In the dynamic world of business, small and established companies can face many challenges. Any business aims to grow and earn a profit, and accounting firms can help📈. From financial record keeping to tax compliance and more, there are many ways accounting firms can become strategic partners and help clients achieve their business goals🎯.
Do you want to help your clients’ businesses thrive? In this blog, we’ll look at some valuable ways your accounting practice can help companies to succeed⭐️.
How Can Accountants Help a Business Thrive?
Accountants are arguably the unsung heroes behind successful businesses🦸♀️. According to data, 41% of accounting and finance professionals said that solving problems gives them the most career satisfaction. By putting this into real-life situations, accountants can aid the growth of a business.
Here are some other ways they can help a business thrive and grow.
Source: Content Snare
Strategic Financial Planning💵
Accountants can work with businesses to create and align financial goals🤑. They can develop a strategic plan to support the business’s journey of growth. By creating financial plans, the client can aim to thrive and succeed in the short and long term👍. If the plan supports the business’s growth trajectory, it’ll remain on track.
Forecasting and Budgeting🔎
Accounting firms can help a business to thrive by forecasting and putting systems in place for budgeting💰. The accountant can help the business plan for the future, helping them stay focussed and clear about what their goal is. By looking at client profiles, they can plan and create a clear plan for the organization to stick to.
Source: WR Partners
Performance Analysis📈
Key performance indicators (KPIs) can provide insight into the success of the company✨. Accountants can identify these indicators and measure them to see the strengths and areas of improvement of a business. Once the business is made aware, they can take steps to make alterations if necessary.
Cash Flow Management🤑
Cash flow management is under the umbrella☂️ of financial planning. Accounting practice management plays an essential role in helping a business thrive. Here are some ways you can do this:
- Forecasting and planning
- Monitoring payables and receivables
- Expense management
- Document management
- Time tracking and billing management
- Debt management
- Keeping a statement of cash flows
From small accounting firms to large, cash flow management is essential.
Source: WR Partners
Supply Chain Risk Management👍
Accountants have a crucial role in supply chain management. They can assist in strategies, planning, and execution📝. Accountants offer an objective mindset, analytical expertise, and economic perspective for the design and implementation team. They also help inspect, evaluate, and prioritize the chances and problems in supply chain management.
Virtual CFO Services💻
If your clients want an accountant to provide a lot of services that will help their business, they can hire one as a virtual CFO. In this way, they’ll get their expertise without spending too much money since they won’t need to pay for the benefits🤝. Using video conferencing, e-document sharing, and online accounting software, accountants can help with cash flow, strategy, taxes, and many other tasks.
Other Services That You Should Offer
Besides the ones we mentioned above, there are other services that smaller or newer businesses may not be aware of🤔. Data shows that “60% of small business owners feel they aren’t knowledgeable when it comes to accounting.” So, it’s a great opportunity to educate them👨🏫.
Here are some that you should offer them:
Source: GoRemotely
Loan Application Assistance🤝
Usually, businesses need a loan, and accountants can help with that. You can help quantify the financial condition and credit needs of the client💸.
You can also help identify the repayment sources. With the gathered information, you and the business owner can work together to create a compelling loan application that will enhance your chance of getting a loan from the bank.
Create and Review Documents📑
Accountants help business owners create the necessary documents, such as:
- Cash flow statements
- Balance sheets
- Profit and loss reports
Accountants can also help review agreements and analyse them to ensure they’re legal and compliant with tax agreements👌. As a result, the company can avoid any negative consequences.
Scaling Up🤩
One of the critical factors in scaling up is hiring the right employees at the right time. Accountants can help with this as well. You can provide smaller businesses with employee-focused financial metrics per month, like average expense per staff and operating profit per staff. With that data, owners can handle their best asset, their workforce.
Business Succession Planning📈
As mentioned above, accountants can also help shape the company’s future by planning and advising the client on the best possible plan. For example, if the business owner wants to pass the company down to their relatives or employees, you can make plans for succession🤗. For smaller businesses, this is even more important as it’ll give the company structure.
Source: Sage
Estate and Trust Planning📝
Similar to business succession planning, accountants can also help with estate and trust planning. You can offer strategies that will give owners the opportunity to pass their assets down to their children or grandchildren.
You can also help business owners donate to non-profit organisations while reducing their tax ramifications. This will ensure that their assets go to those that are deserving of it.
What Do You Need to Prioritize?
Clients are hungry for growth and professional advice🤗. So, to keep up with them, you need to consider their needs and prioritise certain aspects of your operations. By aiming to help your clients thrive and offering excellent services, your clients will succeed📈. In order to remain as relevant and practical as possible, create a list of priorities you can keep up with.
So, to remain essential and relevant to your clients and help them grow, you need to prioritise the following:
Swift Digital Transformation💻
This is a digital age, so SMBs are going digital as well. That’s why you should adapt and level with how they work. Ensure your clients invest in the right kinds of technology and tools🔧, as this will aid their competitiveness and enhance their efficiency. From project management tools to practise management tools, there are many options of useful technology you could use. While this transition can threaten the efficiency of accountants, altering your operations to keep up with the changes is essential.
Service Delivery🚚
Prioritise your service delivery by ensuring it’s as swift and seamless as possible. To do this, aim to automate your data collection, analysis, and management to provide more value and save time for time-consuming tasks⏰. An accounting practice management software will help ensure swift and timely deliveries of service, aiding effective communication and customer loyalty.
Financial Health💰
By consistently monitoring the financial health of your client’s company, you’ll help them secure success. According to data, “Finance planning problems make 66% of the most common reasons for startup failure.” By managing expenses, monitoring cash flow and ensuring timely payments, you can keep your client on track👌.
Source: 99Firms
Customer Satisfaction🤝
Customer satisfaction is essential for good accounting practice sales, as you’ll create mutual trust. Prioritise building lasting relationships by addressing client feedback and client management and delivering a top-notch service🤩.
Employee Well-Being😃
For exceptional accounting practice management, employee well-being must be prioritised. If your workforce is motivated, productive and efficient, your firm will achieve better results, contributing to the success of your clients.
Promote a healthy work-life balance⚖️, team collaboration, and opportunities for development, and create a positive work environment for your accounting firm.
Conclusion
In conclusion, the success of a client is down to more than one element. To help a client grow and thrive requires a holistic approach from an accounting firm📈. By continuously reassessing and adapting priorities to keep your client on track, your accounting firm will become a strategic partner, helping the company succeed in a competitive business dynamic👍.
Your accounting firm can take the business to reach new heights, helping it remain sustainable and on track to success🤩. For more information, contact us today. Or, check out our resources to streamline your processes and secure your client’s success.
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