Having an accountant for your small Portland business is more useful than you might think. There are many tasks an accountant can do for you that you may not even be aware of. Accountants can use the knowledge and expertise gleaned from their field to come up with clever ways to save money or boost revenue, or even remove or automate administrative tasks that distract you from your core business.
What can an accountant do to help grow your Portland business? For starters, accountants can:
LAUNCH A START-UP. Starting a new business takes more than just having a good idea. You need to know your idea will make money and convince investors and lenders of the same thing. An accountant can be instrumental in in this. Your accountant can go through each step with you – testing your idea, identifying startup and operating costs, creating credible revenue forecasts, and more. An accountant will know which lenders to approach and how to make the pitch to draw those lenders in.
HELP WITH BUSINESS STRATEGY. When you find your attention drawn in too many directions at once, an accountant will help you focus on what’s important. They’ll help you set personal, professional, and financial goals—then give you what you need to measure your progress. With key performance indicators in place, you’ll know exactly how your business is progressing. Additionally, with the right accounting software, your accountant can help set up dashboards that will allow you to check on these key performance indicators any time you like. When things go off-plan, your accountant will help you troubleshoot issues and find solutions.
FIX YOUR CASH FLOW. The last thing any new business needs is to run out of money. If you can’t afford to pay suppliers and staff, that only spells out disaster for your business. Accountants will be familiar with the ebb and flow of revenue and costs. They will be able to help you predict the effect of cash flow. When necessary, they will come up with management strategies to keep everything flowing properly. With spending plans and organized cash reserves, a good accountant will make sure there is always money in the bank for your business.
MANAGE YOUR DEBT. An accountant can tell the difference between good debt and bad debt. They can help find the least expensive borrowing strategies for your business, and even help with refinancing. An accountant will know when spare cash should be used to pay back a loan or if it’s better reinvested in the business. All advice will be based on the numbers behind your business and the structure of your debt. You accountant has a finger on the pulse of your business and their advice is invaluable.
DEAL WITH UNPAID INVOICES. Every business has unpaid invoices. When running a business, you likely can’t afford the distraction of chasing the debtors down yourself, but you can’t ignore them either. Your accountant can handle the job. With invoice systems set in place, your accountant can send automatic reminders to customers when their bill is due or overdue. Some accountants will go the extra step of calling businesses that haven’t responded to emails. If invoices remain unpaid, your accountant can arrange for an accounts receivable financing services to buy your unpaid invoices from you and chase the payments themselves.
BUSINESS & ACCOUNTING SOLUTIONS OFFERS QUALITY ACCOUNTING SERVICES TO PORTLAND BUSINESSES. Ready to hire a professional accountant for your Portland business? Business & Accounting Solutions offers a wide range of outsourced CFO services in the Portland area. We bring knowledge and capability to Portland businesses with expertise in services such as bookkeeping, cash flow, finance consulting and more. Contact us or call at (503) 710-6213. Know someone in need of CFO services? Consider our referral program.