Spring is officially in the air! All the signs are here: green shoots, the smell of jasmine and birds carrying out their annual nesting ritual. The sound of the first spring rains has been music to our ears.
Countries throughout the world celebrate ‘Spring Day’ on different days of the year: in South Africa, that day falls on 1 September. At this time of year, we’re looking for a new start in our businesses too. As we approach the end of the year, we’re wanting to revitalise our processes and ignite the company with energy. If you’re looking for a way to do that a contract accountant could be your answer.
Here are four ways that a contract accountant can get the ‘spring’ back into your business’s step:
- Revitalize your accounting processes. If you feel like your business needs to sharpen up its accounting efficiencies but you aren’t quite sure how, a contract accountant is your person. He or she is a fresh pair of eyes with a wealth of experience. Whereas you are mired in the ‘way of things’ because you’ve either started the company or been there for years, your contract accountant has seen many examples of processes and systems, and will more easily be able to scrutinize things from arms’ length and suggest changes. And they don’t have to mean a total systems overhaul.
- Get cash flowing into your company more quickly. What better way to put a smile on everyone’s face than to get money moving more quickly into the business? Your contract accountant can spend some time looking at your working capital and working out simple ways to shorten the lead time between invoicing and payment. It could mean something as simple as determining a quicker way to issue and follow up on invoices. Or it could mean negotiating different payment terms with your bigger customers. Whatever it is, they’ll figure it out. And the proof will be the cash moving more swiftly into your bank account.
- Help sharpen your vision for the year ahead. You’ve got about six weeks before everybody starts winding down for the summer holidays. Use this time to start planning effectively for the upcoming year. Your contract accountant can help you look over this last year’s finances and recognise good and bad business decisions. He or she can also help you identify the influence of external factors over the past 12 months, and help you predict the economic environment for the upcoming year. GDP growth is predicted to liven up a little next year, and last quarter’s 3.3% growth is a good sign. At the same time, there will be headwinds to watch out for. Your contract accountant can help you identify opportunities and barriers, and help you plot your progress within them.
If your business could do with some fresh financial insight, growth or direction, contact The Finance Team. We’ll help you identify a contract accountant well-suited to the needs of your business. He or she can spend the time at your business that you need, and no more. You’ll step into summer with a flourish.