Is your accountant helping you drive your business forward or just keeping the books balanced? Many businesses encounter the same recurring challenges when working with their accountant, from cash flow struggles to compliance headaches. Below we reveal three common accountancy challenges and explain how they can be avoided.
1. I’m Concerned my Accountant Doesn’t Fully Understand my Business Operation
When appointing an accountant, business owners expect to be working with a strategic partner who truly understands their operations. However, a common frustration is that accountants often fail to grasp the finer details of a business, leading to generic advice and reactive support.
Without a proper understanding of your company, an accountant may overlook key financial risks, tax-saving opportunities, or areas for investment and growth. This disconnect can leave businesses feeling unprepared and unsupported when navigating financial challenges.
To avoid this, look for an accountant who takes a proactive, tailored approach. Regular finance catch-ups (ideally on a quarterly basis) ensure ongoing alignment with your business goals. These meetings should go beyond compliance, focusing on strategic planning, financial health, and upcoming challenges. A well-connected accountant evolves with your business, providing timely, relevant advice to drive success.
2. There are Delays in the Preparation and Filing of my Statutory Accounts
Many businesses experience frustrating delays in the preparation and filing of their statutory accounts. Despite requesting earlier submissions, companies often find their accounts being filed just weeks before the deadline without explanation. This last-minute rush creates unnecessary pressure and limits the time available for businesses to review their financial performance.
Filing accounts so close to the deadline can also disrupt financial planning. Without early insight into tax obligations, businesses may struggle to manage cash flow effectively, risking unexpected tax bills that could have been planned for in advance.
Work with an accountant who prioritises early preparation to prevent this. Ideally, accounts should be completed and filed within three months of the financial year-end. This proactive approach gives businesses the clarity they need to understand tax liabilities, explore potential reliefs, access funding and make informed financial decisions. By filing early, companies have time to reflect on the previous year’s performance, identify areas for improvements, and set smarter financial strategies for the future.
3. I Don’t Have Clear Financial Visibility or Access to Useful Management Information
Without regular, detailed financial reporting, businesses often find themselves making reactive decisions rather than strategic ones. A lack of clear insights makes forecasting and budgeting difficult, leaving you uncertain about the financial impact of key decisions. It also means inefficiencies can go unnoticed, cash flow opportunities are missed, and progress against strategic goals is harder to track.
Partnering with an accountant who provides scenario-based accounting is one way to reduce this risk. This approach models different financial scenarios, helping you understand how factors like economic shifts or rising operating costs could impact your business. For example, when planning a major investment, a skilled accountant can identify the best timing: balancing output, cost, and tax efficiencies to maximise your financial position.
Overcoming Common Accountancy Challenges with A Trusted Partner
These common accountancy challenges highlight just how important it is for businesses to take control of their finances and work with a trusted partner. Choosing an accountant who’s genuinely invested in your success is key to thriving in today’s competitive landscape.
At Wilby Jones, we see ourselves as dedicated partners in your growth. By working with us, you gain access to an experienced, proactive team focused on your financial well-being.
Because we support many of our clients across multiple accounting-related services, we’re able to take a more holistic approach to their financial management. For instance, one client who engaged us for both R&D Tax Credits and Patent Box alongside their accounting, now benefits from a fully integrated strategy. This has improved cash flow planning, ensured timely compliance, and unlocked valuable tax relief opportunities, all while giving them greater clarity over their financial future. With a complete, forward-looking approach, they’re now making smarter financial decisions and driving sustainable growth.
