Learn why the profession is no longer an afterthought for UK business owners and entrepreneurs who want to grow their businesses
Shoaib Aslam, Pearl Chartered Accountants
When it comes to growing your small or medium-sized business, there’s undoubtedly a large pool of consultants you can turn to for help. Although these professionals may come in handy, more and more people are turning to accountants when it’s time to get their small business on the map. Why, you ask? Here are my top three reasons.
1. They are beginning to specialise
As accounting and payroll software solutions and business apps are making the technology once afforded only to big conglomerates available for all, it has replaced many traditional functions in accountancy firms, leaving them with the time and freedom to specialise in other areas.
This has led to many accountancy firms becoming ‘business advisory accountants’ or ‘business growth accountants’, combining their financial services with in-depth consultancy services that strive to increase the bottom lines of their small business clients (that’s YOU).
2. They’ve seen A LOT
Most accountancy firms have been around for a while (we turned 10 in 2018!), and they have worked with hundreds or even thousands of companies. As clients come and go, accountants have collected a wealth of industry knowledge on how to prevent businesses from running themselves into the ground.
Your accountant cannot disclose private financial data to you, but they can draw on prior experiences to navigate your business away from the unforgiving pitfalls.
3. They have access to industry-leading technology
As accountants are increasingly taking on the role of business consultants due to emerging technologies such as QuickBooks and TSheets, they are often the first to try out any new technology and the first to become subject-matter experts.
Financial worries have been identified as one of the top sources of stress and demotivation among business owners in the UK. Meanwhile, accounting tasks are often identified as something business owners dislike the most. An accountant can free you from both.
More importantly, the combination of being an expert on your business operations and its supporting technology allows them to identify the weak spots and provide customised solutions to help your business scale in a sustainable manner.
The life of running your own business is hard enough, and time is often of the essence. Many hands make light work, and having an accountant on your side will set you up for success in more ways than you can imagine.
Shoaib Aslam is the co-founder of Pearl Chartered Accountants, a UK-based chartered accountancy firm that has multiple locations across London. They are experts in helping startups and established businesses with all aspects of growth, strategy, scaling up, accounting and tax planning. Connect with him on LinkedIn, Twitter, Facebook or Instagram.