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7 Reasons to Change Your Accountant

7 Reasons to Change Your Accountant

An accountant is an integral part of your business team, there are some reasons to change your accountant if you’re not quite getting the service, value, or comfort level you’d expect from them.

The right one can make a significant difference in the success and growth of your business.

With that being said, here are 7 reasons to change your accountant:

1. Your Accountant is Not Proactive

One of the first reasons to change your accountant is if they are not being proactive enough on your account.

A great accountant doesn’t only contact you once a year during tax season. They remain by your side throughout the journey, delivering tax guidance as needed and assisting with financial planning.

They stay on top of tax law changes, ensuring that your company stays ahead of the competition.

They delve deeply into knowing your company’s current state as well as where you want it to go. If your accountant is absent for the most of the year, it could be a hint that it’s time to choose a more devoted partner.

2. Your accountant is not providing you with the support you need

Accountants should be more than simply numbers crunchers; they should be team players. 

They should be available to help you through the complexity of operational planning, and financial planning, and ensure you are prepared for life after business with a solid retirement plan.

They should be able to translate complex financial jargon into plain terms, allowing you to make informed business decisions.

If you find yourself feeling bewildered following chats with your accountant, or if your questions appear to fall on deaf ears, it’s a shining clue that you may want the services of an accountant who values your business, like Tennick Accountants.

3. Your accountant is not responsive

Another one of the reasons to change your accountant is if they are not responsive enough; responsiveness is an essential characteristic for an accountant.

Financial matters can be time-sensitive, and a delayed response can lead to missed opportunities, unnecessary stress, and sometimes, financial loss.

Whether it’s a question about an unexpected tax bill, a sudden opportunity for investment, or a need to clarify some financial data, your accountant should be available to provide timely advice and responses.

Furthermore, responsiveness also means that your accountant is open to your queries, whether they’re simple or complex.

They should acknowledge your concerns promptly, even if they need some time to provide a detailed answer.

If your emails are ignored, calls unanswered, or questions dismissed, it might be time to consider an accountant who understands the value of prompt communication and respects your needs.

4. Your accountant is not providing you with value

The monetary fees you pay your accountant should reflect the value you receive in return.

Accountant fees should align with the value received, like tax savings, operational efficiencies, and strategic financial planning advice. If your accountant effectively navigates tax laws or streamlines financial operations, it can yield substantial savings.

However, if their service isn’t making your business more efficient or they’re charging for every consultation, reassess the relationship. The accountant’s cost isn’t just fees but the overall value to your business. If it’s lacking, consider finding a better-suited accountant.

5. Your accountant is not a good fit for your business

It’s crucial to recognize that each business is unique, with specific needs and goals. 

This means that the accountant who is perfect for one business might not be the best choice for another. An effective accountant should be well-versed in the dynamics of your industry, comprehend the challenges and opportunities tied to your business size, and be genuinely interested in helping you achieve your future aspirations.

Industries vary greatly in their regulatory requirements, common practices, and financial patterns. Having an accountant who understands these nuances can significantly impact your business’s financial management.

6. Your accountant makes continuous mistakes

Even the best professionals make mistakes, but in accounting, repeated errors or a single significant blunder can have catastrophic ramifications for your firm.

Accounting mistakes can result in inaccurate financial reporting, tax complexities, and even legal issues. A major error may reflect a lack of experience, a gap in attention to detail, or a fundamental misunderstanding of your company’s operations.

Accountants must be precise and accurate in their work.

They must double-check their figures, stay current on tax laws and regulations, and verify that all financial documents are correct and up to date.

If your accountant is making repeated mistakes or has made a single significant error that cost you money, it may be a sign that they are not capable of handling your business’s financial needs, and you should start looking for a replacement.

7. You simply don’t like your accountant

A successful professional relationship, especially one involving sensitive matters like finances, hinges on trust, respect, and personal rapport. It’s essential to feel comfortable discussing your business finances with your accountant.

They should be approachable, listen to your concerns, and explain things clearly. Your accountant should also show respect for you and your business, demonstrating a genuine interest in helping you succeed.

Sometimes, even when an accountant is skilled and competent, there might be a personality clash or other intangible factors that make the relationship uncomfortable or unproductive.

These can be as simple as communication style differences or as complex as conflicting values. If you find yourself dreading meetings with your accountant, or if you simply don’t like them for any reason, it’s valid to consider a change.

Things To Keep in Mind

If you are considering changing accountants, here are a few things to keep in mind:

  1. Get referrals from friends, family, or business associates.
  2. Check the accountant’s credentials and experience.
  3. Interview several accountants before making a decision.
  4. Ask about the accountant’s fees.
  5. Make sure you feel comfortable with the accountant.

Final Words On Reasons To Change Your Accountant

In conclusion, having an accountant who is proactive, supportive, responsive, and provides value is essential to the financial health and success of your business.

It’s crucial to have an accountant who understands your business, avoids mistakes, and with whom you feel comfortable and trust.

When any of these elements are missing, it might be a sign that it’s time to consider a change. After all, your business deserves the very best financial advice and guidance. Don’t let a subpar accountant hold you back.

If you’re looking for an accountant who truly understands the value of client relationships, we invite you to consider Tennick Accountants. Our team of experienced professionals is dedicated to providing comprehensive, tailored services that not only meet but exceed your expectations.

14 Tips for Choosing the Right Accountant

14 Tips for Choosing the Right Accountant

Choosing the right accountant for your business is a critical decision that can have a significant impact on your financial well-being.

To ensure you make the best choice, consider these 14 tips when choosing the right accountant for your business:

1. Dig Into Reviews

Before making a decision, take the time to thoroughly research and read reviews from other businesses that have worked with the accountant you’re considering. 

Look for feedback that highlights the accountant’s strengths, weaknesses, and overall performance.

Pay attention to businesses similar to yours and consider the specific aspects they praise or criticize. This will give you valuable insights into the accountant’s professionalism, reliability, and compatibility with your business.

2. Qualifications Matter

When it comes to your financial matters, it’s crucial to hire an accountant with the right qualifications and expertise.

Look for accountants who hold recognized certifications or memberships in professional accounting bodies. Consider their educational background, years of experience, and any specialized training they have received.

Evaluate their track record in handling similar accounting needs and ensure they are up-to-date with the latest accounting standards and regulations.

3. Personality Match

A strong working relationship with your accountant is essential for smooth collaboration and effective communication.

Seek an accountant with a compatible personality and communication style.

During an initial meeting or interview, pay attention to their interpersonal skills, attentiveness, and ability to explain complex concepts in a way that you can easily understand

 Look for someone who demonstrates genuine interest in your business and aligns with your communication preferences – ideally, this would be someone who you yourself get along with, someone who you’d take out for a drink.

4. Price Transparency

Accounting fees can vary significantly, so it’s important to have a clear understanding of the costs involved.

Discuss fees upfront and request a detailed breakdown of their billing structure. Some accountants charge hourly rates, while others offer fixed fees or a combination of both.

Understand the services included in their fees and consider any additional charges that may apply for specific tasks or unexpected circumstances.

Find a balance between affordability and the value you expect to receive from their services.

5. Responsiveness Counts

Timeliness and responsiveness are crucial qualities in an accountant.

You want someone who promptly addresses your concerns, answers your questions, and keeps you informed about your financial situation; all the while communicating this to you in a manner that you can actually understand – they don’t overload you with jargon as some sort of smoke and mirrors.

Inquire about their typical response time to client inquiries and how they prefer to communicate (e.g., phone, email, video conferencing).

A responsive accountant demonstrates their commitment to client service and ensures that your financial matters are handled efficiently.

6. Industry Expertise

If your business operates in a specialized industry, consider finding an accountant with experience working with businesses in that sector.

Industry-specific knowledge can be invaluable in navigating the unique accounting challenges, regulations, and tax considerations of your industry.

Ask about their previous experience with clients in your industry and their familiarity with relevant accounting software or tools. An accountant who understands your industry can provide tailored advice and proactive solutions.

Knowing as much about their experience as possible will help significantly when it comes to choosing the right accountant for your business.

7. Put It in Writing

To avoid any misunderstandings or disagreements in the future, ensure that all important details are clearly documented in a written agreement. This agreement should outline the scope of work, deliverables, timelines, fees, payment terms, and any specific terms and conditions.

Review the agreement carefully and seek clarification on any ambiguous points. 

Having a written agreement in place provides a reference point for both parties and establishes clear expectations for the professional relationship.

8. Industry Network

In addition to industry expertise, consider an accountant who has a strong network within your industry.

They may have connections with other professionals, such as lawyers or financial advisors, who can provide valuable insights or collaborate on complex financial matters.

A well-connected accountant can be a valuable resource for your business beyond just accounting services.

9. Technology Proficiency

In today’s digital age, technology plays a vital role in accounting processes.

Look for an accountant who is proficient in using accounting software, cloud-based solutions, and digital tools.

Technological proficiency can streamline your financial operations, improve efficiency, and enhance data security. Ask about their experience with specific accounting software or platforms that align with your business needs.

10. Client References

While reading online reviews is helpful, consider asking the accountant for client references. Speaking directly with their current or past clients can provide deeper insights into their performance, reliability, and overall satisfaction with their services. 

Contact a few references and ask specific questions about their experience working with the accountant to get a comprehensive understanding of their strengths and weaknesses.

11. Proactive Approach

A proactive accountant goes beyond basic financial tasks and actively looks for ways to improve your business’s financial health.

They may offer suggestions for tax savings, process improvements, or financial forecasting. Look for an accountant who takes the initiative to provide strategic insights and proactive recommendations to help your business grow and thrive.

12. Cultural Fit To Your Business

Consider the cultural fit between your business and the accountant. Aligning values, work ethics, and professional standards can contribute to a harmonious working relationship.

Assess whether the accountant’s approach to business aligns with your company’s culture and long-term goals. This can ensure a smoother collaboration and a shared understanding of your business objectives.

13. Continuing Education

Accounting is a dynamic field with ever-evolving regulations and industry trends.

An accountant who actively pursues continuing education demonstrates a commitment to staying updated and providing the most accurate and relevant advice.

Inquire about their commitment to professional development, such as attending industry conferences, participating in relevant courses, or obtaining additional certifications.

14. Size of the Firm

Consider the size of the accounting firm you are considering. Larger firms may have more resources, a broader range of expertise, and the ability to handle complex accounting needs. Smaller firms or solo practitioners may offer more personalized attention and flexibility.

Evaluate which size of the firm aligns better with your business requirements and preferences.

Conclusion

In conclusion, choosing the right accountant for your business is a decision that shouldn’t be taken lightly.

By following these comprehensive tips, you can navigate through the selection process with confidence and find the perfect accountant who aligns with your specific needs and goals.

At Tennick Accountants, we understand the importance of finding the right financial partner for your business. With our expertise, industry knowledge, and commitment to personalized service, we strive to be the trusted accounting firm you can rely on.

Our team of qualified professionals is equipped to handle a wide range of accounting needs, from tax preparation to bookkeeping and beyond.

10 Signs You Have Outgrown Your Accountant

10 Signs You Have Outgrown Your Accountant

Every business evolves, and with that growth comes increased complexity and demands; at this point, you may have outgrown your accountant.

As your business flourishes, it’s critical to reassess your accounting needs and ensure they are met effectively.

Are you experiencing a sense of unease about the efficiency and competency of your current accountant?

It could mean that you have outgrown their capacity, and it may be time to consider transitioning to a new accounting partner.

Tennick Accountants presents 10 vital signs that you have outgrown your accountant and you need a change:

10 Signs You Have Outgrown Your Accountant

1. Diminished Responsiveness

In a business relationship, communication plays a pivotal role.

When you have a query or require some crucial information from your accountant, timely and efficient responses are expected.

If it becomes increasingly difficult to contact your accountant, or if their responses are delayed or incomplete, it might be a sign that they are overburdened or not prioritizing your business needs.

It’s also possible that they are not interested or motivated enough to attend to your business affairs, which is not an ideal situation for your business to prosper.

The right accounting partner should always be easily approachable, eager to engage in productive conversations, and proactive in addressing your accounting needs and concerns.

2. Inability to Scale

As your business grows, so do the responsibilities and complexities associated with managing its financial aspects.

During the initial phases of your business, your current accountant might have served your needs effectively.

But as your business grows and evolves, the accounting tasks become more intricate and voluminous.

If your accountant is struggling to manage these escalated requirements or is unable to adapt to your evolving business structure, it’s a clear indication that they may not be able to grow along with your business.

This is a potential issue because as your business scales, so should all the services associated with it, including accounting.

It becomes crucial to have an accountant, like Tennick Accountants, who can easily handle the growing workload, manage more sophisticated tasks, and provide strategic advice for your business’s continued growth.

3. Lack of Industry-Specific Knowledge

Each industry has its unique set of challenges, intricacies, and regulations that significantly affect accounting procedures and financial decisions.

If your accountant does not have a deep understanding or extensive experience in your industry, they might be ill-equipped to provide advice or insights that are pertinent to your business.

Their lack of industry-specific knowledge might lead to sub-optimal business decisions and even compliance issues.

An accounting partner who specializes in your industry can provide relevant guidance, helping you maximize your business growth and ensuring you stay in line with all industry-specific rules and regulations.

Their industry-specific knowledge will be the difference between average and exceptional financial management.

4. Limited Range of Services

As your business grows, you might find yourself dealing with a multitude of professionals for various services like taxes, payroll, and financial consulting.

This can be time-consuming, inefficient, and prone to communication errors.

As your operations expand, the need for an integrated accounting service becomes increasingly evident.

Having a single, reliable provider like Tennick Accountants that offers a comprehensive suite of accounting services can be transformative for your growing business.

This would ensure consistency in service, ease of communication, and streamlined handling of all your accounting needs. Plus, it can save you valuable time and resources, allowing you to focus more on your core business functions.

5. Absence of Proactive Strategy

An accountant’s role extends beyond handling your financial records and filing taxes. 

If your accountant only engages during the tax season and fails to offer proactive advice throughout the year, you could be missing out on crucial strategic planning and tax-saving opportunities.

A proficient accountant should utilize their expertise not only to manage your financial records but also to propose proactive strategies that can aid in the growth of your business.

6. Inadequate Use of Technology

In the digital age, harnessing the power of technology is critical to managing finances efficiently.

If your current accountant is still relying heavily on old-fashioned, manual methods, this could be a sign that they are not equipped to handle the needs of a modern business.

Accountants who utilize the latest accounting software, such as cloud-based systems, can provide real-time financial insights and streamline processes.

7. Lack of Financial Forecasting

One of the fundamental aspects of business planning and growth is financial forecasting.

It allows businesses to plan for the future by estimating future revenues, costs, and financial outcomes. If your accountant isn’t providing this crucial service, you may be missing out on important insights that can drive strategic decision-making and business development.

A competent accountant should not only manage your current finances but also help you anticipate and prepare for future financial scenarios.

This involves analyzing trends, preparing budget forecasts, cash flow predictions, and various other types of financial projections.

Financial forecasting is an invaluable tool in steering your business towards its long-term objectives, if you’re not getting this, it is one of the clear signs you have outgrown your accountant.

8. Limited Tax Planning

The role of an accountant goes beyond just preparing your tax return.

They should be actively involved in identifying strategies to minimize your tax liability and optimize the benefits from tax deductions and credits.

If your accountant is not proactively engaging in tax planning, it might be time to consider a more comprehensive service like Tennick Accountants.

Effective tax planning involves understanding current tax laws, interpreting their implications for your business, and developing strategies to maximize tax savings.

This can significantly impact your bottom line, freeing up more resources for business growth and investment.

9. Poor Quality Reports

High-quality financial reports are indispensable for understanding the financial health of your business and making informed strategic decisions.

These reports provide insights into your revenues, expenses, profitability, and cash flow, among other critical financial metrics. 

If your accountant is delivering reports that are frequently late, inaccurate, or difficult to comprehend, it’s an indication that their service quality is inadequate.

Timely, accurate, and understandable financial reports are a cornerstone of good accounting service. They allow you to grasp the financial status of your business quickly and make data-driven decisions.

Therefore, it’s essential to work with an accountant who can consistently deliver high-quality financial reports.

10. Lack of Personal Attention

Every business is unique, with its own specific accounting needs based on its size, industry, business model, and other factors.

As such, a one-size-fits-all approach to accounting is inadequate. If your interactions with your accountant make you feel like just another number in their client list, rather than a valued client, it’s a red flag.

This could indicate that they’re not investing enough time or effort to truly understand your business and its particular needs. Your accountant should be providing personalized attention, taking the time to comprehend your business’s objectives, its specific challenges, and the industry it operates in.

This involves offering tailored advice, recommendations, and strategies that align with your business goals and circumstances.

A quality accountant will be genuinely interested in your business’s success and will provide a personalized service that caters to your specific requirements, rather than generic, off-the-shelf solutions.

Conclusion

If you’re encountering any of these issues, realise that you may have outgrown your accountant, and it’s time to start your search for a new accounting partner.

While choosing, prioritize accountants who can demonstrate experience with businesses of your size and industry. Inquire about their communication style, availability, and range of services.

Taking the time to find the right fit, like Tennick Accountants, will ensure that your accounting needs are met, and that you have the comprehensive support needed to propel your business growth. Remember, your accountant should be a trusted partner in your success, not just a service provider.

10 Reasons to Downsize Your Accountant

10 Reasons to Downsize Your Accountant

Every business owner knows that balancing the books is a delicate art; to downsize your accountant might seem like a silly thing to do, but hear us out…

We believe that maintaining your finances shouldn’t be a game of numbers alone; it’s about establishing trust, building relationships, and providing value that extends beyond the bottom line.

That’s why, today, we’d like to share with you a different perspective, one that might change the way you view your accounting needs – the benefits of partnering with a smaller accounting firm like ours.

10 Reasons To Why You Should Downsize Your Accountant Today…

1. A More Affordable Approach

It’s often believed that larger means better, but when it comes to choosing your accounting partner, this may not always be the case.

Our compact size allows us to operate with less overhead and fewer bureaucratic layers. This translates to more affordable rates for you, without compromising on the quality or integrity of our services.

2. Personalised Attention to Every Detail

We understand that every business is unique, with its own set of challenges and goals. As a smaller firm, we don’t just manage numbers; we nurture relationships.

We take the time to know you and your business intimately – this allows us to really get to grips with what you’re all about so we can provide you with a much better-personalised service that going to help you thrive, whatever your industry.

3. Seamless Communication

We’ve all been there: needing urgent advice or input and being left hanging by a tardy response. 

With Tennick Accountants, that’s a situation you’ll never have to face.

Our smaller client base allows us to respond swiftly and effectively, keeping you well-informed and confident in your financial decisions at all times.

4. In-Depth Knowledge of Local Markets

Our team is deeply rooted in the local business community, and this allows us to provide advice that’s not just technically sound but also contextually relevant.

We understand the local economic climate and regulations, empowering you to navigate your business’s financial landscape with confidence.

5. Flexible Solutions for a Changing World

We live in a world where change is the only constant.

As a small accounting firm, we’re able to pivot quickly, adapting our strategies and solutions in real-time to meet the changing needs of your business – this means that we can also provide a service that’s actually going to be working for you, no waiting around for us to catch up.

6. Direct Access to Senior Accountants

In larger firms, you might find yourself dealing with a chain of juniors before getting to speak with a senior accountant.

However, at Tennick Accountants, you will have direct access to experienced accountants from day one. This ensures that you receive the most competent advice right when you need it the most.

7. Personal Investment in Your Success

At Tennick Accountants, your success is our success.

As a smaller firm, we are deeply invested in the growth and prosperity of every client we take on. We celebrate your milestones and work hard to help you overcome any challenges you face.

We’re not going to hit you with the marketing fluff of “we are family”, but, we certainly do care like we are one. And if won’t take our word for it, our services will certainly reflect this attitude once you start working with us.

8. Proactive Approach

We don’t just wait for you to come to us with problems or queries.

At Tennick Accountants, we proactively review your financial situation, suggest improvements, and keep you updated with any changes in financial regulations that might affect your business.

This proactive approach helps mitigate potential risks and ensures your business is always ahead of the curve.

9. Customized Accounting Services

We understand that one size doesn’t fit all when it comes to accounting services. That’s why we offer flexible, customized services that can adapt as your business evolves.

Whether you’re a start-up finding your footing or an established company seeking new growth strategies, we can tailor our services to match your exact needs.

10. Unwavering Commitment to Confidentiality and Trust

Our smaller size allows us to foster a culture of trust and confidentiality. We handle your financial data with utmost care and discretion, providing you with peace of mind knowing that your information is safe and secure with us.

Final Words…

So, there you have it, 10 reasons why you should downsize your accountant today.

At Tennick Accountants, we’re more than just your accounting firm – we’re your partners in growth.

If you’re searching for an accounting service that values relationships as much as results, prioritises communication, and understands the unique rhythm of your business, then you’re in the right place. Come experience the difference of a smaller accounting firm and see how we can make your money work smarter, not harder today.

Plan for the end now (in a positive way)

Earn more, spend less or just get more i.e. time

We felt it only right to highlight again the fact that wages are going up and specifically the minimum and living wage is rising from 1 April 2022 for which you can find more information here.

This in itself present an opportunity to forecast what the year ahead might look like cost-wise and give you an opportunity to see how best you deal with this.

If you would like some assistance with preparing this forecast click here.

Setting up to sell/exit

We are having increasing numbers of conversations around business owners and have a fantastic white paper that we can share to:

  1. Help you set up successfully for sale
  2. Share why many people get it wrong
  3. Help show you how you could actually “grow” your own buyer

For a copy of this just click the link Selling/Exit Whitepaper Please

Family

We all know this but it still shocks us a little when we type the fact that we often spend more time with work colleagues than we do family.

Have you ever assessed the culture of your business though; factoring in those internal and external to it.

We did a fantastic exercise alongside a client of ours that ultimately led us to establish our values for which if you click the link below and we will happily share these with you.

Can I have a copy of the Tennick Accountants values

Takeaways

One of the biggest downfalls when it comes to running a business is the lack of planning when it comes to exiting it which subsequently results in only 1 in every 2,222 business owners exiting when they want, with how much they want.

Start planning ahead now to improve these statistics and we can help.

P.S. More information on our
client awards very soon …

Get more now

Are you getting what you need?

We are all getting more e-mails than ever and we are constantly looking at how we can add more value to our regular bulletins so have slightly tweaked the format for this month.

We are splitting the content into shorter and more “punchy” sections so you can jump into those which are of greatest interest value to you and will save you time looking for the “golden nuggets.”

Save me tax

Did you know there are three different elements to the tax advice and support that we provide and for which greater attention can be paid?

Click on the image below to find out more.

Make me more money

We have mentioned this before on a previous newsletter; with reference to inflation, but have you thought about this:

“Money left sat in your bank account is COSTING you money.”

Given the current rate of inflation, I don’t believe there are any banks currently paying interest in current accounts that exceed the current rate of inflation so; with it left sat there, as each month passes it worth less than the day it was put in.

What should you do? Speak with an IFA. Don’t have one? Get in touch with us by clicking here and we will contact you.

Help me focus on what matters

We started this end of month newsletter saying how a deluge of e-mails and content is meaning that people are struggling to see the woods for the trees.

The amount of information at people’s finger tips often leads to what is commonly known as “analysis paralysis” so basically you don’t know where to start, so don’t start.

We have some great overview reports that we are sharing for no cost up until the end of March for those on our bookkeeping package so let us know if you would like yours.

If we don’t do your bookkeeping, get in touch regardless and we’ll send you a template report based on demo data and a bit like Bullseye show you would could have won; or could still get in the future …

Yes please I’ll have a business overview report click here

Improve my cash flow

One of the most common issues we find whereby businesses could improve their cash flow is by changing the way in which they quote.

Whilst it is quite easy to factor in those costs directly attributable to a sale, it is more difficult when it comes to those overheads you incur regardless i.e. insurance, rent etc.

Quick tip

Go through your overheads for the past year and work out what these equate to based on the number of working hours there is in a year for you i.e. the hourly costs of these same overheads.

Start then applying this hourly overhead rate; with a mark-up to future quotes and see what difference this makes.

This is rough and ready; and not perfect, but is better than nothing and it will provide a great platform to build from.

Make sure you start with this gradually to get your confidence in adding it and in the calculation itself or just a few clients. We are here to help where needed.

Takeaways (everybody loves one, Indian would be my choice)

  1. Look at tax from one of three angles to think of it more proactively.
  2. Don’t have spare money in the bank costing you money, have it make you money.
  3. Draw from your figures what matters the most and we have a great report to help so get in touch for what this could look like.
  4. When it comes to improving cash flow; start with looking at how you quote for work. Then, take this a step further and monitor your REAL profitability per job thereafter.
P.S. More information on our
client awards very soon …

32 ways to extract value from your business

32 ways to extract value, tackle rising costs and reduce tax

Many business owners and individuals will now be faced with challenges in the year ahead including:

  • rise in living costs/subsequent rise in wages
  • rising inflation
  • increased taxes
  • repayment of government-backed loans
  • rising cost of debt

In this month’s bulletin we’re going to specifically focus on rising taxes and wages and some things for you to consider.

Tax (a quick fix)

There are 32 ways to extract value from your business; or at least this is what we have reduced it down to.

Want to do a quick tax health check on your business? Click here and we’ll send through a checklist for you to fill in.

Wages (and another way to save tax)

For many we are approaching the time when wage rises will be discussed and with the rising cost of inflation pay rises of 5% upwards may commonly be asked for by your team and that is just to maintain their standard of living rather than being seen as a pay rise.

There are ways to counter-act this in terms of providing your team with benefits they have not had previously whilst reducing tax at the same time.

Still not clicked the link above for that checklist and just want to drive straight in; then click here for our template 32 ways to tackle rising costs; whilst reducing tax.

P.S. More information on our
client awards very soon …

Marginal Gains

Forget January tax mayhem and focus on financial planning

As you all know we had a big push to make our January; and that of our client’s, so very different many others who might be scrambling around looking for paperwork and panicking over what tax is due and whether they can afford it.

One final comment on the note of tax returns; watch out for the change in penalty structure kicking in very soon whereby more information can be found here.

We want you to look forward towards the end of the current tax year so are thinking of 5 April 2022 and putting our efforts and thoughts into focusing how we better get money out of the business for YOU rather than focusing on pleasing the tax man this month.

We’ll soon be sharing some food for thought but if you want early access and want to be ahead of the game with this exercise then get in touch with your account manager today.

Operationally

So COVID is still lingering but there is; albeit limited, still some support out there with local councils expected to see the financial support come through imminently and more information can be found here.

Ignoring COVID for a minute, when was the last time you reviewed your suppliers and considered:

  1. What do you need to cut
  2. What do you need more from i.e. ask for early payment discount or even cash back
  3. What do you need to spend more on to generate more value

One client alone this week has taken step 2 and will save £000’s this year as a result of one single conversation!

Those business new years resolutions already suffering?

Be it individually; or as a business, we all need routine and accountability and I’m sure we can all relate to that from a fitness perspective.

Once you have both – BOOM!

Get in touch with your accountancy manager if you want help overcoming the January blues with some very quick and easy strategies to help you do so.

P.S. They do not involve meditation though I believe that also might be useful.

P.S. More information on our
client awards very soon …

Kick off the new year with a bang

Time to do something

We know that so many people were busy leading up to Christmas so many people might have missed what we first out prior to Christmas so we thought we would share again some key points for those sneaking in a bit of work time late December.

Yes I know we did say we wouldn’t send an end of month newsletter out but I sensed some might need this so scheduled this one in advance.

Operationally

Want to work less and achieve more in your business?

Head over here to take a read.

Financially

Improve your finances with our book recommendation again – ‘Profit First’ by Mike Michalowicz whereby he speaks about going back to basics.

We’ve summarised some of the key points if you want to take a look here.

Want to be a bit more proactive and hit 2022 with a bang?

Why not join those who have already committed and jump onto our workshops where we take the points above and convert them into actions to help you work less in your business and ultimately exit sooner and with more money.

I know what I’d be asking for off Santa but I am an accountant and a little bias.

I’d love to know more about the workshops

P.S. Don’t forget our office is closed from
24 December 2021 and we reopen on
Tuesday 4 January 2022

Merry Christmas

Time for reflection

Okay so neither this year nor this Christmas is perhaps going to turn out as we expected but that doesn’t stop us from taking time to reflect.

This month we thought we would merge our usual operational/financial newsletters we spread across the month and give you some things to think about going into a well-earned festive break all together given that a lot of people will be wrapping up soon for the Christmas.

Operationally

So it might feel like groundhog day with all of the recent announcements but operationally we must keep pushing to be stronger and more resilient and we have a fantastic blog on our website around the four pillars any successful business should have in place.

Head over here to take a read.

Financially

If any of you are after some reading over the Christmas, we fully recommend ‘Profit First’ by Mike Michalowicz whereby he speaks about going back to basics.

Whilst further lockdowns might be on the horizons; and the likelihood of further Government support remains uncertain, it does not stop an individual or business owner going back to basics to reduce wastage when it comes to finance and strengthen their overall cash flow position.

We’ve summarised some of the key points if you want to take a look here.

Want to be a bit more proactive and hit 2022 with a bang?

Why not join those who have already committed and jump onto our workshops where we take the points above and convert them into actions to help you work less in your business and ultimately exit sooner and with more money.

I know what I’d be asking for off Santa but I am an accountant and a little bias.

I’d love to know more about the workshops

P.S. The Client Awards will be back next year also …

Lee Richardson – Director of Coast Technology Limited

"Having spoken to our clients, it has made me appreciate more than ever how Graeme and his team not once look to make a quick financial gain but instead always look to assist and ensure that we never once felt alone."

Profile: Lee Richardson, Tech Director
 

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