FAQ's

FAQ's for Established businessess

• Can you help me grow my business?
  Yes. Having discussed your business and established your goals, we can develop a strategy for growth. This will be different for all businesses, but will take into account all the resources available or to be acquired in the business and where they are best employed. Growing a business or managing any change also involves leadership and communication with your team. We have close working relationships with other professionals who specialise in leadership and personal development and can assist you with this if required.
• Can you help me raise finance?
  Yes. The current financial climate is hard, but we can assist you with preparing a business plan and financial projections to give you the best chance of securing funds.
• Can you save me tax?
  When you become a client we will thoroughly discuss your business with you and ensure that you are maximising available tax relief and savings where appropriate. It would be foolish to give away something you are entitled to, wouldn’t it. We will also consider any changes that occur and how they affect your business.
• Do I need to worry about the deadlines? Can you look after these for me?
  A fundamental part of an accountant’s role is assisting you make sure your business is compliant with all the financial rules and regulations. We build these deadlines into our schedule and will be thinking on your behalf. If we are completing your VAT returns for example, we will make sure that you have the results to approve well in time for online submission. If you prefer to manage your own VAT, we will ensure that you are aware from the outset what the deadlines are.
• Do we really need management accounts or forecasts?
  It is recommended. All businesses need to know how they are performing on a regular basis. Cashflow is the lifeblood of a business and it is vital to manage this well. Regular management reporting will make it easier at the end of the year when compiling the final accounts as there is less room for surprises.
• How do you charge?
  We aim to provide you with a fixed fee quote that will cover the areas we will work on together. Should any additional assignments come up during the year then we will provide a quote in advance, unless the matter is urgent and it is in your best interests to take action on your behalf. We offer you the chance to pay our fees monthly and avoid having a large invoice in one go, which helps your cashflow. One thing is for sure, if you telephone with a query you won’t get a bill. We want you to let us know how you are.
• I just want to hear the facts and make sure I comply!
  We can be as high profile or discreet as you like. If you only want us to prepare your year end accounts, then that is fine. In our experience though, the best results are achieved by businesses that we work closely with. Having regular contact and understanding your objectives allows us to work as a business partner towards them rather than a service provider. Just knowing the facts isn’t always what helps to grow a business and ‘yes men’ don’t challenge your thinking and encourage you to be innovative.
• I never hear from my accountant until my year end is due. Why is this?
  Some accountants are more proactive than others. We believe in keeping in regular contact with clients and schedule meetings at regular intervals, with interim telephone calls or emails as and when required. This leaves little room for surprises and we can guide you during the year.
• I’ve been successfully running a company for many years. How can you help me?
  Sometimes it helps to have a fresh pair of eyes look at your business. We will listen to you and firstly understand the history of the business and then how you want to develop it. We can carry out a ‘healthcheck’ of the operating systems, management and financial reporting in place; advise on any matters arising and recommend any actions required. All designed to match up with your goals, which we established at the outset.
• I want to create more time to focus on strategic management of my business. Can you help me with this?
  We can oversee the running of your entire accounting function allowing you the time to get on with running your business. The advantage of using us for this function is that we will build the business strategy into the finance operations, provide tailored regular reporting and ensure the business is compliant. Like your own virtual finance director.
• My business is growing rapidly. What can I do to keep control and maintain the quality of service?
  It is hard for one person to maintain control, especially when a business is growing fast. Implementing robust operational and quality systems together with the right organisational culture is required. We can help you to devise systems and develop your team to maintain the high standards you have set.
• There are lots of accountants, why are you different?
  Russell Whitlock Accountancy is a new Oxfordshire practice established by Russell Whitlock FCCA. After fourteen years working with a number of prestigious accountancy firms in Oxford and London, Russell decided to bring a new brand of accountancy to the heart of the Thames Valley. Even before becoming a partner in his last firm, Russell had subscribed to the fundamental belief that all businesses, whether small or established, require an accountant who can take on the role of proactive business partner rather than remote service provider. Russell Whitlock Accountancy seeks to redefine the working relationship businesses can have with their accountant. Compliance goes hand in hand with a holistic approach to add value, forming a partnership that focuses on establishing and achieving business success.
• We have an accounting department, can you work with them?
  Yes we can, providing support and training where necessary. Our common goal is to prepare your accounting information as efficiently as possible. Which means you can concentrate on running your business.
• Why are accountants expensive?
  Working with an accountant is an added cost to any business. However, the cost should be offset by the value they add. We work closely with our clients to achieve their goals and by getting to know you and your business well, we can tailor what we do specifically for your needs and your strategy, thereby adding value.
• Why do accountants use so much jargon?
  They don’t mean to, but perhaps they haven’t spent enough time getting to know how you communicate. We aim to make things simple and explain things to you in a way that appeals to you so that you keep control of your financial results rather than being lost in a haze of jargon.
• Why do I need the best accountant I can get?
  An accountant should be integral to your business, guiding, advising and planning throughout the year. You should have a special relationship with your accountant in order to ensure that you can achieve your goals for your business. We schedule regular meetings with clients throughout the year to nurture this relationship, monitor progress and develop strategies. To help your business grow you might also benefit from working with other professionals. Russell Whitlock Accountancy has a close working relationship with many other professionals offering human resources consultancy, leadership development and team building, personal development, financial advisors, public relations and marketing to name a few.
• Will I be penalised for changing accountants?
  It is entirely your choice as to who you think will give you value for money. If you like us and believe that we can form a successful partnership then changing to us is the right thing to do for your business.

• CHOOSING YOUR ACCOUNTANT

  When choosing your accountant it is important from the outset to determine your expectations. Do you want a service provider at a competitive price who you only see once a year... or do you want a business partner who will help take your business to the next level?

  Often, business owners will pay for the former without realising that they can and should also expect the latter. A good accountant will bring together financial expertise and business acumen in order to provide both.

  To determine what you expect, ask yourself the following questions:

  • Should my accountant ensure basic financial compliance on time? 
  • Should my accountant look after my exisiting affairs? 
  • Should my accountant save me money?

  You have probably answered yes to these questions. Is that all you need?

  Consider whether your accountant should:

  • save you time? 
  • ask searching questions that make you think strategically? 
  • understand and contribute to the overall vision for your business? 
  • set and measure relevant performance indicators? 
  • help you interpret this information in order to make the right decisions? 
  • help you maximise your resources?
  • open doors to trusted professional support for your business?
  • understand your changing needs and work with you every step of the way? 

  If you have answered yes to these questions you clearly have a strong vision for growth and are looking for the right business partners to support you.

  At Russell Whitlock Accountancy we answer yes to all these questions because we want your business to grow to the next level.

  When choosing your accountant, ask them how they will help you in these four key areas:

  1. Business Compliance - A good accountant will handle all compliance aspects of your business efficiently and on time. They will keep you informed of progress throughout the year.
  2. Business Leadership - A good accountant, acting as a virtual FD, will help manage your financial operations as appropriate to your business - no matter what size it is. This frees up your time to lead. 
  3. Business Performance - A good accountant will spend time with you looking at potential for growth. They will regularly measure and report on agreed performance indicators that will help you make the right decisions.
  4. Business Development - A good accountant will contribute to your business development strategy and will open doors for you to access a wider professional support and referral network.

  
  

  To find out how Russell Whitlock Accountancy would work with you to take your business to the next level contact us here. We always arrange a complementary initial consultation at a time and place to suit you.