Scaling a business brings with it complexity. Growth means having to think about new hires, rising costs, funding decisions and shifting goals, among other things. If you’re only speaking to your accountant once a year, you could be missing out on valuable guidance.
In this edition of Scale Monthly, we highlight five smart questions to ask your accountant if you want to grow your business confidently and sustainably.
1. Is my business structured for future growth?
As your business grows, so do your risks and responsibilities. A sole trader setup might have worked early on, but is it still the right model today? We can support you by:
- Assessing whether your current structure is tax efficient.
- Discussing the benefits of forming a limited company or group structure.
- Planning for succession, investment or (ultimately) exit.
Top Tip: Revisit your structure annually, or when a major change (like expansion or funding) is on the horizon.
2. What KPIs and reports should I be tracking?
You can’t grow what you can’t measure. As your business evolves, so too should your KPIs. When thinking about KPIs, you should consider:
- Identifying financial KPIs that align with your growth goals.
- Setting up dashboards and regular reporting for real-time insights.
- Reviewing margins, debtor days or overhead trends to spot red flags early.
Top Tip: Move away from static spreadsheets. Tools like Xero or Futrli can provide dynamic, actionable data.
3. Do I have enough cash to keeping growing at this pace?
Growth often means spending ahead of earning. From new hires to stock and systems, cash flow is key. Consider:
- Forecasting different growth scenarios.
- Planning for seasonal dips or investment stages.
- Building a buffer for unplanned costs or delays.
Top Tip: A rolling 13-week forecast gives you a forward-looking view without becoming out of date.
4. Are there reliefs or incentives I should be using?
Reliefs like R&D tax credits or capital allowances can unlock valuable cash – if you know where to look. Keep the following questions at the forefront:
- Which relevant reliefs am I eligible for? Do I qualify for R&D tax credits or capital allowances?
- What timeframe will these reliefs relate to? How can I make sure I apply correctly?
Top Tip: Don’t assume you’re too small to qualify. R&D, for example, applies to all kinds of innovation. You can read our latest Tax Tuesday which touches on R&D here.
5. Is my finance function built to scale?
A clunky, manual finance setup won’t support your growth long term. As your business expands, your systems need to scale with you. We can support you by:
- Reviewing whether your processes are efficient and accurate.
- Recommending automation tools to reduce admin and error.
- Helping to build a finance function that delivers insight, not just data.
Top Tip: If you’re relying on spreadsheets and manual entry, it might be time for a system upgrade.
How we can help?
At Harold Sharp, we specialise in helping ambitious businesses navigate growth challenges. From selecting the right tools to providing expert guidance, we’ll help you build the financial clarity and resilience you need to run your business smarter.
If you have a smart question you’ve been meaning to pose to your accountant, contact James Turner on the below or complete our Contact Form.
James Turner
Accountant | Fast growth
0161 905 1616
jt@haroldsharp.co.uk