Go Beyond Tax and Audit
Tax season is here, which means accounting firms are up to their necks in forms. It’s an apocalypse of 1040s, 1065, and 1120s.
But what happens after the accounting revelation? What happens once tax season is over?
Client accounting services offer evergreen opportunities for firms to grow revenue and build even stronger client relationships. By offering a combination of these services, your firm is positioning itself as an all-encompassing financial advisor—something that SMBs desperately need.
1. Financial Accounting
Businesses can’t run properly without knowing what’s under the hood (financially speaking.) In this capacity, accountants provide their clients with the necessary, regular, financial reporting and analysis to satisfy reporting requirements and keep company leaders and division heads appraised of their performance.
2. Management Accounting
Management accounting offers clients an elevated scope of accounting advisory services. It’s a combination of accounting, finance, and management that provides strategic guidance and risk management while extending advisory capabilities across an entire organization.
3. Cash Flow Management
According to this report, more than 80% of business fail due to cash flow problems. Your expertise in the ebbs and flows of cash management can help your clients navigate and circumvent the choppy cash flow waters.
4. AP & AR
AP and AR are vital to a company’s financial health and office management. But, if not run properly, they can lead to overdrawn accounts and overdue invoices. Cloud-based digital payment solutions can significantly streamline, automate, and secure AP and AR services—saving your client substantial time and quickly proving the value of your services. Instead of filling out paper checks and making bank runs, your firm can perform the same tasks online in a matter of clicks or taps.
5. Accounting Technology Consulting & Training
Have you perfected your technology stack? You know, that perfect blend of solutions and how to use them? Share that knowledge with your clients by helping them set up and integrate accounting systems, streamline workflows, and move to digital payments.
Most business owners may be overly optimistic about how much their company, an asset or even a liability is worth. Determining your client’s valuation prepares them for everything from mergers and acquisitions to tax liability.
7. Succession Planning
What's your client's exit strategy? Do they plan to sell the business to fund their retirement? Or do they assume that their children want to take the business over? As an accountant, you hold the financial knowledge and expertise to help them plan for their future and the future of their company.
It’s time for your firm to go beyond tax and audit.