Cloud products are seeing huge growth in the UK and cloud accounting is becoming increasingly popular. At over 500,000 subscribers, Xero is fast overtaking the likes of Sage and Quickbooks online and being adopted across all professional sectors. With 83,000 UK customers in the cloud and counting, this week we’re sharing why we’ve become a Xero Partner.
Last week, we looked at how important it is to find an accountant who can do more than just deliver the numbers, especially for a small or medium sized business. A genuine interest in helping such businesses to grow and succeed by really getting to grips with the issues and challenges they face can make all the difference.
But don’t just take our word for it! Take a look at what Kevin Athersuch, Finance Director at Kingcombe Aquacare has to say about how Wessex worked with their management team and Board of Directors
Read the full Case Study here
The challenges of change management
Managing change is one of the trickiest areas of leadership and management. Periods of change and even instability can occur when businesses move to different or larger premises, recruit more employees, take on finance or even just update systems and technology. Preparation for change is key if it is to be successful in the long term. It’s about planning for growth, making sure it takes place in a sustainable way and, perhaps most important of all, that throughout the period of change, you don’t lose sight of your core business. By planning and understanding the stages of growth, you can keep closer tabs on the costs involved, identify opportunities as they arise and be prepared for any issues which may arise. Mistakes may occur, but learning from these is an important part of the process. Above all, it’s essential that business owners and management teams feel in control of the growth process.
An accountant who understands your business goals can help you achieve them
We often hear other accountants claim that they are business people – but do they actually have experience of running their own SME (small or medium sized business) under their belt? It might be worth finding out! Who will be more helpful to the small business owner? An accountant with a post qualification career spent working in a large firm or an accountant with hands on experience of running their own small business?
You do the maths!
To find out more about how we help SMEs, get in touch here or give us a call on 01935 385929
A business minded accountant can make all the difference to a small business, especially one who has personal experience of running an SME and of dealing with the types of issues small business owners face. New start ups often employ a bookkeeper to handle their numbers – in the early days this could be Auntie Flo who used to work as a Purchase Ledger Clerk or a friend who’s “good with numbers” and knows their way around a spreadsheet.
But as a business grows, owners may turn to well known, often large accountancy firms, sometimes on recommendation or just because they appear at the top of the list when doing a search on Google. Whilst such firms may be perfectly reputable and reasonably efficient, it’s worth thinking at this stage about what you want from your accountant. If you’re looking for a smart looking set of accounts at the end of the financial year, fine, but is this really the best you can do for your business? And is the senior accountant you met at the outset really the person who’s preparing your accounts, or are they being passed to a trainee because they are far too busy looking after their bigger clients in terms of revenue? What do you think?
Often such accountancy firms set SMEs up with packages which don’t really suit the SME, the way they are working and the way they want to work. Sometimes, High Street accountants don’t keep up with the times and the fact that business moves a lot quicker these days – never was it more important to know at the earliest opportunity what’s profitable and what’s not!
Here at Wessex, we’ve worked with many small businesses who have had experiences along the above lines. Part of our mission is to help reduce the failure rate of SMEs in the south west – with that in mind, we first look at the information businesses have been working with – sometimes the quality of the information is poor, other times there’s too much detail. We use a helicopter approach to come in and help, looking at both overall strategy and finer detail and quickly pinpoint the most profitable areas a business should be focusing on. As a small business ourselves, we understand the issues business owners face on a daily basis whether it be cash flow, controlling labour costs, rising overheads or even working all hours! What’s more, we’re genuinely interested in seeing small businesses succeed.
Do you worry your accountant may not be a “best fit” for your business?
If you think your small or medium sized business could benefit from a different approach, which takes into account your strategy and processes and delivers management accounts with friendly support and advice from real business people working for a fellow SME, give us a call on 01935 385929 or get in touch here.
What difference would a £40,000 tax saving make to your small or medium sized business? No more cash flow worries? Finally being able to take that holiday you’ve been dreaming of for years? Or even just being able to reward your hard-working staff? For some businesses, it could mean the difference between success and failure, so making sure you’re with the right accountant for your business is crucial. Your accountant may be from a large reputable firm, but does he/she really understand the issues faced by small business owners and give you the support you could do with?
Saving tax for small businesses
Hear how Wessex helped one business save thousands of pounds in tax by signposting them to tax breaks they weren’t previously aware of, despite having an accountant.
Read the full Case Study here.
Could your business be missing out on significant tax savings? Are you confident your accountant is on top of the available breaks and able to provide the kind of business advice and support you could really benefit from?
Here at Wessex, we pride ourselves on being unique. We’re chartered accountants, but we’re also business people, with real experience of what it’s like to run an SME. We’ve been there, we know the issues and are able to get quickly to the heart of your business and help you to succeed, all with a personal approach you can be comfortable with. Think you’re better off with a large, well known firm of accountants? In our experience, work often gets passed down to trainees, who have no business expertise – yes, they can crunch the numbers, but we believe in providing more than just a smart folder containing your end of year accounts. It’s about ensuring you have the information and advice to enable you to make informed decisions in your business throughout your financial year.
Don’t settle for anything less.
For more information on how we could help you, saving tax or otherwise, call us on 01935 385929 or get in touch here.