Your existing accountant is costing you money
Five signs your accountant isn't keeping up with the agency you run today.
It's entirely possible that your current accountant is costing you money. Here are five ways it happens.
1. They don't understand your business or your goals
Has your accountant ever asked what you want to achieve, personally and as a business? Or do you only hear from them once a year when the accounts are ready? Your accountant should be one of your most trusted advisers. If they don't know your goals, they can't help you reach them.
2. They don't understand your industry
Plenty of firms claim expertise in every sector, but they're only scratching the surface of each. If they don't live and breathe agencies, you get generic advice of limited value. We only work with creative and digital agencies, and understand everything from pricing and utilisation to scope creep.
3. They don't provide the services you need
Accountants are under pressure to offer more than compliance work like annual accounts and corporation tax. But how many can genuinely advise? Before founding Empowered Finance, I was an agency Finance Director and held senior finance roles at media companies, working alongside founders, CEOs and procurement teams to grow revenue, improve profit and increase cash in the bank.
4. They don't have the professional expertise
Anyone can call themselves an accountant. Have you checked what qualification yours holds? We're registered with the Institute of Chartered Accountants in England and Wales (ICAEW), which means a recognised standard of knowledge, professionalism and ethical conduct.
5. They don't use modern technology
Are you still posting receipts or using desktop software? If your accountant hasn't embraced cloud accounting and the apps around it, your records are almost certainly being kept inefficiently and with more risk of error. The right setup gives you near real-time numbers and better decisions.
Next steps
If any of this sounds familiar, now's the time to do something about it. We'd love to hear what you're trying to achieve and how we can help you get there.