Five Benefits of Accounting Firms Offering Business AdvisoryServices

The accounting industry has evolved to keep up with changing business trends. Accounting firms and tax business franchises are offering more than compliance services to cater to their client’s needs and many are now offering additional services such as business advisory.

Small to medium-sized businesses can benefit from a business advisory process. Accounting firms like Tax Store aim to help their clients increase their business value and improve their profitability.

Let’s look at the five benefits of accounting firms offering business advisory services:

• Receive a “business perspective”

A “business perspective” means getting a holistic view of your enterprise: from your venture’s worth to your retirement plans. Knowing your business’s worth is critical because it will dictate its course towards success.It goes beyond numbers because accounting firms offering business advisory would ensure that their insights or “business perspective” will have a positive impact on your venture’s profitability. Their advice will also boost your morale and confidence moving forward.

• Advise you on your business’s overall health

As an entrepreneur, you do not want your accountants or bookkeepers to just complete tax returns for compliance; you also want them to advise about your business’s overall health. They can brief you about the status of your bottom line by generating financial reports, advise how to manage your finances and avoid unnecessary expenditures. Accountants are the best people to advise on how to protect your bottom line.

• Learn the best practices for managing your business

Experience is the best teacher and inexperience can drive a venture to bankruptcy. Business advisors, such as accountants, can guide novice business owners to understand the risks of their new venture and assess its needs. They can also perform a value comparison for evaluation and formulate solutions to boost a business’s market value.

• Organise business goals toward success and profitability

Successful entrepreneurs always had a team of business advisors and accountants behind them. If you’re new to running a business you will need help from a business advisory specialist. A specialist can discuss with you the importance of having business goals. Below are some examples of business goals your business advisor can discuss with you:

• Developing a business plan
• Identifying possible financing sources
• Leveraging different marketing platforms

• Defining your business’s value proposition
• Increasing customer satisfaction and focusing on client retention

Remember that accountants and bookkeepers can do more than count beans – they can also become trusted business advisors.

• Establish lasting professional relationships with accountant-business advisors

Accountants are not mere number crunchers – they also enjoy building professional relationships with their clients. Trust and rapport are important ingredients in a successful business venture. If you and your accountant-business advisor build a strong, working relationship, your venture will prosper over time.

In addition, accountants who help their clients become successful entrepreneurs enjoy the personal satisfaction of being part of their success and gain further financial rewards too.

At Tax Store, our business advisory process is aimed towards helping our clients address their business issues and achieve their profitability objectives. Our mission to provide client-centric services has helped us to build lasting relationships with our clients.

Know more about our Business Advisory process and other services by Booking an Appointment or call 1300 367 594 for more information.