10 reasons to work with a specialist healthcare accountant and adviser
Are you getting the best support from your accountant, and are they telling you everything you need to know?
An accountant should not just be a number crunching annual contact, but rather an effective resource providing additional value for you and your business.
Whether you are an operator in the health, social care, education or day nursery sectors, our expert Healthcare team can support you at every stage of the business lifecycle. Find out more about why working with a specialist can help to make your business goals a reality:
Planning for the future
Do you talk with your adviser about your short, medium and long-term plans? This should regularly be on the agenda, as a specialist adviser may be able to put opportunity your way. Whether you are growing your business, or considering potential succession planning options, they should be able to help you achieve your goals. A regular discussion around your plans is crucial in order to get the optimum results for both you and your business.
Ensuring that your business structure is tax efficient
Are you confident that you have the optimum structure in place for yourself, your family and your company? For example, is a group structure more efficient than stand-alone companies, or has the property ownership structure been considered from a tax perspective? These are just examples - there are many areas to consider and it is important to keep your structure under review, from an ongoing tax efficiency and commercial risk perspective, but also if there is an exit planned.
Introducing you to the right people
Does your adviser have a strong network of connections with other industry professionals? Your adviser should be introducing you to other experts who can make a real difference to your business – whether that is an experienced lawyer, recruiter, banker or cost consultant, there is nothing like a personal recommendation.
Keeping you updated
Is your advisor up to date with the latest developments in the industry, and do they share this information with you? Sector updates can be informative and enlightening, especially when we are often so busy with the 'day job'. Your adviser should be sending you succinct and relevant sector updates.
Helping you maximise cash and minimise tax
Your adviser should be keeping an eye on the way that you extract your monies from the business with a view to keeping as much in your pocket as possible rather than HMRC’s! It might sound like a simple one, but timely remuneration planning is still often lacking, without the right advice.
An ability to answer the many questions you have
Does your accountant have sufficient expertise in order to be able to answer what may be perceived as a difficult question? Working with a team of specialists who have a wealth of knowledge of your sector, ensures that you have access to those with experience in answering not only general accounting queries, but also those more specific to social care.
Offer you depth of expertise and experience
Does your adviser have the depth of experience to be able to offer you a full service? For example, if you are on an acquisition trail, an experienced corporate finance and due diligence team that understands the sector will be invaluable to you. Furthermore, having a number of clients operating in similar industries, a specialist adviser could offer assistance with benchmarking your costs, in order to identify potential opportunities to improve profit levels.
Staying in touch
Do you contact your adviser regularly, or is it just once a year to discuss the end of year accounts? As well as knowing exactly what your compliance requirements are, whether for Companies House, HMRC or other regulatory bodies, your accountant should be a trusted source that you feel you can contact any time – to just run through an issue, or mull something over!
Does your accountant come up with ideas, or are you simply receiving a compliance service? Most accountants can prepare your year-end accounts and file your tax returns, but the good ones come up with ideas and suggestions, and even challenge your thinking!
Greater peace of mind
You will have much greater peace of mind if you work with an accountant and tax adviser with the right kind of background, and specialised understanding of your business and the industry in which it operates.