Many business owners think an accountant’s job is simply to file tax returns and submit accounts – but a truly great accountant does so much more. If your accountant isn’t actively helping you grow, save money, and stay compliant, you could be missing out on huge opportunities.
Here’s what a great accountant should be doing for you (often without you even realising!).
Proactively reducing your tax bill
A great accountant doesn’t just file your taxes return and accounts – they strategically reduce your tax liability all year round. This includes:
- Identifying allowable expenses and deductions to lower your tax bill
- Structuring your salary and dividends tax-efficiently
- Advising on capital allowances and tax reliefs you might not even know exist
- Helping you plan ahead so you never overpay tax unnecessarily
Keeping you out of trouble with HMRC
Nobody wants an unexpected letter from HMRC, but mistakes, missed deadlines, or incorrect filings can easily trigger penalties. A great accountant:
- Ensures your VAT, PAYE, and corporation tax filings are always accurate and on time
- Keeps your financial records compliant and audit ready
- Helps you avoid common mistakes that could lead to an HMRC investigation
- Provides peace of mind by dealing with HMRC on your behalf if any issues arise
Helping you understand your financials (In plain English not Accountanese!)
Your numbers tell the story of your business – but only if you understand them. A great accountant:
- Provides clear, easy-to-understand reports (not just spreadsheets full of numbers!).
- Helps you interpret your profit & loss, balance sheet, and cash flow statements.
- Gives you actionable advice based on your financials, not just numbers.
- Flags any potential cash flow issues or profit leaks before they become a problem.
💡 If your accountant only talks to you in jargon and figures, but never explains what they mean, they’re not adding enough value.
Making sure you have a healthy cash flow
Many businesses fail not because they aren’t profitable, but because they run out of cash. A great accountant:
- Helps you forecast cash flow to avoid unexpected shortages.
- Suggests ways to improve debtor collection and payment terms.
- Advises on business loans and funding if needed.
- Identifies areas where you’re losing money unnecessarily.
Supporting Business Growth & Strategic Decisions
A truly valuable accountant isn’t just about numbers – they help you grow and scale your business efficiently. This includes:
- Advising on when to hire staff or outsource tasks
- Helping you decide if and when to register for VAT
- Supporting your business expansion or investment decisions
- Ensuring you have the right business structure for tax efficiency and liability protection
💡Your accountant should feel like a business advisor, not just a tax compliance officer.
Keeping you up to date with financial & tax regulation changes
Tax regulations change frequently, and failing to keep up can cost you money. A great accountant:
- Monitors tax legislation changes and ensures you’re compliant
- Proactively updates you on new tax-saving opportunities
- Ensures your business doesn’t fall behind on regulations that affect your industry
- Gives you ongoing support, not just an end-of-year chat
💡 If your accountant never updates you on tax changes or new financial opportunities, they’re not doing enough to support you.
Taking the stress out of business finances
At the end of the day, a great accountant should make your life easier. They should:
- Handle the complex financial tasks so you can focus on running your business
- Give you confidence that your accounts and taxes are always in order
- Be available to answer your questions without charging for every minute
- Help you feel financially in control and confident in your numbers
💡 If dealing with finances still feels overwhelming, your accountant should be taking more off your plate.
Is your Accountant going beyond the basics?
A great accountant is more than just someone who submits your tax returns – they are a strategic partner who helps your business thrive, grow, and stay compliant.
Not sure if your accountant is doing enough for you? At BAS Associates, we provide expert accounting support that goes beyond the basics – so you get the financial clarity, strategy, and tax efficiency you need. Get in touch today!
