Manufacturers are deeply involved in their frontline operations, and many will have a dedicated finance department looking after cashflow.
However, as demand ramps up and pricing pressures take hold, resources can become stretched. It is therefore not uncommon for manufacturers to enlist an accountant to help bring finances and taxation back under control.
It’s also important to recognise that some of the world’s biggest manufacturers seek out advice from accountants when making important business decisions. This shows how much trust there can be between a good accountant and a company.
What to look for in an accountant
Here’s how to choose a good accountant:
Experience in the sector
The manufacturing industry is unique because it procures materials and parts at an exhausting rate. The cashflow demands on manufacturers are huge and managing all of this while keeping an operation viable is a challenge.
The unique nature of manufacturing calls for an accountant who has experience working within the manufacturing sector. They need to be able to work with the scale and demand, with the capability to identify cashflow and tax opportunities.
Insight and opportunities
A good accountant can save you money and help you grow your business in a tax-efficient manner. The best part about this is you won’t have to do anything – your accountant will go about identifying opportunities on your behalf.
Insight into tax breaks, tax-saving opportunities and potential cashflow solutions for common manufacturing bottlenecks (such as unpaid invoices, late payments, excess stock, etc.) will prove invaluable for your business.
Chartered status
A Chartered Certified Accountant is an accountant who is an active member of either the Institute of Chartered Accountants in England and Wales (ICAEW) or the Association of Chartered Certified Accountants (ACCA).
Technically, anyone can call themselves an accountant, but only a member of one of the aforementioned official bodies can call themselves a Chartered Accountant. You can consider Chartered status as a sign of trust and quality.
Overall
To sum up, an accountant for manufacturers should have experience in the manufacturing sector, they should be able to identify tax and cashflow opportunities, and they should have Chartered Status as a sign of trust.
Manufacturers have complex cashflow needs, so the most important aspect of choosing an accountant is experience. Be sure to seek this out above all else.
Sterling Finance has been providing services to the manufacturing businesses since 1999 and we proud ourselves on the knowledge and experience gained through the process.
