With the state of the global economy, small and mid-sized business owners are more now, more than ever, in need of better fiscal and asset management to thrive. Accountants have built trusting relationships with SMBs centered on finances.
Your skills and your relationship with your SMB clients create an opportunity to provide additional services to help them grow, and grow your practice. Many accountants, bookkeepers, and CPAs have already started on this path. It is not a quick transition, but it is an important one.
It All Starts With Reporting
Reporting is an excellent way to add value to your clients. This goes beyond just the P&L and Balance Sheet generated from the accounting software. Performance against budget, KPIs, and more are the types of Management Reports SMBs are looking for, and need.
Monitoring your clients’ financials through reporting is the first step to providing strategic advice and proactive services. Reporting has become an expected component of accounting, and it is possible to leverage that to build and grow your practice.
Expanding Your Services
This is the second step of the global trends we are seeing. Once you have mastered providing the Management Reports your clients want and need, they need insights, advice, and information for their businesses to thrive and prosper.
Why are these new services so necessary and desirable? Small businesses are the backbone of the economy. By proving them high-level insights, these businesses are more likely to be successful, and ultimately can change the global economy for the better.
While it’s easy to see the needed changes and decide to make changes, actually implementing those new changes can be time consuming and even frustrating. Having a plan in place for how and when you’ll make your move before you start can make you feel less stressed. And having the right support systems will make you more successful.
As your clients’ needs change, your practice will need to shift as well. The accountancy world is now in a progressive movement, with clients demands shifting towards a more complete set of services.
Business owners have grown accustomed to being connected; their smart phones give them 24/7 access to their banking information, conversations, and more. With cloud technology accountants, bookkeepers, and business advisors can take advantage of that connectivity. Now it is easier to offer services that provide them instant access to their financials and the information they really want to know. Cloud accounting is becoming the norm, and maximizing your clients’ ability to track their financials will not only benefit your practice, but your clients’ businesses as well.
It all starts with reporting, but it is so much more than just reporting.