Running a business involves managing various legal and financial obligations. As a business owner, managing director or CEO, you are likely familiar with key accounting requirements. These include tasks like bookkeeping and submitting tax returns. However, have you ever stopped to consider why you need an accountant? More importantly, do you understand the value a good accountant can bring to your business?
At Huddart Associates, we go beyond ensuring compliance. Our goal is to help you improve financial performance. We also provide strategic business advice to drive your growth.
The three key areas of accounting you need to know
As a business owner, there are three main areas where you can benefit from our accounting services:
- Compliance work
This is the basic, legally required accounting work such as bookkeeping, financial accounting and tax filings. Compliance work looks backward, helping you record and report what has already occurred in your business. While it’s essential for staying compliant, it doesn’t give you insight into how to move your business forward. - Financial performance work
This is where we help you improve the financial health of your business. We assist with cashflow management, cost reduction and securing funding to help stabilize your balance sheet and improve working capital. This work is rooted in your business’s past financial data but also includes forward-thinking financial projections. - High-value advisory work
The true value of an accountant lies in high-level strategic advice. We help you focus on the future by defining your business goals. Our team supports your growth planning, creating a 3-5 year business strategy and preparing an exit strategy. Through our business advisory services, we help you plan with clarity and purpose.
Financial Accountant vs. Management Accountant: What’s the difference?
Not all accountants offer the same services. At Huddart Associates, we believe that to truly add value, you need an accountant who can deliver in all three areas. Understanding the difference between a financial accountant and a management accountant is essential when choosing the right support for your business.
- Financial accountant: A financial accountant typically focuses on compliance work. They ensure accurate bookkeeping, file tax returns on time, and produce statutory accounts using historical data. Often referred to as “bean counters,” they ensure your financial records are complete and compliant, but their focus is on past transactions.
- Management accountant:A management accountant takes it a step further by focusing on the future. They don’t just count the beans. They help you decide which beans to plant and how to grow them for maximum profitability. Management accountants provide detailed financial performance analysis, offer strategic business advice, and assist with forecasting to drive your business forward.
The added value of a management accountant
While financial accountants are essential for ensuring compliance, management accountants offer a much broader value to your business. Their forward-looking approach equips you with the tools and knowledge to make informed, strategic decisions. At Huddart Associates, our management accountants deliver exceptional value in the following ways:
- Focus on the future: You’ll stop looking at past transactions and instead focus on what’s coming next, empowering you to make proactive decisions that influence your future success.
- In-depth financial knowledge: With regular management accounts, you’ll have a better understanding of your finances, enabling you to make smarter business decisions.
- Improved cashflow management: We help you track cash inflows and outflows, improving liquidity and ensuring that you always have the funds you need to operate.
- Streamlined financial processes: We refine your internal accounting procedures to increase efficiency and productivity, helping you save time and money.
- Optimised pricing strategies: By analysing your pricing model, we can help you boost margins and enhance your company’s profitability.
- Cost reduction: We identify and eliminate unnecessary overheads, reducing your costs and improving your bottom line.
- Access to funding and investment: Strong financial projections and well-managed accounts make it easier for you to secure funding and attract private investors.
- Enhanced business data: We help you track meaningful business metrics, giving you insights that support smarter, evidence-based decision-making.
- Ongoing advice: With a management accountant at your side, you’ll have access to expert advice whenever you need it.
Ready to benefit from management accounting?
If you’re ambitious and looking to grow your business, partnering with a management accountant could be a game-changer for your future. At Huddart Associates, we offer personalised accounting and business advisory services to help you achieve your goals. Whether you’re looking to streamline your processes, improve your cashflow or develop a long-term growth strategy, we are here to guide you every step of the way.
If you’re interested in learning more about how a management accountant can transform your business, get in touch with us today! Call us on 0161 703 8353 or email hello@jeffreyahuddart.co.uk. You can also explore our business advisory services for further insights into how we can support your business growth.
Let’s work together to build a more successful future for your business.
