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How accountancy services make a difference in Liverpool

For any company, regardless of its size, hiring a good Liverpool-based accountant is essential. It is the best way to make sure that your business stays on the right side of the law, grows quickly and becomes as profitable as possible.

Gaining a competitive edge

Working out of a city like Liverpool has many advantages. It has excellent transport links, with London just a few hours away by train or road and Manchester much nearer. The city has John Lennon Airport, from which you can fly regularly to 66 different destinations. There is an operational port too, which makes it easy for manufacturers to export their products across the globe.

However, the fact that the city has so much to offer means that you are operating in a highly competitive environment. Understandably, many firms choose to base themselves here.

The city is home to literally hundreds of thousands of firms. As a result, you are always in direct competition with lots of other companies. Often, those businesses are literally just around the corner from where you are based. If your prices are not competitive, a customer can easily hire someone else.

You need to be aware of this possibility, and equip yourself to be successful. Having a good accountant working for you is essential if you want to be able to compete effectively.

They can help you to breakdown the cost of delivering each product or service, so that you can find ways to work more efficiently and keep your costs to a minimum. Doing this enables you to keep your prices down, which really helps to attract new customers, and retain the ones you already have.

Help your firm to grow faster

According to a recent study carried out by Enterprise Research Centre (ERC), Liverpool is home to a high percentage of fast-growing companies. Between 2009 and 2015, the number of rapidly growing firms based here had risen by 56%.

This is good news for your company, because it means you can potentially do the same. Everything you need to become successful firm is available right here in Liverpool. However, it also means that you need to be able to move fast to beat your competitors to new markets.

A good Liverpool-based accountant can really help you to do this. The right accountancy firm will be able to put together a set of bespoke profit and loss reports for you to use. With these, you will be able to spot areas of growing interest at an early stage, and identify those products or services that are making you the biggest profits.

You can then focus your efforts on those areas of your business. This gives you the chance to target your marketing and training efforts so that you get the best return on investment.

Maintaining a healthy cash flow

It does not matter if you are operating in the banking, education, insurance or tourism sectors – all which are doing so well in the city at the moment – you need to maintain a healthy cash flow. Sadly, every year, thousands of profitable firms go bust because, at some point, they temporarily end up with an empty bank account.

Often, these companies are just waiting for invoices to be paid or for products they have already made to sell. Maintaining a healthy cash flow is particularly difficult for those companies whose business is seasonal.

A good Liverpool accountancy firm can help you to avoid having to go bankrupt. They will set your accountancy processes up, so that at any moment you can pull off a cash flow report and see where you are likely to be financially, at various points of the year.

This enables you to see problems coming and take action so that you can get through that potentially difficult period. For example, you could put together a targeted sales campaign to bring in extra cash when you need it the most. If this is not possible it gives you some time to shop around for a cheap loan to carry you through a period of poor cash flow.

Help to secure funding

Should you need funding, for whatever reason, the best accountants can help you to secure the cash you need, and do so for at the lowest cost. They have good connections with many of the city´s financial institutions, and stay abreast of the changing deals so you do not have to.

Importantly, they are also familiar with local business funding schemes, such as those provided by the Merseyside Investment Fund, Liverpool City Council, Liverpool City Region Local Enterprise Partnership (LEP) and other organisations. Often, they find out about new funding schemes and sources at an early stage. This means that you can often get your application in before other companies, so you can secure funding before the pool of money runs out.

Free up your time

The fact that accountancy firms use the latest software, and train their people well, means you can rely on them to do a good job and work far more efficiently than you can. Often, they can do your accountancy takes for a lower cost than you could.

Using an experienced Liverpool accountancy firm will free up your time, so you can spend it more productively. There really is no point in you wasting several hours every week doing your books and payroll. It is far better for you to spend your time taking care of your customers, and promoting your business.

If you need to provide a business plan to help you to secure funding your accountant can help you to do so. A good set of costing reports can make a huge difference to how successful your application will be.

Importantly, your accountant will help you to understand the true cost of borrowing money. They will be able to show you how much you will need to pay each week, and work out how borrowing money will affect your bottom line.

As you can see, whether you are a startup company based out of Liverpool Waters, or an established retailer working out of the Metquarter, hiring a good accountant is worthwhile. When you hire the right Liverpool accountant, the benefits they bring mean that you end up paying very little for their services. In fact, most firms find that the additional profits they help them make more than cover the cost of having a good accountant on their team.

Posted by Mark
May 24, 2017

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