We’ve all heard about how keeping our bodies fit and healthy leads to a longer and happier life. And although we all have our indulgences, we know that keeping fit and healthy is the right thing to do, and we work hard to do the best we can.
Why is your business any different? Making sure your business is fit and healthy will build something profitable, scalable, and sellable, all whilst giving you the comfort that it can give you the life you want.
The experts at A G Smith & Co are happy to present your prescription for a healthy business, which will help you diagnose any problems and stop any issues before they reach your critical business organ – you. The good news is, if you’re a client, you’re already half-way there, but maybe you’re not utilising us to full effect.
Proactive, not Reactive
Your accountant needs to be proactive. A company that has set out to learn about your business and what you want to achieve, who will provide you with the services you need to get there, and to be on-hand whenever you need. We like to think we do this very well.
For us to be proactive accountants, we need a strong relationship where you aren’t scared to pick up the phone, and it’s not going to cost you for every second of time. We charge a monthly subscription, based on OUTCOMES, not minutes.
Call us ten times in one month, and once in the next, and our fee won’t change. Plus, the added bonus of not having a big bill from us once a year, with 30 days to pay – great for both parties cashflows.
Forward Planning
Your accountant shouldn’t just be proactive at getting your work done, they should be proactive at advising you too. We like to call/meet with all our businesses before your year-end, looking at how your business has done so far, if there are any opportunities to save tax, set aside any of your worries, and plan for getting your accounts done.
Protecting Yourself from HMRC
As much as we like forward-planning, and with good bookkeeping we can sleep at night knowing your financials are correct and present, nobody can predict a HMRC investigation. These investigations are on the rise, and they can pull your company, or your name, out a hat.
Our Tax Investigation Fee Protection service covers our professional costs in the event that you are selected for an investigation and ensures that you do not have to simply concede to HMRC’s demands without adequately defending yourself.
For more information on getting software into your business, take a look at our HMRC Investigations: How to Protect Yourself article.
Let’s Get Digital
You can forget about the days where you’d drop a bin bag off of receipts at your accountant’s office, and in 6 weeks’ time they’ll ring you to tell you if you made a profit or a loss, and what tax is due. Oh, and you’ve got 5 days to find the money, because we’re near your deadline. Oops.
By utilising cloud accounting software such as Sage Business Cloud Accounting, you can do away with all those paper receipts and boxes in loft and become a paperless business. Better yet, as your accountant, we can access these digital records at any time, removing the need to ask you for copies of things, or explain what you’ve paid for.
Using cloud software makes our advice in-year, and at the year-end meeting, even better. We can see how your business is doing NOW, which helps us help you plan for the future, or get you back on track if the business is drifting. Without bookkeeping information, you’re paddling your business without a paddle.
For more information on getting software into your business, take a look at our The Power of… The Cloud article.
Quality Bookkeeping
Getting the fundamentals of your business right is key to its long-term success. By getting your bookkeeping correct and up-to-date, you can transfer how you run your business, and your relationship with your accountant.
Who doesn’t want to know who owes them money and to chase it up with the press of a button? Who doesn’t want their accounts prepared shortly after the year-end rather than right up to the deadline? We can’t think of any business that would want it that way.
However, you didn’t go into business because you’re a bookkeeper. If it’s taking up too much of your time, our bookkeeping team are happy to take it off of your shoulders.
For more information on getting your bookkeeping right, take a look at our The Power of… Bookkeeping article.
Looking into the Future
It’s all well and good understanding how your business did last year, but it’s much more important to understand where your business is NOW, and where it’s heading. With management accounts, you get a snapshot of your company each quarter or month.
Add into the mix some budgets, some key performance indicators – KPI’s, and some scenario planning and you’ve got yourself a crystal ball to plan for your future, and avoid any bumps in the road.
For more information on getting your bookkeeping right, take a look at our The Power of… Managements article.
So, what’s a Business Health Check?
At A G Smith & Co, we’ll provide your business with a Business Health Check call/meeting every year, or sometime throughout the year for our larger businesses. We’ll do some research before-hand, and work through some of the points above to get your business healthy.
Not all of the above will be relevant, and sometimes you’ve got to move one-step at a time. For example, if you don’t have software in place, or good bookkeeping, we’ll struggle to understand your businesses finances in year, making our advice on tax far more broad than if we can tailor it to your business and its performance.
If you’re ready to make your business healthier, then let’s start ticking off this prescription. If you’re an existing client, get in touch with your Client Accountant. If you’re not with us yet, give us a call and we can start this journey with you.
More about our business health check
