Your business is more than just numbers on a balance sheet. In today’s dynamic business landscape, a company’s success is not merely about crunching numbers and filing taxes—it’s also about strategic decision making, planning for the future and identifying opportunities for growth.
While traditional tax and accounting services can help you with fundamentals like compliance and auditing, partnering with a firm that provides additional advisory support over and above basic bookkeeping services can help elevate your business so that it thrives in even the most competitive industries.
So how can an outsourced team of tax and accounting professionals help to unlock your business’s full potential? Here are five ways they can add value:
1. They help you plan proactively
The right tax and accounting partner will take a proactive stance when it comes to financial management and risk mitigation within your business. They’ll work closely with your management team and leaders to develop comprehensive financial plans that align with your long-term objectives. Keeping your business financially healthy will also help keep you ahead of the curve in your industry and to capitalise on emerging trends.
2. They give you strategic guidance
Making informed decisions is critical to the success of any business. Because of their detailed understanding of your business’s financials, a quality tax and accounting professional can provide valuable insights and analysis. They can evaluate investment opportunities, assess the financial impact of business initiatives, or optimise tax strategies to help you make sound decisions that drive results.
3. They optimise your business
Every business has untapped potential waiting to be unlocked. The right tax and accounting partner can analyse your business processes, identify areas for improvement, and implement solutions that drive sustainable growth. This could be anything from streamlining workflows, reducing costs, or maximising cash flow.
Optimising your business also has benefits from a tax perspective. Chanel Raath, Operations Director at Cornerstone, a strategic tax and accounting advisory firm, says that the South African Revenue Service has made great strides in recent years towards becoming more efficient and being harsher on non-compliance – which can result in more penalties or fees for businesses. “Optimising your business also means staying on the right side of SARS, which in turn ensures that you or your business won’t be hit with unnecessary cash flow burdens through tax penalties,” she says.
4. They enable growth
Because tax and accounting firms work across several different industries for a variety of clients, they bring insights from various different sectors that can help your business grow and expand. “Getting financial advice that is both strategic and holistic will help you to optimise financial strategies through guidance and support in planning for growth and expansion,” says Raath. Their wide network of contacts also means they can introduce you to people and companies who can benefit your own business – whether it’s a partnership opportunity or entering a new market to diversify revenue streams.
5. They provide public policy guidance
In addition to financial expertise, a tax and accounting advisory firm can help you navigate the ever-evolving tax landscape. Especially when it comes to corporate tax structures, these can be intricate and difficult to understand and implement – yet the onus is on you as the business owner to adhere to them in order to avoid further taxation, fines or penalties. By getting expert advice and assistance when it comes to taxation in South Africa, you can ensure you optimise the way your business pays tax – and that it does so legally.
The complex tax and accounting landscape is ever changing, which means it can be hugely beneficial to your business to use an expert to help you navigate it. From strategic insights to policy guidance, the right firm can provide ongoing advice and expertise that allows your business to succeed and grow well into the future.