cash is King’ may be a cliche, but it’s true. Unless you can balance the cash inflows and outflows from your business, you’ll never have the liquid cash to pay your bills, cover your payroll costs or cover your operational expenses. We’ll show you where money is going out, and coming in, so you achieve the ideal positive cash flow position.
- Cost control and spend management – to improve your cash flow, you need to reduce your cash outflows. An important way to do this is to focus on cost control and spend management, reducing your expenditure, removing unnecessary costs and negotiating better deals with your suppliers. The more you cut costs back, the better your cash flow will be and the easier it will be to thrive, grow and become more profitable.
- Forecasting and financial modelling – when we understand the key financial drivers in your business, we can build you a full financial model. This allows us to change the variables, run different scenarios and forecast the various future paths of your business. Being able to project these numbers forward gives you a clearer view of the path ahead – and that’s invaluable in the challenging economic times that we all face at present.
- Better management reporting and information – your decision-making stands or falls on the information you have available to you. We provide detailed management accounts, breakdowns of key metrics and forecasts of your cash flow, spending, aged debt and revenue – all of which helps you to save money, make sound decisions and keep the revenues flowing into your business.
For the latest business/practice news, taxation/financial resources and our Newsletter, visit https://fmco.ie/