Most businesses share at least one similar goal: to make profit. And whilst there are many different ways to go about optimising it, most people will overlook the ability of an accountant to help in this area. Accountants know every in and out of business that there is to know, they understand how much you’re spending, what’s normal for business in similar industries and which areas you need to invest more finances into in order to succeed. But they also understand budgets, expenses and how to increase profit by saving money. We thought it would be helpful to do a quick deep dive into how your accountant can help you to save money. So here are 5 ways they can help you to optimise profit! 

• Evaluate spending 

You want to make more money? First you need to know EXACTLY where it’s going. Understanding the details of every expense that your business currently has will help you gain insights into if you could increase profits by cutting your spending! You should consider:

• What programs or subscriptions you currently pay to run 
• What staff expenses you have or contracted hours 
• What is the rent you currently pay for workspace etc 

The list goes on but these are just some of the common expenses that costs businesses every day. Some of these are unavoidable, but some might be if you simply re-evaluate them. Maybe you’ve kept the same expenses for the last 5 years, and haven’t realised that there are things you no longer need to be paying for, or cheaper ways to get them. 

• Maximise the price levels of your product or service 

Your accountant will have extensive knowledge about your current financial situation, and experience with many different businesses. From this, they will be able to guide you as to whether you can increase the price of your products or service. 

• If your business sells a product: bargain for a better detail with your suppliers

There’s no harm in asking questions. Perhaps a way to increase profits is to limit expenses in the production period of your product. Consider what the cost is of supplying each element for your product, and do some market research. Can someone else provide what you need for a lower cost? Can you then approach your current suppliers and begin a conversation of setting a lower price? Your accountant will be able to help point you in the right direction with this. 

• Re-organise financing 

You can save money by restructuring your finances. Perhaps there’s opportunity to save on interest if you adjust your accounts, or switch to a different company for future loans. Accountants will know exactly what to do based on what you need and the nature of your business, and will be able to help you approach the often confusing financial world in an expense conscious way. 

There are countless other ways that accountants can help your business to maximise profits, but these are just a few. Investing in an accountant is possibly one of the best ROI’s you could gain, you are essentially paying someone to help you manage your finances and save money.