The Importance of Accountants Becoming Business Advisors to Business Owners

Competition in the accounting industry is tough. In the last few years, the field of professional accounting has shifted its focus. The demand for traditional, compliance-oriented accounting services such as preparing financial statements, filing of tax returns, and bookkeeping has reduced as more software companies start producing accounting software packages to make it easier for individuals to perform their...

5 Reasons to Transform into a Business Advisory Firm

Offering business advisory services doesn’t only add value to your client's business; it increases your business’ revenue and your business’ value significantly. It also prevents you from making one of the biggest mistakes that many accountants make: competing on price alone. (more…)

How Business Advisory Services Can Help Your Clients

CPA’s know the language that is being spoken in a company's financial statements and they are capable of assisting clients to facilitate change. Today we look at different ways an accounting firm can use business advisory services to help and improve their client’s bottom line: (more…)

KPIs

Business Advice – Benefits Of Offering This Service As An Accountant

Business advice is something that all accountants need to consider providing. Gone are the days when accountants merely offered bookkeeping, tax filing, and other conventional services. Nowadays, firms are providing a wider scope of services to their clients, and advisory is a key one of them. By offering advisory services, you will have the platform to attract more clients, build...

Understanding Finances from Business Performance Indicators

Our first step in developing My Business Manager was to plan what we thought were the critical management reports that business owners need; Profit and Loss These are the trading reports that tell you if you made a profit or a loss in any period. Monthly, Quarterly, Six Monthly or Yearly. We recommend Monthly but recognize that if you aren't already getting...

My Business Manager: The Cold Hard Reality

Every day I meet people whose small businesses are struggling; either the business is stalled or heading towards closure. I see the same facial expressions frustration, fear and inner turmoil. And I hear the same words - I don't know what to do! They're like rabbits in the headlights, frozen with indecision. Do I jump off this road, or do...

How Cash Flow Forecasts Can Help to Get Your Customers To Pay Faster

First, let’s take a look at your cash flow forecast. Cash flow forecasts are like a calculated guess. It may or may not actualize. However, it’s important that you have a cash flow forecast as it will help you “see” how your business will fare through the next 3 months, 6 months, or the next year. (more…)