Keeping up with competitors is essential if you want to make it in the fast-paced world of tech – but that can be difficult when you’re spending your time and resources on managing your accounts.
Hiring an accountant for your tech company has the potential to make a real impact. With the right funding, a solid business strategy, and expert advice tailored to your sector, you’ll be able to realise your ambitions and free up more time to focus on innovation and developing your business.
Here’s how your accountant can help you take your tech company to the next level.
Mapping out your future
A comprehensive business plan is essential for the future of your business, no matter whether you run a small tech startup or an established company.
An accountant can draw up a solid strategy with you to help you reach your goals and identify new ways for your tech company to expand.
Seeking professional support in the early planning stages can set your startup up for success. They can work closely with you to draw up a strategy tailored to your unique business goals, helping you to set clear milestones and map out your predicted progress.
An accountancy firm that specialises in the industry may be able to anticipate challenges you’re likely to face as a new tech company and come up with bespoke solutions to combat them, as well as advise you on your business’s viability.
Meanwhile, if you run an established tech company, developing a business strategy with an expert can set you on the path to becoming an industry leader. With a greater understanding of your progress, you’ll be able to protect your company’s interests and realise your growth ambitions.
Finding the funding you need
Innovation sits at the heart of every tech company, but making your dreams a reality requires the right funding.
An accountant can help you raise the finance you need to make your venture a success. They can work with you to identify the best funding sources, as well as draw up a plan to pitch to potential investors.
Developing technology can be expensive and time-consuming, but financial incentives are in place to encourage innovation. An accountant with experience in the tech industry will ensure you make the most of any Government grants, giving you a vital cash injection to invest back into your business.
Managing your money
Gaining deep insights into your business will provide you with financial control , and an accountant can do just that. They’ll get to know your business inside and out and use what they learn from looking at your accounts to produce in-depth cashflow forecasts, profit and loss plans and budgets to help you make well-informed business decisions.
Furthermore, a good tax strategy can also help boost profits and enable growth. Accountants are tax experts and can reduce your liabilities as much as possible, ensuring you aren’t paying more than you need to.
Accountants can help you stay compliant with constantly changing legislation by filing your returns on your behalf on time, every time. Balancing your tax strategy while staying in HMRC’s good books can be difficult, but a professional can help you navigate the system with ease.
Companies making advances in technology can also take advantage of research and development (R&D) credits to help lift their financial burden. The Government wants to encourage innovation, so you may be able to claim R&D relief on your corporation tax bill if an existing or future project meets the criteria.
Your accountant can maximise your credit claims, as well as help you explain how a particular project qualifies. Reclaiming some of your expenditure will enable you to move your business forward without breaking the bank.
Accountants that understand your business
The tech industry is constantly evolving, and it’s important to work with professionals who understand what your company needs to thrive.
As accountants that provide specialist support for tech companies, we can use our expertise to help you find a competitive edge and give you more time to focus on growing your business.
Get in touch with us today to find out how we can help your tech company meet its greatest potential.