There is a tendency to think that technology has rendered many financial services obsolete. After all, you can now carry out many compliance and financial management obligations using cloud computing or appropriate software.
If you are at the helm of a new UK startup, particularly one that is the culmination of a long-held ambition, handing over a key element of control in the early days can be particularly tough. The idea of outsourcing the daily management of your financial affairs may seem to fly in the face of your concept of being an ambitious entrepreneur.
However, if you don’t find an accountant based in London or elsewhere in the UK, you may be missing out on two major bonuses for establishing and growing businesses. The services of a trusted adviser and a financial guardian.
Why you need a trusted adviser
To underpin any form of expansion, or simply when you are establishing a new UK office, you need to have your finger on the financial pulse of your venture at all times. Outsourcing accountancy support means you have the services of a neutral third party, who can keep their focus firmly on the financial health of your business, without any of the distractions that your executive team face.
Technology has both freed accountants from the constraints of compliance and provided them with far more agile data analysis tools. This means they can now go much deeper into both forensically examining your financial affairs, and creating reliable predictive modelling.
With this sort of detail, they can influence your business strategy from a position of insight and evidence. They can also make sure you don’t waste time or money on business strategies which have the potential to fall short of an acceptable rate of return.
Accountancy services offer emotional intelligence
Outsourcing accountancy services to a trusted adviser is not just about setting up your UK company with facts to fall back on. Creating any new venture can be an emotionally charged period, with stress levels high despite even the most thorough planning and foresight.
If you have established a relationship of trust and understanding with a commercial financial adviser, you have created a voice of reason.
Any accountancy firm worth their fees will be ready to speak up when your ambition is outstripping your financial stability, for example. They will have the confidence and acumen to reign back decision makers when a financial health problem is imminent.