That’s right. It’s entirely possible that your current accountant is costing you money. Let me expand on that statement by exploring some of the ways that your existing accountant could be costing you money:
1) They don’t understand your business and your goals
Has your accountant even asked what your goals are? On both a personal and a business level? Or do they only speak to you once a year to let you know that your accounts are ready. Your accountant should be one of your most trusted business advisors. But if they don’t know what your goals are, how can they possibly help you achieve them? At Empowered Finance we pride ourselves on understanding what each and every client wants to achieve and then looking at how we can help support them on that journey.
2) They don’t understand your industry
Many accounting firms will claim to be experts for all sectors, yet the reality is they will only be scraping the surface on each one. They don’t live and breathe your industry on a day to day basis which results in bland, generic advice with limited value. We only work with digital and creative firms and understand everything from pricing strategies to staff utilisation to scope creep.
3) They don’t provide the services you need
Accountants are under increasing pressure to offer more than just compliance services such as your annual accounts and corporation tax. But how many of them are actually capable of providing these advisory services? What experience do they have? Prior to founding Empowered Finance, I worked extensively in the creative sector, most recently as an agency Finance Director but also in senior finance roles with a number of media companies. I have first hand experience of working with founders, CEOs, CMOs and procurement teams to grow revenue, improve profits and increase cash in the bank.
4) They don’t have the professional expertise
Anyone can choose to advertise themselves as an accountant. Have you checked what professional qualification, if any, your current accountant has? We are registered with the Institute of Chartered Accountants England and Wales. This guarantees a level of knowledge, professionalism and ethical conduct that you won’t find everywhere else.
5) They don’t utilise technology
Do you still use desktop software? Do you still have to physically send receipts or invoices to your accountant? If your accountant hasn’t embraced the new technologies available then it’s almost certain that your financial records are being completed inefficiently and with a greater risk of error. Accounting software such as Xero and apps such as Receipt Bank and Float make it possible to have near real time financial information available, allowing you to make better business decisions.
If any of the above sounds familiar then now is the time to do something about it. Stop wasting your money on the wrong accountant.
We would love to talk to you about what your goals are and how we can help you achieve them.