The ways your accountant can help during times of uncertainty

It's easy to dismiss accountants as individuals who are obsessed with adding up rows of numbers. Maybe you only think of accountants as Excel whizzes (OK, that bit would be true). But our clients know how caring and invested we are in their success. We're also deeply committed to the success of the wider economy — and so are our fellow accountants across the country.

The professional group CPA Australia released a report in August 2021, stating that at least half the accountants it surveyed are either "fairly" or "extremely" worried about the state of the Australian economy over the next three months. The chief executive at CPA Australia, Andrew Hunter, told SmartCompany that because accountants are "in the trenches with Australian businesses every day during COVID-19," the sentiment of its members is an important bellwether.

Accountants are truly best placed to help small businesses recognise economic trends, either in the wider economy or within the business itself. Here are a few ways accountants can help:

Consider cost structures
Perhaps your business is struggling with surges in packaging prices or various supply line challenges. If spending is surging too high — particularly if it can't be passed on to clients or customers — business won't be sustainable for long. An accountant can spot these increases early and suggest ways to mitigate costs — for example by negotiating with vendors or saving in other areas.

Reduce debt
Strategies to improve cash flow are essential when times get tough. This can be boosted by improving productivity — which involves reconsidering both processes and individual productivity.

Finding ways to pay off debt and be less reliant on external financing sources will buoy your profitability in the long term. An accountant can help you craft strategies to achieve less debt and boost cash flow.

Look at the business plan
Running a successful business means learning when to shift and when to stick to the plan. Financial forecasting after looking closely at the right KPIs and industry trends will help business owners make better-informed decisions.

Your accountant at WMC can help you with forecasting and knowing the right KPIs to consider. We can also help you consider how government programs or private-sector financing opportunities might benefit your business. Our accountants keep a close eye on these programs in the best interest of our clients.

If you'd like assistance managing your assets to keep your business running, please contact the team at WMC Accounting. We're committed to helping you successfully navigate this pandemic — however long it lasts.