As of March 2022, there were a recorded 358,575 active SMEs across Scotland, so running and successfully growing a business can be a challenge! In a recent article from our blog, we discussed the key ways to scale your business more sustainably and create long-term success by understanding and navigating your business environment, and now we’ll turn to the top ways the expertise of a Chartered Accountant can help this process along.
Alongside helping you stay on top of your finances, a qualified Chartered Accountant can help you set up a tailored financial plan for your business and use their many years of expertise across your sector (and likely related sectors) to provide advice based on your financial health. This can help you make more informed business decisions by breaking down the jargon and ensuring you’re not taking bigger risks than you can handle.
Here are 12 of the top benefits of working with a Chartered Accountant (CA):
1. Financial & Strategic Clarity
One of the main roles of a Chartered Accountant is to provide your business with a clear financial outline and support your strategic objectives. As they manage your business’ financial records, they will have full visibility of your financial health and be better-placed to advise on your overall strategy – from unforeseen expenses associated with hiring more staff to the benefits of tax relief – your Chartered Accountant will be able to guide you towards making better choices.
2. Business Audits & Goal Setting
Chartered Accountants are highly knowledgeable in financial forecasting and planning, including in areas such as expansion, diversification, and – of course – cost reduction. Therefore, your Chartered Accountant can provide regular reports on your overall progress towards your goals, as well as help you set key KPIs. Chartered Accountants work with and for you to ensure great outcomes and can provide confidential business advice as well as a full audit of your business (such as Company/LLP statutory audits).
3. Risk Management & Contingency Planning
Every day, businesses across Scotland face various financial risks, from economic downturns to unexpected expenses, security threats, scams, and more. A Chartered Accountant can help you develop risk management strategies and contingency plans to safeguard your business’ financial stability (as well as reputation) to ensure temporary issues do not affect your long-term objectives.
4. Access To Funding & Investment Opportunities
When the time comes to expand your business or seize new opportunities, a Chartered Accountant can be a valuable asset in securing the necessary funding! Using their expert knowledge, they can help you prepare relevant financial reports and business plans that attract investors and lenders, help you access the capital needed for growth, or help you set up share options and EMI schemes.
5. Tax Optimisation
Ensuring your taxes are filed correctly is always a concern for businesses! As Chartered accountants not only possess expert knowledge of tax laws and regulations but also keep up-to-date with the latest changes, they will always find opportunities to minimise the financial burden of taxes and ensure you’re not overspending when you don’t need to! They can also support you through HMCR tax investigations and any business tax compliance queries you may have.
6. Financial Health Monitoring & Adaptation
As the business landscape is ever-evolving and has been quite turbulent in recent years, success can require fast adaption to market fluctuations. Your Chartered Accountant can monitor your business’ financial health to ensure you stay on track and continue to grow sustainability. They can also recommend timely adjustments ahead of major changes to ensure you’re prepared and reduce your risk.
7. Enhanced Business Valuations
If you’re considering selling your business or buying another business, a Chartered Accountant can help enhance your business’ valuation or provide a valuation on the business you’re looking to acquire by using their financial expertise to highlight any strengths and weaknesses – ultimately leading to more attractive investment opportunities.
8. Compliance & Accreditations
There are many guidelines that businesses must be aware of, as well as incentives available to those who introduce new strategies into their business to achieve relevant accreditations such as setting a net zero target, improving environmental sustainability, and paying the Real Living Wage. Businesses that hold accreditations for fair work practices, cyber security, and others can also benefit from grants and will also be more eligible for opportunities such as awards, Government contracts, and more.
9. Minimising Costly Mistakes
A qualified Chartered Accountant can help you avoid making costly business mistakes such as failing to file taxes on time or not complying with regulations. This can save you money and protect your business from fines, as well as prevent bad publicity relating to your business activities.
10. Free Up Your Time For Other Tasks
Ultimately, your Chartered Accountant is there to help you run your business better! By outsourcing your accounting and financial needs, you can free up your time to focus on other areas of your business such as improving your customer service, product offering, or internal operations to help bring more money into your business.
11. Peace Of Mind
As an owner of an SME, you will likely wear many hats – but knowing that your finances are in good hands can give you peace of mind knowing you can support your team, focus on personal projects, or even go on holiday without missing crucial deadlines! Working with a Chartered Accountant can also help you get an “outsider’s” perspective on your business’ standing and help you see the bigger picture, which in turn can assist your financial planning as you progress towards your goals.
12. Improve Your Business’ Reputation
Lastly, working with a Chartered Accountant can even improve your business’s image and credibility! Alongside having a good standing with creditors and building a good credit score as a business, aligning your company with a prestigious firm such as MMG Chartered Accountants can build trust in your clients that your company is of good financial standing, especially if they can see your annual reports are up-to-date, all third-party checks pass first time, and invoices are always sent and settled in good time.
How much does a Chartered Accountant cost in Scotland?
The cost of Chartered Accountancy services in Scotland will vary depending on the size and complexity of your business, but at MMG Chartered Accountants, we offer our MMG 123 service which scales with your business to ensure you only pay for the things you need! We prove “less” doesn’t mean “compromised” as we offer a modern, flexible approach to ensure you get the support you need for an affordable price.
How do I find a good Chartered Accountant in Scotland?
Alongside looking at reviews online and doing a Google search for Chartered Accountants in your area, it may be worth asking for recommendations from friends, family, or other business owners; attending local business events; and putting in a few enquiries with a shortlist of Chartered Accountants to see what they can do for you! At MMG we’re always happy to help and have an open, honest discussion about the value we can bring to your business – book a consultation with your local branch on our contact page.
Can a Chartered Accountant in Scotland help with business loans?
Absolutely! A Chartered Accountant can play a crucial role in securing business loans for your company. They can prepare compelling financial reports and business plans that attract lenders, increasing your chances of accessing the capital needed for expansion and development. Learn more about our accountancy services.
Contact MMG Chartered Accountants
Cloud accounting solutions offer substantial benefits to businesses of all sizes and in any region. Take advantage of the benefits that cloud accounting offers and elevate your business to new heights of success with MMG Chartered Accountants by contacting our team at firstname.lastname@example.org or calling your local branch.