Many agency owners often need to pay more attention to the potential value their accountants can bring to their businesses. You might think that as long as your paperwork is in order for the HMRC, that’s all you need.
However, the reality is that a proficient finance team can make a significant difference between a business that thrives and one that struggles.
Having worked exclusively with small businesses for over a decade, I’ve come to understand that the true power of accountancy for small businesses lies in understanding your financial numbers and their implications.
This knowledge is crucial for unlocking your agency’s full potential and achieving substantial growth.
Within your agency, you likely face numerous financial questions every month:
- Can you afford to hire new staff?
- Will you have enough cash in the next six months to cover expenses?
- Are your pricing strategies optimal?
- Can your team afford to invest in new equipment?
Without a clear understanding of your financial numbers, these decisions become uncertain shots in the dark, potentially leading to unexpected financial stresses.
Some clients may argue they’ve been profitable without paying close attention to such details. However, time and again, I’ve seen businesses discover missed opportunities and increased profitability once they start leveraging these financial insights.
The introduction of strong financial leadership to your agency can be a game-changer. It distinguishes agencies that merely survive from those that soar. Furthermore, it substantially impacts your profitability, stress levels, and overall job satisfaction. Understanding your financial numbers will transform you into a more effective business leader.
Recognising that numbers might not be every agency owner’s strong suit, it becomes crucial to have an accountant who provides more than just the bare minimum of services. So, what does excellent financial leadership entail?
Here are key qualities to look for when hiring your next accountant:
- Approachability: Your accountant should be someone you feel comfortable asking any question without fear of judgment or condescension.
- Focus on Vital Numbers: Relying solely on your bank account balance doesn’t give you a comprehensive picture of your business’s performance. A skilled accountant will guide you through the most essential numbers, enabling you to monitor your progress regularly.
- Practical Action Steps: Knowing your financial situation is only helpful if you receive actionable steps to address any challenges or opportunities identified.
- Decision Empowerment: As a CEO, you face daily decisions that can be overwhelming. A competent accountant will ask the right questions and provide insights to support you in making informed choices.
- Understanding Your Humanity: Financial discussions can be awkward and emotional. A good accountant acknowledges the human impact of financial wins and losses, offering practical solutions and empathetic support.
At Believe Accounting, we believe in providing exceptional financial leadership to empower agency owners. We understand that your numbers hold the key to your success, and we’re dedicated to helping you thrive. If you’re eager to learn more about how we can support your agency, don’t hesitate to schedule a call with us today. Together, we’ll unlock your agency’s true potential.
