Compliance required for every business and is the bread and butter of many firms. Most accounting professionals train on the compliance path, it’s the traditional route. But, with the introduction of advisory services and management accounting, is compliance still hitting the mark for business owners?
You’re the owner of a small retail business. It’s the spring and you’re wondering if you should take on new staff for the summer. You want to know if this is the best move in terms of your cashflow.
Compliance skills aren’t going to help this business owner. Advisors, however, would be able to run the wages and hours of a new member of staff through our scenario modelling engine. This would give you the best case, worst case and middle case outcomes of your pending decisions.
Now you’re looking to see if your sales in a specific period are high enough to expand to new offices. With the ability to see predicted sales, relevant to seasonal changes in your industry, you’d be able to make a decision confidently.
Again, advisory would give the answer. Cashflow forecasting is one of the most powerful tools in an advisor’s arsenal. You can use it to project sales up to ten years in the future, and compare those results to ensure you know you’re making the best decisions moving forward.
You’re running a global, 24/7 business. In a phase of extreme growth, you need to be on the ball with every change that occurs in your bank account. While maintaining a healthy amount of sleep, how could you keep one eye on your business?
Advisors that use our business alerts help their clients rest assured that things are going smoothly with their businesses. Having a proactive buffer system in place to keep the businesses in question from running out of cash is priceless.
Hitting the mark for business owners
There are plenty of other situations in which advisory services do more for businesses than compliance. Solely providing compliance to businesses just isn’t cutting it anymore.
Business owners, especially in fast-paced times like these, need more. It’s no surprise that advisory services are in such high demand. It’s time to explore how you can add more value to your clients.
As accountants, you’re there to help during every stage of a company’s lifecycle. Using cloud-based accounting software allows you and your clients to see their financial situation at a glance. This is where advisory services come into their own. General compliance work won’t give business owners that level of insight.
Add value with advisory’s flexibility
How do you get to the point where you can start getting this higher-value service out to your clients?
Flexibility is core to the accountant-client relationship. Businesses evolve in real-time, so it’s crucial to be able to move with them. Our alerts help you to keep up with changes and help you to spot dangers before they strike, we also have a range of further tools to help you keep the businesses you work with out of the red.
Also, put emphasis on their onboarding. When people feel supported in their first few months of something new, their risk of churning decreases considerably. Follow these tips and you’ll find you’ll be hitting the mark for business owners.