If you want to grow your business, chances are you’ll want a business consultant’s opinion and advice. To a certain extent, every entrepreneur sets out to run their own business to be their own boss and do things their own way. However, it’s useful to have a knowledgeable third-party objectively looking “in” at your business; someone who has experienced the same trials and tribulations. Even if you’re the type who has never attended a seminar, there’s a reason those along with the myriad “how to grow your business” books exist. This is one of the elements that sets Huddleston Tax CPAs apart from the competition, there are accountants who specialize in small business owners in various industries (such as tech and health care). Our accountants are looking for ways to deduct and save within your business’s specialty.
Having an accountant double as a business consultant has obvious benefits such as providing some realistic forecasting. An accountant can look at your cash flow and records and make reasonable projections based on what they’ve seen across businesses in the same industry.
Because they have direct insight into your (and adjacent industry) financials, they can provide a credible overview of the financial status and health of your business. A qualified accountant should give you accurate reports on your cash flows and indicate opportunities available for your business growth. They are on the front line to ensure that your business complies with the laws of state and city.
Getting into the weeds, here’s three ways an accountant can double as a business consultant and make your company successful.
Different cities in Washington State alone have different B&O tax laws. Some haven’t changed in years while others have changed as recently as 2018. You need someone who is abreast of all tax laws to project what your earnings will be — especially if you’re forecasting to stakeholders. Take a look at California’s CCPA and how (or if) that would impact your business. A tax accountant and business consultant will help you maintain compliance and ensure steps are taken to avoid any legal snafus. They are the people to help you balance your cash flows and manage them appropriately. They will advise businesses to comply with local laws and prepare the tax forms, financial statements, and audit reviews.
2. More intelligent marketing strategies
No one should focus on one marketing channel for their business… but diversifying when something is working may also overextend your budget. Having a business consultant in an accountant can provide statements and reports to see where your business is performing optimally vs where it’s struggling. If you’re making $1 on every paid advertisement, but the bulk of your leads are coming from people reaching your site naturally, then it may be better to invest in how people are reaching your site which can inform your paid campaigns. This’ll also help you know whether the marketing is yielding positive or negative results.
3. Improvement in business efficiency
One of the most vital processes affected by figures is decision-making. From the accountant’s point of view, the update on your business’s financial health helps you make intelligent investment decisions. An accountant can analyze the reports and predict where the company will be tomorrow. They will help you decide when you can invest and why it is the best time to do so since they understand your business’s niche industry.