How a commercial accountant can help your business grow

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Savvy company owners are well aware that business growth doesn’t just happen. Steps must be taken to improve existing services, products and operations. To achieve growth, a business owner requires an instinct for business, extensive research and accurate, timely business records. Of course, putting all these factors together requires organisation and planning, plus sheer determination.

A commercial accountant can help with all aspects of business growth, from preparation of business records to planning changes and development of the company.

Professional assistance

Planning change and development requires a great deal of expertise and experience, which not all business owners have. They may be knowledgeable in some fields but require assistance in others. Management outsourcing is a strategy that can quickly lead to rapid business growth, as you are able to concentrate on other aspects of the company.

Keeping records

If you intend to plan a new business strategy, you will require access to accurate and up-to-date business records. Included in the data should be departmental budgets, records of customers, financial reports and all sales data. Planning business growth requires more information than sales levels and should include the performance of all distribution channels, which products are good performers and which produce the highest profit margins.

All aspects of the company will need to be studied in order to produce an accurate plan that offers adequate measures to deal with potential risks. A commercial accountant has expertise in all these areas and can produce all required data from each department of the company, leaving you free to deal with the business itself.

Funding

If you are planning expansion, you will probably require extra funding. To calculate the amount of finance required, you’ll need cash flow statements, budgets from all departments (along with forecasts of future budgets) and profit and loss statements. If you already have a commercial accountant, all the documentation and data you require will be prepared and ready for use. Once you know how much funding will be required, the same financial information will be required by the potential investor or lender; so that they can see you have a viable proposition.

Conducting research

Before making plans for expansion, make sure you conduct some market research to check for anything that may have an adverse effect on your business plans. A commercial accountant can help with benchmarking, which will be of great value when you plan for business growth.

Outsourcing to a professional may seem daunting, but is extremely beneficial to most business owners. Contact us for an informal chat about our services.