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Finding the right Liverpool accountant for your company

If you are one of the thousands of companies that operate out Liverpool, you will appreciate how important it is to give yourself a competitive edge. This is the case whether you are one of the city’s biggest firms like Princes or European Metal Recycling (ERM), or one of the thousands of SMEs that operate here.

Most business owners realise this, which is why they pay close attention to branding and marketing. They work hard to stand out from other firms that offer similar services in Liverpool.

Why do I need an accountant?

Amid all this effort, business owners must not forget the importance of hiring a Liverpool accountant. In the case of smaller firms, the owner may think that there is not enough work to be done to necessitate employing an accountant, while owners of larger companies sometimes to believe that they can save money by employing their own team.

In reality, both of these assumptions are incorrect. Usually, both types of business owners regret not employing an accountant. Most small business owners soon realise that keeping track of their accounts takes many hours – time they could be using to market and grow their business.

Large company owners often find paying for training, hardware and software works out expensive. In addition, every time the tax and employment rules change, they have to understand how that affects the way they pay their employees, track their costs, and put together their tax returns. Working in this constant state of flux leaves them at risk of missing, or misunderstanding, something important. When that happens, they can end up having to suffer through an audit, or worse, pay a heavy fine.

Tapping into your local Liverpool accountant´s experience

In the end, most firms find that employing a professional Liverpool-based accountant saves time and money. Gradually, they come to appreciate that there are many other benefits too.

Become more profitable

A good accountant will be prepared to work with you to produce a suite of tailored reports to help you to tap into your company’s financial data. Using these you get a better understanding of which products and services are selling well, and how much profit each one is making you. Armed with this information, you know where to focus your energies to become more profitable.

Help to access funding

If your business needs more funds to expand, your accountant can help you with this. They will be able to put together the data you need to convince financial institutions that you are a good risk, which will improve the chances of your application being successful. In addition, when you employ a locally based firm of accountants, you can tap into the experience and connections they have with local funding sources.

Liverpool City Council offers financial help, in several formats, for the city´s companies. There are also several organisations like MSIF, and schemes like the Liverpool City Region Local Enterprise Partnership (LEP). Over the years, many Liverpool accountants will have had contact with these organisations and schemes. That means they are familiar with their procedures and understand how to improve your chances of being approved for a grant or another form of funding.

Posted by Peter
April 21, 2017

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