Jubilee’s success provides an opportunity for growth and diversification

Boxing legend Muhammad Ali fancied himself as something of a poet and a philosopher and one of his quotes ran thus:  “Don’t count the days. Make the days count.”

It seems a pretty obvious statement, but for accountants, it could be a mantra as they help navigate their clients away from the raging storm of the pandemic into calmer waters and a more profitable future.

That means SMEs need their accountants to step up to the plate and provide the kind of service to be able to make the days count, while leaving the counting to their financial professionals.

Not just the general accounting, but making sure clients are compliant with the latest rules covering Making Tax Digital (MTD) for VAT.

The royal Platinum Jubilee has provided a real revenue bounce for their clients and a bit of a windfall for the Treasury, which will see a huge lift in VAT receipts after millions joined in the four days of celebration.

Integral part of future success

This will lead to increased activity for accountants who will play an integral part in the success of their clients, with greater advisory and strategic roles as businesses prosper.

As businesses start to grow again post-pandemic, many will be looking to expand and seek finance. Your accountant can help to prepare a strong financial case to present to potential lenders or investors.

Making use of cloud-based apps allow firms to always have a snapshot of how their clients are performing. In turn, GI are experts in that field, offering impartial advice on the most suitable apps for accountants, and how to implement, migrate data and maintain the system.

This kind of support becomes more essential as the accountant’s role diversifies to offer support on:

Advising as the business grows

Running before you can walk is always a problem as is expanding the business without proper planning. Areas involved in that growth, like new office space, recruitment, cash flow and taxation can become a problem without proper advice and guidance.

Audits that can improve efficiency

Larger businesses must have statutory audits, but an internal audit on a voluntary basis before this happens can identify any real or potential problems and keep the business running smoothly.

Mergers and acquisitions

Buying another business can be the quickest way to expand or enter a new market. There are many pitfalls and your accountant will have expert knowledge in these areas, especially if you are diversifying.

For accountants, dealing with MTD for VAT is just one of the extra burdens that could be alleviated by outsourcing as can general compliance work and payroll etc. We are that multi-talented extra team member that can ease the burden for accountants.

Do you need advice on VAT and Making Tax Digital? We can help you, simply contact our team today.

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