Lending a helping hand is important in life and business

We’ve all heard the term, “lending a (helping) hand”.

Like many well-known phrases, the origins are unclear, but it probably originated as early as the Old English of the ninth century and was popularised by Geoffrey Chaucer, a great English writer of the Middle Ages and author of The Canterbury Tales. The phrase simply means to assist, support or offer aid.

In life, virtually everyone needs a helping hand at some point.

The process of making money in business is done by buying and selling various kinds of products and the profit incurred out of these buy-sell transactions.

Helping take the pressure off

Even though this whole process seems to be easy on the surface, there are many underlying economic and financial factors that make handling a business effectively quite a daunting task.

That is where they need a helping hand, accountants are there to offer support and take some of the pressure off.

It could be a businessman, let’s call him Client X, who has been slowly building up his business, nose the wheel, but often neglecting the important financial side of the business, like keeping records up to date and effective planning and marketing.

Helping to turn problems around

An accountant can swoop in and examine the books, and identify if he was late with tax returns like VAT and under severe stress, to the point of considering closing the business down.

That is where an accountant can turn it around. Not just with their knowledge of reducing his tax bills, but taking advantage of business allowances, and offsetting losses and other areas.

They can also offer advice to someone like Client X on the strategic development of the business.

That in turn can transfer the stress to the accountancy practice. Having to juggle several accounts and cope with the ever-growing advisory roles and the presence of cloud accounting and technology.

To hang on to clients, they in turn need to:

  • Know when to say no to a proposal
  • Delegate work and focus on key issues
  • Learn to deal with stress and be prepared to seek help
  • Connect with staff and keep them happy by plotting a career path.

It’s at about that time that they need a helping hand as well.

Outsourcing can provide that. They can take over much of the work of that particular business, relieving the load on the accountant, but can also support the practice with specialised knowledge of the latest technology and the optimum use of accountancy apps.

Whether dealing with VAT returns and payroll, to advising on the latest cloud applications and technology, GI can offer a tailored solution.

Contact our UK-based team of account managers today to find out how we can help your firm.

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