Starting and running your own business can be really exciting.
But it can also be quite stressful.
One of its stressful sides is the accounting part.
Accounting may not be fun for you, but it’s an extremely important aspect in your business.
Businesses need comprehensive accounting now more than ever, as those days of hiring accountants for payroll and tax purposes are long gone.
If you want your business to keep running, then you definitely need the services of a business accountant.
Accountants are needed for financial statements and tax returns. However, these two only tell the story of what your business was – NOT where it could be heading.
Obviously, we can’t see what the future holds. And unless you have a crystal ball, we can’t really say what our business would look like 5, 10 or 15 years from now.
This uncertainty can jeopardize the chances of growth.
We can however, take drastic measures to future-proof our business, and the only way to do that is to start thinking differently about different risks.
And this is where a good business accountant comes into the picture.
Here are 3 things a business accountant can setup to help future proof your business.
Get Tech Savvy
The world is getting high-tech
If you want your company to keep up and survive, then you should embrace technology.
In the case of business, cloud computing is the future.
Moving your business data to cloud computing saves you from PC storage and on-site servers, allowing data to be accessed anywhere, anytime.
Obviously, cloud computing has its pros and cons.
The obvious cons are the safety and security.
And with that, it’s important you seek the most reputable global cloud provider that fits your needs.
This is to ensure the safety of your information and easy and convenient disaster recovery process.
Also, the whole world is heading into app-based society, which depends heavily on various social media platforms.
Thus, you can invest on designing apps for your business, update social media profiles, and make sure your customers have an easier time finding and doing business with you online.
Setup A Customer-Driven Marketing Force
Traditional forms of advertising will become less and less important in the future.
Thus, spending money to place your business on ad magazines once a month, or making a radio ad probably won’t give you the same results as they did 10 or 15 years ago.
What’s the best option?
Well, you and your accountant can actually devise a way to empower your consumers and customers to become advocates of your brand.
Again, we can go back to being tech savvy – through online digital strategy and carefully considered social media campaigns.
Just like positive word-of-mouth can catapult a brick-and-mortar business, social media campaigns that injects high level of “talk-ability” among consumers is the key to grow your business fast.
Also, make sure your use social media to share valuable information to your consumers.
Industry information, expert tips, guides, shortcuts, interesting news, testimonials, etc., will help you position yourself as an authority in your industry.
Thus, make sure you setup and invest in a good social media campaign.
Free Up Your Cash Flow
When running a business, no matter how much cash you have, you will never have enough.
There will always be external circumstances that are beyond your control, such as natural disasters, new consumer trends, changes in the economy, etc.
Thus, make sure you and your accountant setup cash flow strategies that will protect your business for the years to come.
Ask your accountant how to manage your cash flow better.
Also, it’s crucial that you keep your business and personal expenses separate.
This is to avoid problems in your cash flow.
Reconcile your bank and credit statements regularly, and keep original receipts.