52-Week Business Enhancement System – what’s involved?
Business Advisory Services Update
The detail components of the system include business due diligence review by the bookkeeping/accounting firm, to achieve ‘an inch wide and a mile deep’ understanding of the client’s business operations. The reason for this is that most accounting firm’s work is concentrated on the preparation of annual set of accounts and Income Tax Returns.
If an accountant or bookkeeper is going to perform the virtual CFO role, there needs to be an understanding of:
How the business operates.
The internal control processes.
The purchasing activities.
Where key suppliers are sourced – what will be the effect of supply difficulties? Who are the alternative suppliers?
The selling process, etc.
The use of KPIs and Business Metrics in the company – which are extremely important within larger businesses – is very minimal to many SMEs, due to the lack of accounting presence.
