Innovation, collaboration and the role of your trusted accountant

4th April 2019

Warwickshire and Leicestershire both run regular successful business festivals, together with newly developed technology and innovation weeks to bring businesses, advisers and Universities together to progress and share ideas, technologies, systems and products.  Both local enterprise partnerships at https://www.cwlep.com/ and https://www.llep.org.uk/ can highlight more.

The key reasons for this are that businesses do not stand still and in an ever faster developing world, continued investment in technologies, systems, processes and products is vital for all SME businesses to not only grow, but to survive.

Collaboration is key

Many businesses have benefitted from development projects with other parties, including working with the enterprise partnership and Universities.  Grant funded projects often require a number of entities to work together, bringing together a blend of skills and opportunities. 

Collaboration is becoming increasingly crucial for any development of technologies, products and systems, with all parties obtaining differing and unique benefits from working together.

The role of the accountant

A trusted accountant is also crucial to SME businesses looking to develop and grow.  We have come a long way from the traditional days of bean counting, preparing historic numbers and looking back at a business’ performance. Our role is now much broader, with clients relying on us as a trusted business advisor, integral to their future growth and success.

Funding

One area where we, at HB&O, are increasingly supporting clients is in securing funding. From a knowledge of the market to assisting with both historical financial information and forecast financials, together with an appropriate business plan, considering and covering all relevant areas, we apply our experience and expertise to ensure that both relevant and appropriate funding is obtained and that we communicate with the funder with information that they require and understand.

Grants are available through both UK Government nationally and through the local enterprise partnerships. Historical and projected financial information is crucial to the success of obtaining and winning any grant funding.

Specialist Tax Support

Of course, specialist tax support is critical to a growing business.  With the UK Government actively encouraging and supporting research and development projects, not only is this an area that tax costs will be reduced, it is also an area that refunds and cash payments can be obtained, helping with the development of the products, services and systems further.  Research and Development Tax is a specialist area that requires a specialist tax advisor to help SME businesses maximise the Government support available.

Collaboration is in our DNA

From working as a team of specialists within our firm to resolve any business issues for our clients, through to working with our worldwide partners and external parties for the future success of our clients, we believe that collaboration is in our DNA. 

Partnership working is vital to SME success and the future development of key technologies and their commercial use and exploitation.  Many of our team have worked within industry and commerce and have returned to a professional adviser role, bringing back commercial and project management skills, together with a wealth of other connections and contacts. We work with banks, universities, government agencies, councils and a whole variety of specialist contractors and consultants. HB&O is also part of a worldwide association of accountants and legal advisers to SME businesses, DFK International, and as such, our connections can support client across the globe as they look to expand and trade overseas.

If you’re looking for a trusted adviser with a willingness to work in partnership to support your innovation and business growth, please get in touch.