More of us are running our own businesses than ever before and whilst this is fantastic news, dealing with the financial side of things isn’t always fun.
Unless you know exactly what you’re doing and what to look out for, your business could inadvertently be losing thousands of pounds every year. An accounting healthcheck can help you to establish problem areas and where you can save money. If that alone isn’t enough to convince you, below are a few more ways that a healthcheck can help your business to grow and enjoy maximum profits.
- It can be hard to keep on top of invoicing, who owes you money and who you owe money to. An accounting healthcheck can help you to determine exactly where you stand and even how to improve this process. Making late payments can affect your credit rating and sour relationships with suppliers so it’s important to keep on top of this. Cash flow is crucial to the running of a company so it’s equally as vital to ensure that you’re receiving payments into the business in a timely fashion.
- An accounting healthcheck can help you to identify any potential issues with your accounts and the business. Importantly, it can also provide recommendations for how to move forward so you can maximise your processes and profits.
- If you have concerns about any aspect of your accounts, a check can provide you with all the information you need. Whether the production of your management accounts is getting later and later, you don’t think your accounts are being processed correctly or you want to ensure that your figures are accurate, you will be able to find out all of this information.
- Chances are that every business owner wants to know where they can reduce costs and save money. A check can identify all the ways you can cut back on costs and also ensure that your business is structured in the most tax efficient way.
- If you want to run a successful business, it’s important that you know exactly what’s going on within it. A healthcheck helps you to understand your accounts, ensure that your accounts department is working efficiently and identify exactly how much you’re spending on this function each year.
- Any accountant will tell you that rules and regulations are continually developing as a result of constant changes and demands from When you’re busy running a business it’s very hard to keep on top of this and it can therefore be easy to make mistakes without realising. Unfortunately, mistakes with HMRC can be costly and may even look suspicious if you’re investigated. A healthcheck helps you to ensure that you’re remaining compliant and following the proper protocol.
- The smoother your systems run, the easier it is to operate a business. If it’s hard work invoicing, collecting payments, making payments, submitting your tax return or staying on top of VAT, a healthcheck can help to minimise this stress. By identifying the failings in your current system and working out how to improve them, you can save yourself a lot of time, hassle and money as well as eliminate the likelihood of mistakes happening.