Recent research shows that 82% of business owners want more support from their accountant. All good accountants understand this and have already geared themselves up to be able to deliver it. This simple checklist has therefore been independently produced to help you ensure that your accountant gives you all the proactive support and guidance you need.
There are 19 points in three key areas that your accountant should be able to support you with.Read through these points and make a note of any that you aren’t already receiving help from your accountant with.
You can download our handy checklist to make this easier here:
General support you should expect:
1. Diagnostic review and report to identify the key options for strengthening your cash flow
2. Explore the 20 sources of cash to see which have the most potential for you
3. Help you understand and manage your breakeven point so you are more able to survive falls in demand
4. Benchmark you against others in your industry to identify the areas where you can most easily improve
5. Create an initial improvement action plan covering all the key areas listed here
6. Produce regular cashflow forecasts to ensure your plans can be funded & you don’t get into financial difficulties 7. Give you free access to a library of relevant “Help through the hard times” resources eg videos, reports etc
Strengthening your cashflow by making more profitable sales & getting paid more quickly:
1. Identify which of the 8 key profit drivers has the greatest potential for you
2. Review the 23 profit strategies that lie behind the 8 profit drivers – prioritise and action them
3. Analyse your sales pipeline – Use sales improvement software such as SSTW to identify how to drive sales up
4. Evaluate alternative pricing strategies using software such as SSTW – since getting your pricing right is usually the fastest and easiest way to increase the profitability of sales
Strengthening your business and personal cashflow by using better tax planning to…
1. Identify the most tax efficient structure for your business and reduce annual tax bills
2. Pay as little as 1.9% tax when extracting profits from your company
3. Significantly reduce your corporation tax bills.
4. Identify and drastically reduce or possibly eliminate Inheritance Tax bills on estates.
5. Incentivise and reward your key team members tax efficiently.
6. Significantly reduce stamp duty on new property purchases.
7. Defer, reduce or even wipe out capital gains tax liabilities with careful planning
8. Use IHT and care home fee planning to put extra cash in your bank during your lifetime
IMPORTANT NOTE: All of these tax planning opportunities are legal – and all are possible in certain circumstances. If your accountants tell you that they are not possible, ask them to clarify exactly what they mean. Is it (A) they are fully aware of the tax strategy being referred to and know for a fact that you do not meet the qualifying criteria, or (B) they are simply not aware of the specific tax strategy being referred to?
If your accountant cannot help you fully in all of the above 19 key areas, or you want a second opinion for free from a professional accountant who can, please contact us. There will be no cost or obligation. And even if you go on to ask us to help you with something, from the list above, you can still stay with your existing accountant for everything they currently do with you if that is your preference.
Honey Bee Accounting
Carl Ford is the founder of Honey Bee Accountancy. Carl has extension knowledge of the retail and recruitment sectors which is utilised to help grow successful businesses for the clients of Honey Bee Accountancy.