Are you getting the advice you thought you would?

Are you getting the business advice you thought you would? Sally Reed highlights the importance of having a trusted advisor and why your accountant should act as your finance director.

Business advice

Every business faces different challenges at various times, and often scenarios arise which a business owner hasn’t come across before. This is particularly true this year, of course, because of the Covid-19 pandemic. It is equally the case in any ‘normal’ year, with decisions to be made which are exceptional, because the issues haven’t been experienced before. Often an in-house team member who has experience would be invaluable – a finance director perhaps? Of course, a lot of businesses cannot afford their own finance director, and so often turn to their accountant for advice. As accountants and business advisors we have experience of many issues facing businesses, as other clients will have experienced them already. This isn’t necessarily just in relation to the company accounts or tax. We can act as a signpost to other professionals, both internally and externally, to help with HR issues, legal problems, bank funding… the list goes on. Accountants are also exceptionally well placed to advise on budgets and profit forecasts, cashflow forecasting, succession planning, even probate.

Lasting relationships

But not all accountants are the same. Many say they offer these services, but then don’t deliver. Here at Haines Watts we like to really get to know our clients. Our initial meetings can be lengthy whilst we really get under the bonnet. We want to establish relationships which will last. We often visit a client ‘off the clock’ so we get to understand their business better. We like to meet face to face with clients at least once a year. Even better regular monthly or quarterly meetings face to face looking at up to date management information, comparisons with budgets and advising on how to make the best of opportunities as they arise. During the last few months some of our resources have been spent firefighting. Now is the time to get back into becoming that ‘business critical friend’ again. Demand more from your accountant, and if yours doesn’t deliver, give us a call and we would be delighted to come and spend some time with you to see how we can help. You can find government Covid-19 support information here.

Please get in touch if you have any questions.