Making your company grow in these times can be challenging but not impossible. After all, growth is measured by the profitability of the company at the end of the month, quarter or year. Helping you in this challenge are accountants and financial advisors. In the city of Cardiff, accountants have expanded their services to include financial advisory and consultation. This means, they are a proactive accounting firm that helps you run the company not just by tallying the financial data, but explaining it and giving you options. For such a robust city as Cardiff, if you have a business there, you should get a Cardiff accountant for their availability. It is also different when the accountant is local apart from accessibility; local knowledge is a premium, especially in a business and trading city like Cardiff.
These advisors should be able to do the following for you:
- Give you an internal audit. They will give you a snapshot of how your company is doing as well as summarized view of how your company has done. The snapshot or quick audit gives you a brief picture of your company's health while the summarized view may take some time especially if it's an audit for the year but the result is that you will find out how your company has been doing for the past year.
- Give you an explanation of how your cash flow is. This is important because it enables you to know when you need cash. Some companies are very liquid in the sense that it constantly generates cash sales, albeit some may be in small quantities, still the cash is coming in. Other companies may not have enough frequency in cash sales, but when it comes, it floods. There are some companies that operate this way and if you know that your company belongs to this type of cash operation, then perhaps the need for available cash during those lean months may be sourced in a variety of ways: internal generation, cash infusion from new investors or creating a revolving letter of credit with a banking institution. Either way, there is a cost to getting this cash, or the input of this cost should be recognized as an expense, for if it is not seen that way, there may be shortcomings in cash flows, or huge discrepancies in financial projections.
- Give you the options for growth. Your company can grow by expansion, or contraction. The key to this is to get the current data and see if you can become more efficient and right size your company or take an aggressive stance and do marketing and expansion activities.
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