Accounting & Advisory

Accounting Advisory Services

It’s not uncommon that many small business owners who have their books managed by an accountant, see accounting and bookkeeping more as an expense rather than an investment. The reason for that, is most accounting and bookkeeping services who support small businesses are offering their services only to meet compliance.  Accountants who offer advisory services go beyond just crunching the numbers, as they are interpreting information using their skills and know-how to find ways to save you money, and looking for growth opportunities on your behalf. In addition, advisors can also help you with the loan process, review contracts and documents, as well as support you with asset management and succession planning.

Over the past several years, improvements in software tools has allowed small business owners, and savvy entrepreneurs to capitalize on accounting advisory services, because not only has the data improved due to software advancement, but the cost of planning and implementing advisory services has also been reduced, allowing advisors to cost effectively support small business owners in a way that was not easily accessible before.

If you are a small business owner and are using an accountant and/or bookkeeper to manage your books and are not receiving accounting advisory services as an added value offering, you are definitely missing out on the opportunities that are available to you.

In fact, many small business owners are still making the transition to online, that would allow them to take advantage of what accounting advisory services has to offer. However, If you have made the transition and have your books managed online either on your own, or with the support of a service provider, here are some tips when considering pursuing your options for accounting advisory services.

Authority
Look for accountants who speak about accounting advisory services with authority. When you pose the specific question, “Do you offer accounting advisory services for small business owners?” the answer should make you feel that this person has authority on the subject, which comes from the experience of having performed performance based analysis for many small business owners.

Experience
Over the past several years, an influx of virtual accounting and bookkeeping service companies have surfaced online that are now offering accounting advisory services. The way to confirm for yourself, if it’s a right fit for you is to ask about their experiences working for small businesses that align with your requirements. Look for experience in similarities to your business and not just experience in itself.

Communication Skills
The kind of communication skills we are referring to here is not only accountants who speak well, but accountants who communicate information and insights to you with clarity. If they are not speaking your language, then it will be very difficult to have an on-going relationship with someone who ultimately becomes your trusted confident. Make certain that you can understand the advice you are receiving is clear and concise.

Time management
To make accounting advisory services work for small business owners, accountants must take into consideration the value of the information vs the cost to the client. As mentioned, with the improvements in software, accountants are now able to streamline many of their best practices that allows you to receive regular advice at a cost that makes sense for a small business. Look for advisors who provide their services on a recurring basis rather than just project based.

Summary
With advancements in accounting software and a transition to using online tools, small business owners are in a position to capitalize on accounting advisory services now more than ever. However, it is important that if you are in a position to explore your options, that you find the right fit for you and your business, these four primary factors will help to get you started.