Why An Accounting Service Is So Useful
Many businesses only use their accountant for the things they legally have to do, such as preparing end of year accounts and tax returns. However, it’s the other services that good accounting firms offer that can really add value to your business. An area at MNE that our clients love is our outsourced accounting service, which is way more than the “doing” work, such as bookkeeping and VAT. It’s the ability to open doors to a huge variety of other things that help businesses like knowing where their money is and what their accurate results are. Something that’s often not clear for businesses is why despite having healthy profits, their bank balance is really low. Or that if they’ve made a massive sale, their VAT bill will likely be huge too, just a couple of months later.
But we can get this information done in-house, can’t we?
If you have five or six accounts people in your business with finely honed, up to date skills from entry-level to strategic, you might well be able to access the sort of information a good accounting service provider can give to you. Most small to medium businesses don’t have a team of accounting staff working for them, however – and the accounting information can only be as good as the most skilled person in the team. If that person is responsible for doing everything in accounts, they’re probably not going to be driven to producing accurate figures for you after a tough week of chasing customers for money and counting petty cash.
This is why outsourcing your accounting service is such a great way of getting access to financials without breaking the bank. MNE provides as many hours of each skill level as is needed for a business – which means that without any effort from our clients, there are useful figures available to them when they need them.
How can it help with the day-to-day running of a business?
Knowing how your business is performing is vital. It’s all very well having a “feel” for how it’s doing, but even growing businesses can trip up if their results aren’t clear. Our accounting service allows clients to access all the important things that they need to be able to see. Some clients seldom use some of their accounting information but when they do, it’s at a time when it must be accurate. Others look at their financials every day and are able to make good, well-informed decisions.
How can an accounting service take a business to the next level?
We would say that knowing where you’re starting from is important. Are you making profits? Where is your money? Are your customers paying on time? These are questions that too few business owners can honestly and accurately answer. Without knowing your starting position, how would you be able to set a target for the future?
Whether a business is doing brilliantly or losing profits month after month, it’s important to know this – as with accurate figures, decisions can be made.
If you would like to find out more information on how MNE Accounting can be a useful resource for your business, then contact us and we will be happy to help!